A vendor receives two identical offers on the same day, both for the asking price with the same conditions. The first offer arrived at 2 PM and the vendor signed it at 4 PM. The second arrived at 3 PM and the vendor signed it at 3:30 PM, with that purchaser told immediately. Which purchaser has the earlier contract, and so the stronger claim to the property?

This question tests understanding of contract formation timing in property transactions under New Zealand law. The key principle is that a contract is formed when acceptance is communicated to the offeror, not when the offer is received or when acceptance is signed. In property sales, timing is critical because vendors cannot accept multiple offers for the same property. Once a valid contract exists through proper acceptance and communication, the vendor loses the legal capacity to enter into another contract for the same property. This scenario illustrates the 'first past the post' principle in contract law - the first complete contract formation (offer + acceptance + communication) takes precedence. This concept is fundamental to preventing double-selling and protecting purchaser rights in competitive property markets.