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:
“During the late war [the American Revolution] I had an infallible rule for deciding what [Great Britain] would do on every occasion. It was, to consider what they ought to do, and to take the reverse of that as what they would assuredly do, and I can say with truth that I was never deceived.”
—Thomas Jefferson (1743–1826)
“Unaffected by “the march of events,”
He passed from men’s memory in l’an trentiesme
De son eage; the case presents
No adjunct to the Muses’ diadem.”
—Ezra Pound (1885–1972)
““Teacher, which commandment in the law is the greatest?” He said to him, “You shall love the Lord your God with all your heart, and with all your soul, and with all your mind.’ This is the greatest and first commandment. And a second is like it: You shall love your neighbor as yourself.’ On these two commandments hang all the law and the prophets.””
—Bible: New Testament, Matthew 22:36-40.