Contracts Notes

Contracts Notes - Contracts Casebook Notes 33-44 Offer and...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Contracts Casebook Notes 33-44 Offer and Acceptance in Bilateral Contracts The notion of a “contract” typically involves an element of futurity: commitment to some course of action to be undertaken in the future. Most contracts of commercial importance will involve commitments on both sides: an exchange of promises. Such agreements are referred to as “bilateral contracts.” Bilateral contracts are typically result of a negotiating process known as “offer and acceptance.” Offeror – the one making the offer Offeree – the one receiving the offer “Mailbox Rule” or “deposited acceptance” – Anglo-American common law has traditionally held that although both an offer and a revocation (by the offeror) must be communicated to be effective, an acceptance will in some circumstances be treated as effective as soon as dispatched by the offeree. The mailbox rule will not apply, however, if the offeror has stated (expressly or implicitly) that he must receive the acceptance for it to be effective. 9/3/2008
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/10/2011 for the course LAW 501 taught by Professor Roy during the Fall '08 term at Ole Miss.

Page1 / 3

Contracts Notes - Contracts Casebook Notes 33-44 Offer and...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online