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Learn how offer and acceptance are essential requirements for the formation of a contract, and how they are evaluated by different legal systems and criteria. Find out the differences between unilateral and bilateral contracts, and the implications of various forms of expression and communication of offers.
Learn about the basic principles and elements of contract law in the United States, such as offer and acceptance, consideration, and legal purpose. Compare and contrast the common law and the Uniform Commercial Code approaches to contract formation and interpretation.
The posting rule is an exception to the general rule of contract law that acceptance of an offer takes place when communicated. It means that acceptance is effective as soon as it is posted, not when it is received by the offeror or the offeree.
The Carbolic Smoke Ball offer. 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.
A landmark case in English contract law that established the postal rule for acceptance of an offer. Learn the facts, judgment and significance of this 1818 decision involving the sale of wool.
A contract is a legally enforceable agreement between two or more parties that involves consent and transfer of goods, services, money, or promise. Learn about the formation, interpretation, remedies, and varieties of contracts in different jurisdictions and legal systems.
A counter offer is an offer which concerns the same subject matter but with different terms than the original offer. If a counter-offer is made by the offeree to the offeror, then the original offer is deemed rejected, and the power of acceptance included in the original offer is terminated. [32]
To be enforceable, a real estate contract must possess original signatures by the parties and any alterations to the contract must be initialed by all the parties involved. If the original offer is marked up and initialed by the party receiving it, then signed, this is not an offer and acceptance but a counter-offer.
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