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Prior to acceptance, an offer may be withdrawn. As acceptance must be communicated, the offeror cannot include an Acceptance by Silence clause. This was affirmed in Felthouse v Bindley, [36] here an uncle made an offer to buy his nephew's horse, saying that if he did not hear anything else he would "consider the horse mine". This did not stand ...
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]
The English common law established the concepts of consensus ad idem, offer, acceptance and counter-offer. The leading case on counter-offer is Hyde v Wrench [1840]. [ 3 ] The phrase "Mirror-Image Rule" is rarely (if at all) used by English lawyers; but the concept remains valid, as in Gibson v Manchester City Council [1979], [ 4 ] and Butler ...
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.
90) has shown that option contracts can mitigate the hold-up problem (an underinvestment problem that occurs when the exact level of investment cannot be contractually specified). [9] However, there is a debate in contract theory whether option contracts are still useful when the contractual parties cannot rule out future renegotiations. [ 10 ]
Under the formalist theory of contract, every contract must have six elements: offer, acceptance, consideration, meeting of the minds, capacity and legality. Many other contracts, but not all types of contracts, also must be in writing and be signed by the responsible party, in an element called form .
Adams v Lindsell (1818) 1 B & Ald 681, is an English contract case regarded as the first case towards the establishment of the "postal rule" for acceptance of an offer. Ordinarily, any form of acceptance must be communicated expressly to an offeror; however, it was found that where a letter of acceptance is posted, an offer is accepted "in ...
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 ...