Quick contracts question

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pifhib2
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Quick contracts question

Postby pifhib2 » Tue Dec 13, 2011 1:34 am

Is an acceptance of a firm offer effective on dispatch or on receipt (like an option)?

Thanks.
Last edited by pifhib2 on Tue Dec 13, 2011 1:46 am, edited 1 time in total.

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Extension_Cord
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Re: Quick y/n contracts question

Postby Extension_Cord » Tue Dec 13, 2011 1:41 am

pifhib2 wrote:Is an acceptance of a firm offer effective on dispatch or on receipt (like an option)?

Thanks.


y

pifhib2
Posts: 90
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Re: Quick y/n contracts question

Postby pifhib2 » Tue Dec 13, 2011 1:46 am

In hindsight, my title is a lie. I fixed it.

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Extension_Cord
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Re: Quick contracts question

Postby Extension_Cord » Tue Dec 13, 2011 2:01 am

pifhib2 wrote:Is an acceptance of a firm offer effective on dispatch or on receipt (like an option)?

Thanks.


In CL w/ option K's, its effective on receipt. UCC most likely has the same rule, not sure though.

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orm518
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Re: Quick contracts question

Postby orm518 » Tue Dec 13, 2011 2:11 am

Short answer: We learned that under §2-205, the acceptance is effective upon receipt by the offeror. Same as a c/l option contract.

The offeror must receive the acceptance before the time stated, or if no time stated a reasonable period not to exceed three months. Note, if the offeree does pay some consideration (which 2-205 doesn't require) the offer is firm until what ever date is stated on it, even if it exceeds 3 months.

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kalvano
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Re: Quick contracts question

Postby kalvano » Tue Dec 13, 2011 2:16 am

OP didn't specify UCC or common law.

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orm518
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Re: Quick contracts question

Postby orm518 » Tue Dec 13, 2011 2:27 am

kalvano wrote:OP didn't specify UCC or common law.


Oh, well he used the term "firm offer" which is UCC terminology, so I just went off on that.

So, under c/l without consideration there is no such thing as a firm offer. I can say I'll hold an offer to buy my car open until Jan. 1st, but without consideration I can revoke at any time by telling you (or if you hear it from a reliable third party). Under c/l with consideration, then the offer is then firm.

See, Dickinson v. Dodds. It's an English case, but good c/l.

EITHER WAY, acceptance is effective upon receipt by the offeror and must be within the stated option period. This is basically the opposite of the Mailbox Rule (where acceptance effective upon posting of the acceptance document).

God help me if you want to talk emails/faxes.

edit: clarity




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