Examlex
Instructions: Explain/Define the following terms.
savanna
Mailbox Rule
The principle that holds that an acceptance is valid when it is placed in the mailbox, whereas a revocation is effective only when received by the offeree. In some jurisdictions, the mailbox rule has been expanded to faxes.
Binding Contract
An agreement between two or more parties that is enforceable by law, where all parties have agreed to the terms through offer and acceptance.
Contractual Capacity
The legal ability of a person to enter into a binding contract.
Form a Contract
The process of creating a legally binding agreement between two or more parties.
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