Mutual Assent - 3

Mutual Assent - 3 - Mutual Assent - 3 Acceptance - Overview...

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Unformatted text preview: Mutual Assent - 3 Acceptance - Overview Valid acceptance creates contract Late or defective acceptance does not create contract Once offer has been validly accepted, offeror can no longer revoke WHEN IS ACCEPTANCE EFFECTIVE? I.e., when is the contract formed Choices - when sent or when received WHEN IS ACCEPTANCE EFFECTIVE? (cont.) 1. General rule Effective when sent if sent by authorized means Note, this is a common law rule, but there is no UCC rule Sent - leaves offerees hands and put in hands of delivery agency - mailbox rule Acceptance effective when sent (cont.) Authorized means a) If offer specifies, means specified in offer b) If offer does not specify 1) Old common law rule - means used to send offer is impliedly authorized (and only authorized means) 2) Modern rule, as reflected in UCC 2-206(1)(a) Any reasonable means under the circumstances is authorized Case example - Defeo Note offeror takes risk of not knowing, of non-delivery WHEN IS ACCEPTANCE...
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This note was uploaded on 12/13/2010 for the course LAW 1101 taught by Professor Reed during the Spring '08 term at CUNY Baruch.

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Mutual Assent - 3 - Mutual Assent - 3 Acceptance - Overview...

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