How would you describe the 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 one's own offer.

Regarding this, what is the mirror image rule in business?

The mirror image rule refers to a contract law principle that the acceptance must match the offer to form a contract. If he does not so object, the terms of the contract are the terms of the offer with the modifications contained in the acceptance.

Similarly, how do you describe a mirror image? A mirror image (in a plane mirror) is a reflected duplication of an object that appears almost identical, but is reversed in the direction perpendicular to the mirror surface. As an optical effect it results from reflection off of substances such as a mirror or water.

Additionally, why is the mirror image rule important?

The mirror image rule is an established principle stating that for a contract to be valid and legally enforceable, the acceptance of the offer must exactly match the offer that is given. If someone makes an offer and accepts these terms, the sale closes, and all is well.

What is the mirror image rule quizlet?

Mirror Image Rule. -Unconditional acceptance of the contract as is, or the mirror image of the terms and conditions provided in the original offer. offeree must accept the offer as presented by offeror. Capacity. ability to perform the contract.

31 Related Question Answers Found

What is unequivocal acceptance?

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 one's own offer.

What makes a contract illusory?

Illusory contract is a contract between two parties in which the consideration for the contract is illusionary. In such contracts one party gives as consideration a promise that is so insubstantial that it would not result in or impose any obligations. Such promise would make the contract unenforceable.

What is the last shot rule?

Principle of contract law that holds a contracting party who makes no objection impliedly accepts any additional terms contained in the final counteroffer, which is the typically last form sent between the parties in the so-called "battle of the forms."

How has the UCC changed the mirror image rule?

The common law mirror image rule tells us that to form a contract the terms of the acceptance should match the terms of the offer. Also, the UCC was concerned with circumstances where parties form a contract by conduct, and the party who sent the last form was always able to dictate the terms of the contract.

How would you describe promissory estoppel?

Promissory estoppel is the legal principle that a promise is enforceable by law, even if made without formal consideration when a promisor has made a promise to a promisee who then relies on that promise to his subsequent detriment.

Why are invitations negotiated and not an offer?

An invitation to negotiate is not an offer. An offer can be withdrawn before acceptance and therefore prevent a contract from arising. If an offer is terminated, an attempted acceptance after the termination has no legal effect. Ordinarily, an offer may be revoked at any time by the offeror.

What is the objective theory of contracts?

This is also called offer and acceptance, and is an important element when determining whether mutual assent is present. The objective theory of contract states that an agreement between two parties exists if a reasonable person could judge the acts and behaviors of the parties enough to objectively construe agreement.

What is adequacy consideration?

In law, adequacy of consideration means that for a lawful agreement to be made between two parties, the offeree, also known as the beneficiary, must give in return, a fair price, that is either in equal measure or reasonably proportional to the value given by the offeror, also known as the benefactor.

What is the purpose of the mailbox rule?

The mailbox rule (also called the posting rule), which is the default rule under contract law for determining the time at which an offer is accepted, states that an offer is considered accepted at the time that the acceptance is communicated (whether by mail e-mail, etc).

What is the difference between revocation and rejection?

Rejection occurs before a buyer accepts the goods, whereas revocation refers to situations where a buyer has already accepted the goods. The UCC gives buyers the right to revoke acceptance of goods only in very limited circumstances.

What are the four basic elements necessary to the formation of a valid contract?

The four basic elements necessary for formation of a valid contract are capacity, offer and acceptance, consideration and compliance with law and public policy. Also, implicit in every contract is a duty to act in good faith and deal fairly with the other party.

What is Battle form?

"Battle of the forms refers to the not uncommon situation in which one business firm makes an offer in the form of a pre-printed form contract and the offeree responds with its own form contract. At common law, any discrepancy between the forms would prevent the offeree's response from operating as an acceptance.

What is UCC?

Uniform Commercial Code (UCC) laws are established to regulate sales of personal property and other business transactions. For example, transactions such as borrowing money, leasing equipment or vehicles, setting up contracts, and selling goods are all covered by the Uniform Commercial Code.

What is offeree?

Well, when it comes to contract law there are two parties—the offeror and the offeree. The offeror is the party who makes the offer. The offeree is the person who either accepts or does not accept the offer. Once this offer is made to the offeree, something called power of acceptance comes into play.

What are the requirements of an offer?

Offers at common law required three elements: communication, commitment and definite terms.

Communicated. The person making the offer (the offeror) must communicate his offer to a person who may then choose to accept or reject the offer (the offeree).
Committed.
Definite Terms.
Other Issues.

What is bilateral contract?

The bilateral contract is the most common kind of binding agreement. Each party is both an obligor (a person who is bound to another) to its own promise, and an obligee (a person to whom another is obligated or bound) on the other party's promise.

Does silence amount to acceptance?

The untimely acceptance of an offer. Such an acceptance is not valid although it does have the legal status of a counteroffer. The general rule is that silence does not constitute acceptance.