Term

§ 63 — Restatement (Second) of Contracts

Definition

Acceptance becomes effective once it leaves the offeree’s possession if the medium used is invited by the offer. This is the American formulation of the mailbox rule. — MAILBOX RULE (US)

Term

§ 25 — Restatement (Second) of Contracts

Definition

Defines an option contract as a promise that satisfies the requirements of contract formation and limits the offeror’s ability to revoke an offer. — OPTION CONTRACTS (US)

Term

§ 87 — Restatement (Second) of Contracts

Definition

An offer may become binding as an option contract if it is written and signed with stated consideration or if reliance makes enforcement necessary. — OPTION CONTRACTS / RELIANCE (US)