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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 ...
Ordinarily, an offeror is permitted to revoke their offer at any time prior to a valid acceptance. This is partially due to the maxim that an offeror is the "master of his offer." In the case of options, the general rule stated above applies even when the offeror promises to hold the offer open for a certain period of time.
e. Power of acceptance is a concept of contract law. It refers to the power vested in the offeree by the offeror through the offer being made. It is used to determine whether the acceptance of an offer is valid.
Offertory. The offertory (from Medieval Latin offertorium and Late Latin offerre) [1] is the part of a Eucharistic service when the bread and wine for use in the service are ceremonially placed on the altar. Collection boxes, Our Lady of Mount Carmel and St Simon Stock, Kensington, London. Collection bag used in Church of Sweden.
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 ...
Contract law. In the law of contracts, the mirror image rule, also referred to as an unequivocal and absolute acceptance requirement, states that an offer must be accepted exactly with no modifications. [1] The offeror is the master of their own offer. An attempt to accept the offer on different terms instead creates a counter-offer, and this ...
Revocation. Revocation is the act of recall or annulment. It is the cancelling of an act, the recalling of a grant or privilege, or the making void of some deed previously existing. A temporary revocation of a grant or privilege is called a suspension.
[4] accompanied by a communication by the other party (the "offeree") to the offeror of an unqualified assent to that offer ("acceptance"). [16] An offer indicates an intention by the offeror to be bound without further discussion or negotiation, on acceptance of the terms set out. The court will determine the offeror's intention objectively.