However, the complexity of the relationship between the incense and each seller and buyer after JC is not relevant to this note, which deals with the agreement/agreement between the seller and the buyer. This analysis is not influenced by whether or not the seller or buyer acts directly through a representative. In summary, if the High Court imposed a tacit obligation on the seller to retain the Merx (the asset subject to the option and the sale) and to sell the Merx to another, to suffer material harm or to change its fundamental character, the seller will have rejected the option agreement on the grounds that the asset is no longer the same asset as the bidder intended to purchase. The buyer can accept the refusal and revoke the irrevocable offer, as the buyer did in this case. The High Court dismissed the appeal and upheld the first judgment in favour of the purchaser Van Niekerk. Van Niekerk was entitled to withdraw his offer, even though the offer was described as irrevocable. «repayment obligation,» the borrower`s absolute, unconditional and irrevocable obligation to repay to the issuing bank any subscription honored by the issuing bank as part of a letter of credit. Van`s Auctioneers conducted a public auction on behalf of W-E le Roux (Pty) Ltd (W-E) during which Mr. Van Niekerk made an offer and signed a lot 1 sale contract, a property with a building, a bakery and a «butcher shop with refrigerator and freezer» (the relevant part) for a total amount of R3 million. The terms of sale included a provision that the agreement was an offer to purchase and that van Niekerk was «irrevocably bound» as a purchaser for a period of 14 days, during which the offer was open to the acceptance of the seller, W-E. If used in a very simple intellectual property license, the terms «revocable» and «irrevocable» have the meanings you expect. A «revocable» license may be terminated by the licensee at any time during the term of the licence agreement, with or without reason. On the other hand, an «irrevocable» licence cannot be terminated, although there are some differences in authority as to whether, for some reason or reason, the licence cannot be terminated, but can nevertheless be terminated because of a violation.
Despite the fairly clear importance of these conditions, the interpretation of a licence, including any of these conditions, depends on how the concept is pooled with the other provisions of the contract in question, including termination clauses. The cases of EDGAR`s obligations are considered irrevocable: W-E and Van`s Auctioneers then argued that Van Niekerk`s revocation of its offer was inoperative because the offer was irrevocable and had not yet been accepted and that Van Nierkerk was therefore not entitled to withdraw its offer to purchase.