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Common law contracts are accepted under a "mirror image" rule. [29] Under this rule, an acceptance must be an absolute and unqualified acceptance of all the terms of the offer. If there is any variation, even on an unimportant point, between the offer and the terms of its acceptance, there is no contract.
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 ...
It is a general principle of contract law that an offer cannot be assigned by the recipient of the offer to another party. However, an option contract can be sold (unless it provides otherwise), allowing the buyer of the option to step into the shoes of the original offeree and accept the offer to which the option pertains. [8]
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.
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 law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law. The law governing transactions involving the sale of goods has become highly standardized nationwide through widespread adoption of the Uniform Commercial Code .
As a general rule, all offers are revocable at any time prior to acceptance, even those offers that purport to be irrevocable on their face. 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 ...
An invitation to offer is defined as "a manifestation that a person expects another person to make an offer" and the code specifically provides that "Auction announcements, bidding announcements, stock prospectuses, bond prospectuses, fund prospectuses, commercial advertisements and promotions, mailed price catalogs, and the like, are ...