The Court held that a signed letter of offer for a commercial lease created an immediately binding agreement subject to conditions precedent, falling within the fourth category of Masters v Cameron. The Court found that approval of project expenditure by a company's Capital Approval Committee with delegated authority satisfied a 'board approval' condition. The Court also held that in Victoria, the 'usual undertaking as to damages' for interlocutory injunctions should extend to any person affected, not just the defendant.
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