 Willes J held that the circular was not an offer, but merely an invitation to gather tenders, upon which the Defendants were entitled to act.Willes, J. held that the absence of any specific wording such as "and we undertake to sell to the highest bidder" rebutted any presumption that the Defendants had intended to be bound by a contract and distinguished the present circumstances from instances of reward contract offers or an offer to the world.Keating J and Montague Smith J concurred.