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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).
Proposition 13 (officially named the People's Initiative to Limit Property Taxation) is an amendment of the Constitution of California enacted during 1978, by means of the initiative process, to cap property taxes and limit property reassessments to when the property changes ownership, and to require a 2/3 majority for tax increases in the ...
4. Other mortgage options after divorce. There are a few other mortgage options that may be worth considering amid a divorce. For instance, it is possible to keep the mortgage as-is, but this ...
If the offer was made to the entire world, such as in Carlill v Carbolic Smoke Ball Co, the revocation must take a form that is similar to the offer. An offer may not be revoked if it has been encapsulated in an option. If the offer is one that leads to a unilateral contract, then unless there was an ancillary contract entered into that ...
The letter of revocation can be effective only when received, that is Day 4. However, a contract was formed on Day 3 when the letter of acceptance was posted. It is too late for A to revoke the offer. Example 2: Day 1: A makes an offer to B. Day 2: B intends to reject the offer by putting a letter in the mail to A rejecting the offer.
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