![]() This is partially due to the maxim that an offeror is the "master of his offer." Ordinarily, an offeror is permitted to revoke their offer at any time prior to a valid acceptance. Īn offer is a display of willingness by a promissor to be legally bound by terms they specify, made in a way that would lead a reasonable person in the promisee's position to understand that an acceptance is being sought and, if made, results in an enforceable contract. ![]() ![]() Any variation thereof constitutes a counteroffer. ![]() At common law, the terms of a purported acceptance must be the "mirror image" of the terms of the offer. However, contracts can also be implied in fact, as discussed below. Mutual consent, also known as ratification and meeting of the minds, is typically established through the process of offer and acceptance. Duty of good faith (also implied covenant of good faith and fair dealing or duty to negotiate in good faith) 7.Duty of honest contractual performance (or doctrine of abuse of rights) 6.Liquidated, stipulated, or penal damages 3.UNCITRAL Model Law on International Commercial Arbitration.UNIDROIT Principles of International Commercial Contracts. ![]()
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