Search results
Results from the WOW.Com Content Network
In the United States, this rule still exists at common law. However, the Uniform Commercial Code ("UCC") dispenses with it in § 2-207 (but it can also be argued that § 2-207(1) enforces the mirror image rule). [6] Therefore, its applicability depends upon what law governs. Most states have adopted the UCC, which governs transactions in goods.
A bilateral contract is created when there is an exchange of promises between at least two parties. [11] Under the mirror image rule, the terms of the final contract are those stated in the offer, that is, the first promise. The offeree must accept the offer as a whole without any variation, otherwise the acceptance will become invalid.
Mirror image rule, counter offer, standard form contracts Butler Machine Tool Co Ltd v Ex-Cell-O Corp (England) Ltd [1977] EWCA Civ 9 [ 1 ] is a leading English contract law case. It concerns the problem found among some large businesses, with each side attempting to get their preferred standard form agreements to be the basis for a contract.
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 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.
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 .
The term statute of frauds comes from the Statute of Frauds, an act of the Parliament of England (29 Chas. 2 c. 3) passed in 1677 (authored by Lord Nottingham assisted by Sir Matthew Hale, Sir Francis North and Sir Leoline Jenkins [2] and passed by the Cavalier Parliament), the long title of which is: An Act for Prevention of Frauds and Perjuries.
Restraint of trade in England and the UK was and is defined as a legal contract between a buyer and a seller of a business, or between an employer and employee, that prevents the seller or employee from engaging in a similar business within a specified geographical area and within a specified period.