CA 27 April 1988. Appeal by property company (L) from decision ordering the sale of a freehold property jointly owned by the two parties, M and L. The parties had entered into a joint venture agreement to develop the property. A clause in the agreement enabled either party to sell his interest in the property, by giving notice to the other side who had the option to purchase the share within six months at an agreed price. There was no mention as to whether the price was to be a market price or a reasonable price. If no sale took place within six months, the property was to be sold at auction and the net proceeds divided equally between M and L. Another clause provided for arbitration . After disagreements, M informed L that he wished to sell his half. L rejected the asking price. No sale took place within six months. M successfully applied to court for an order of sale. L appealed to CA, submitting that a term should be implied that the sale should be at a market or a reasonable pric