Define option contract law

An implied in-fact contract binds parties together through a mutual agreement and intent, but there are no expressed terms of the agreement, like ordering and paying for food at a restaurant.

Offer and Acceptance in Contract Law | | Learn Law

A woman answers an ad guaranteeing removal of facial hair. Treatment failed. Was there a contract? The judge thought so. The ad was the offer. Relying on the Carbolic Smoke Ball case (see below under Acceptance), the judge added:

Duhaime's Contract Law Dictionary

An offer of a bargain by one person to another, imposes no obligation upon the former, until it is accepted by the latter, according to the terms in which the offer was made. Any qualification of, or departure from, those terms, invalidates the offer, unless the same be agreed to by the person who made it. Until the terms of the agreement have received the assent of both parties, the negotiation is open, and imposes no obligation upon either.

Contract legal definition of contract - Legal Dictionary

It is not enough to say that you find the offer to be agreeable you must accept the offer although your acceptance can be implied by your conduct. It must also be brought to the direct attention of the offeror before a valid contract exists.

Chapter 18: Contract Law

Unconscionable contracts can present many legal difficulties. You may wish to hire a contracts lawyer if you have any legal disputes or questions such as &ldquo What is an unconscionable contract?&rdquo An experienced contracts attorney can go over the laws in your area with you to help determine the extent of your claim. They can provide you with much-needed legal advice and will be able to represent you in court if a lawsuit is filed.

The basic characteristic of most unconscionable contracts is that one party signed the contract under situations involving pressure, lack of information, or by being misled.

It then decided that in cases of instantaneous communication. the contract (if any) was made when and where the acceptance was received.

In a fixed bidding sale where the vendor states that they will accept the highest offer , they are so bound. In this case, the bids were to be called offers but the court overlooked this nomenclature:

For a contract to exist the parties must have contractual capacity. There are certain persons and classes of persons that lack the capacity to enter into a contract with the consequence (normally) that resulting contracts will not be enforceable against them.  Lack of capacity now often stems form a fear of vulnerability to exploitation. This area has become more complex as a result of statutory developments at a state level (calls for national law reform have not yet met with success) which result in a variety of different rules.

If the post office be such common agent, then it seems to me to follow that, as soon as the letter of acceptance is delivered to the post office, the contract is made complete and final and absolutely binding as if the acceptor had put his letter into the hands of a messenger sent by the offerer himself as his agent to deliver the offer and receive the acceptance.

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