1, Milk Street, up to Thursday, the 20th instant, on which day, at 12 o'clock at noon precisely, the tenders will be received and opened at our offices.

Honey, Humphreys, & Co.The Defendants did not promise to sell the stock to the highest bidder for cash.

The Defendants submitted that the circular was not intended to be a binding offer capable of acceptance.

Willes J held that the circular was not an offer, but merely an invitation to gather tenders, upon which the Defendants were entitled to act.

Willes, J. held that the absence of any specific wording such as "and we undertake to sell to the highest bidder" rebutted any presumption that the Defendants had intended to be bound by a contract and distinguished the present circumstances from instances of reward contract offers or an offer to the world.