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Counter-offer
Offer and acceptance are generally recognised as essential requirements for the formation of a contract, and analysis of their operation is a traditional approach in contract law. The offer and acceptance formula, developed in the 19th century, identifies a moment of formation when the parties are of one mind. This classical approach to contract formation has been modified by developments in the law of estoppel, misleading conduct, misrepresentation, unjust enrichment, and power of acceptance. Offer Treitel defines an offer as "an expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed", the "offeree". An offer is a statement of the terms on which the offeror is willing to be bound. It is the present contractual intent to be bound by a contract with definite and certain terms communicated to the offeree. The expression of an offer may take different forms and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mirror Image Rule
In the law of contracts, the mirror image rule, also referred to as an unequivocal and absolute acceptance requirement, states that an offer must be accepted exactly with no modifications. The offeror is the master of their own offer. An attempt to accept the offer on different terms instead creates a counter-offer, and this constitutes a rejection of the original offer. England 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'' 840 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'' 979 and '' Butler Machine Tool v Excello''. Australia This position is adhered to in Australia (New South Wales). If a person were to accept an offer, but make a modification, then they are actually rejecting the offer presented to them and are proposing a counter-offer: ''Masters v Ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Power Of Acceptance
Power of acceptance is a concept of contract law. It refers to the power vested in the offeree by the offeror through the offer being made. It is used to determine whether the acceptance of an offer is valid. Contract formation Generally speaking, a contract is created by an offer and the corresponding acceptance. An offeree exercises the power of acceptance in order to trigger the offeror's obligation of performance with reference to the terms of the offer. Disputes may arise as to whether the power of acceptance is valid at the time the acceptance is made, therefore challenging the very existence of the contract.''Hyde v Wrench'' 840EWHC Ch J90 (bilateral offer), ''Carlill v Carbolic Smoke Ball Co'' 8931 QB 256 (unilateral offer) In the English case ''Gibson v Manchester City Council'', Lord Diplock recognised that the conventional offer and acceptance analysis may not be suitable for every single type of contract, as there may not be any expressive offer and acceptance. In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Law
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the min ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unilateral Contract
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the minds be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
