46. Contract races.

Where a seller's solicitor is asked by his client to deal simultaneously with more than one prospective buyer he is required to inform all buyers immediately of the seller's intention to deal with more than one buyer1. This rule applies to both domestic and commercial transactions and irrespective of whether the prospective buyers are supplied with their contracts simultaneously or sequentially.

However the rule does not apply to the distribution of auction particulars to potential bidders or their solicitors, but does apply where a prospective buyer by private treaty has been given a draft contract and the seller then decides