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Contract law. Offer and acceptance are generally recognized as essential requirements for the formation of a contract (together with other requirements such as consideration and legal capacity). Analysis of their operation is a traditional approach in contract law. This classical approach to contract formation has been modified by developments ...
Contract law. A firm offer is an offer that will remain open for a certain period or until a certain time or occurrence of a certain event, during which it is incapable of being revoked. [1] 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.
Countersign (legal) In law, countersignature refers to a second signature onto a document. For example, a contract or other official document signed by the representative of a company may be countersigned by their supervisor to verify the authority of the representative. Also, a money order or other financial instrument may be signed once upon ...
Demand letter. A demand letter, letter of demand, [1] (of payment), or letter before claim, [2] is a letter stating a legal claim (usually drafted by a lawyer) which makes a demand for restitution or performance of some obligation, owing to the recipients' alleged breach of contract, or for a legal wrong. Although demand letters are not legally ...
A Contract is formed by the acceptance of an offer; an offer can be constituted by responding to an invitation to treat. Variation of the original offer counts as counter-offer. A leading piece of legislation in Scots contract law is the Contract (Scotland) Act 1997. This act includes damages for breach of contract of sale.
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]
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