Exact(8)
(A revocation by the offeror, however, does not take effect until received by the offeree).
In the German view, an offer binds the offeror for any stipulated period or, when the offer is silent as to time, for a reasonable period unless the offeror has expressly made the offer revocable.
In German law the acceptance takes effect when it reaches the offeror, in the sense that he either knows or can learn of it.
(Recall that the Restatement's definition of offer refers not to the offeror's actual state of mind but rather to manifestations that "justify another person in understanding" that assent is invited).
In Anglo-American common law, when parties contract by correspondence, the acceptance takes place on dispatch of the letter, but the offeror can stipulate that no contract will be formed until the acceptance has reached him.
The rule that the acceptance is effective upon dispatch creates a situation in which the offeror who wishes to revoke his offer is uncertain whether or not he can still do so, since his revocation is not effective until receipt, whereas the offeree's acceptance, if one is made, takes effect on dispatch.
Similar(52)
The offerors who submit the proposal with the highest technical score and business proposals are then awarded a contract to perform the clinical studies.
The Wendy Williams Show Michael Ealy ("The Following").
The Naked & The Dead.
The formal statement said he had no authorisation from the board to talk with "the potential offeror" and had failed to disclose a possible interest in the outcome of these talks.
The language also suggests a scenario where a tender offeror could come in and the board could recommend that shareholders reject the offer, but still permit shareholders to tender into the offer.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com