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e. A banker's acceptance is a commitment by a bank to make a requested future payment. The request will typically specify the payee, the amount, and the date on which it is eligible for payment. After acceptance, the request becomes an unconditional liability of the bank. Banker's acceptances are distinguished from ordinary time drafts in that ...
Contract law. Offer and acceptance are generally recognized as essential requirements for the formation of a contract (together with other requirements such as consideration and legal capacity). Analysis of their operation is a traditional approach in contract law. This classical approach to contract formation has been modified by developments ...
An acceptance is an agreement, by express act or implied from conduct, to the terms of an offer, including the prescribed manner of acceptance, so that an enforceable contract is formed. [ 2 ] In what is known as a battle of the forms , when the process of offer and acceptance is not followed, it is still possible to have an enforceable ...
Early decision (ED) or early acceptance is a type of early admission used in college admissions in the United States for admitting freshmen to undergraduate programs.It is used to indicate to the university or college that the candidate considers that institution to be their top choice through a binding commitment to enroll; in other words, if offered admission under an ED program, and the ...
The posting rule (or mailbox rule in the United States, also known as the " postal rule " or " deposited acceptance rule ") is an exception to the general rule of contract law in common law countries that acceptance of an offer takes place when communicated. Under the posting rule, that acceptance takes effect when a letter is posted (that is ...
The U.S. prime rate is in principle the interest rate at which a supermajority (3/4ths) of large banks loan money to their most creditworthy corporate clients. [1] As such, it serves as the de facto floor for private-sector lending, and is the baseline from which common "consumer" interest rates are set (e.g. credit card rates).
Stern's overall acceptance rate for the class of 2027 was less than 5%. [49] In 2023, the Business, Technology, and Entrepreneurship (BTE) program received over 5,000 applications for its 50 available spots, resulting in an acceptance rate of less than 2%. [50]
In English contract law, an agreement establishes the first stage in the existence of a contract. The three main elements of contractual formation are whether there is (1) offer and acceptance (agreement) (2) consideration (3) an intention to be legally bound. One of the most famous cases on forming a contract is Carlill v Carbolic Smoke Ball ...