A letter stating 'we intend to exercise the option to renew our lease', when construed objectively in context, may constitute a valid exercise of an option to renew, notwithstanding the use of the word 'intend'. Service of an option exercise notice on the lessor's duly appointed managing agent constitutes valid service on the lessor. The renewal of a lease of partnership premises by one partner may bind the partnership under s 5 of the Partnership Act 1892 (NSW) where the renewal is an act for carrying on the business in the usual way.
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