A sale agreement entered into pursuant to the exercise of an option confers no equitable interest on the purchaser different from that conferred by an ordinary sale agreement; the option is 'spent' upon exercise and the purchaser's interest is commensurate with the right to specific performance of the resulting agreement.
The full text is available to signed-in members, including the 6 later cases that cite this judgment.
1 of the 6 citing cases carry a classified treatment. How each court treated it is available to signed-in members.