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An option contract is a type of contract that protects an offeree from an offeror's ability to revoke their offer to engage in a contract. Under the common law, consideration for the option contract is required as it is still a form of contract, cf. Restatement (Second) of Contracts § 87(1).
First, where a party to a contract exercises an express right of termination, he or she is sometimes said to have exercised a right to rescind the contract. Secondly, where a party is faced with a repudiation, the party can elect to terminate the contract; this too has often been referred to as an election to rescind. "Rescission" at common law.
In the law of contracts, revocation is a type of remedy for buyers when the buyer accepts a nonconforming good from the seller. [1] Upon receiving the nonconforming good, the buyer may choose to accept it despite the nonconformity, reject it (although this may not be allowed under the perfect tender rule and whether the Seller still has time to cure), or revoke their acceptance.
Kent 230 N.Y. 239 (1921) — The New York Court of Appeals ruled that a contracted homebuilder was entitled to full payment without tearing down and rebuilding the residence, simply because within it he had installed piping equal to, though a different brand name than, that which had been agreed upon in the contract.
Day 4: B's original letter of acceptance arrives, A then records the contract as a sale. B's acceptance of the offer means there is a binding contract – she is obliged to pay for the land or be liable for damages. B is just rejecting the offer, she did not actually revoke her acceptance; Under the posting rule, performance is a means of ...
It is also possible for a contract to be void if there was a mistake in the identity of the contracting party. An example is in Lewis v Averay [2] where Lord Denning MR held that the contract can only be avoided if the plaintiff can show that, at the time of agreement, the plaintiff believed the other party's identity was of vital importance. A ...