c. to acceptance under an option contract, which is effective upon receipt by the offeror. 2. Note also that id. § 40 modifies the mailbox rule when an earlier rejection arrives before a later acceptance (see below). B. Generally, revocation is effective when received by the offeree.
Similarly, it is asked, what is offer and acceptance in contract law?
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.
What is an acceptance in a contract?
An offer is an open call to anyone wishing to accept the promise of the offeror and generally, is used for products and services. Acceptance occurs when an offeree agrees to be mutually bound to the terms of the contract by giving consideration, or something of value like money, to seal the deal.
How a proposal can be revoked?
Revocation of proposals and acceptances. 5. A proposal may be revoked at any time before the communication of its acceptance is complete as against the proposer, but not afterwards. A may revoke his proposal at any time before or at the moment when B posts his letter of acceptance, but not afterwards.