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Pitt v PHH Asset Management [1994]

Facts

  • PHH accepted Pitt’s offer to buy a house ‘subject to contract’
  • PHH later sold to a third party after agreeing to sell to Pitt to stop him attaining an injunction

Issue

  • Could PHH sell to a higher bidder as a contract had not been completed; had Pitt provided consideration for the completion of the sale

Decision

  • No sale allowed to the third party

Reasoning

  • A lock out agreement was made, preventing PHH selling to a third party
  • Pitt has provided consideration in not proceeding with his action for an injunction, despite the fact that this action would likely fail
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