American Case Law
In the United States, the majority rule is that the mailbox rule does not apply to option contracts. By default, an option contract is accepted when the offeror receives the acceptance, not when the offeree mails it. However, because the California Civil Code applies the mailbox rule to all contracts, California follows the minority rule, under which the mailbox rule also applies to option contracts.
Read more about this topic: Posting Rule
Famous quotes containing the words american, case and/or law:
“Other centuries had their driving forces. What will ours have been when men look far back to it one day? Maybe it won’t be the American Century, after all. Or the Russian Century or the Atomic Century. Wouldn’t it be wonderful, Phil, if it turned out to be everybody’s century, when people all over the world—free people—found a way to live together? I’d like to be around to see some of that, even the beginning.”
—Moss Hart (1904–1961)
“In the case of news, we should always wait for the sacrament of confirmation.”
—Voltaire [François Marie Arouet] (1694–1778)
“The Law is the true embodiment
Of everything that’s excellent.
It has no kind of fault or flaw,
And I, my Lords, embody the Law.”
—Sir William Schwenck Gilbert (1836–1911)