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In the United States, an exception is the merchant firm offer rule set out in Uniform Commercial Code - § 2-205, which states that an offer is firm and irrevocable if it is an offer to buy or sell goods made by a merchant and it is in writing and signed by the offeror. [2] Such an offer is irrevocable even in the absence of consideration. If ...
Under the Uniform Commercial Code, offer and acceptance are not essential, and the timing of contract formation need not be clear for a contract to exist. [49] Scholars have pointed out that many contracts are not in fact formed by offer and acceptance, and they have critiqued and reanalyzed the doctrine. [50]
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 Uniform Commercial Code ("UCC") dispenses with the mirror image rule in § 2-207. [3] UCC § 2-207(1) provides that a "definite and seasonable expression of acceptance...operates as" an acceptance, even though it varies the terms of the original offer. Such an expression is typically interpreted as an acceptance when it purports to accept ...
The official 2007 edition of the UCC. The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States.
Contract law; Formation; Capacity; Offer and acceptance; Meeting of the minds 2; Abstraction principle 4,5; Posting rule 1; Mirror image rule; Invitation to treat; Firm offer; Consideration 1,4; Implication-in-fact; Collateral contract; Defences; Misrepresentation; Mistake; Threats and unequal bargaining power; Illegality and public policy ...
Under the firm offer rule, the fact that the offeror has promised the offeree to keep the offer open for acceptance for a certain period of time does not render such an offer irrevocable. It is because a promise without consideration is unenforceable in contract law. [ 25 ]
Contract law; Formation; Capacity; Offer and acceptance; Meeting of the minds 2; Abstraction principle 4,5; Posting rule 1; Mirror image rule; Invitation to treat; Firm offer; Consideration 1,4; Implication-in-fact; Collateral contract; Defences; Misrepresentation; Mistake; Threats and unequal bargaining power; Illegality and public policy ...