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Forums › ACCA Forums › ACCA LW Corporate and Business Law Forums › Acceptance & Consideration
Dear Sir,
In Acceptance , it is said in case of Household Fire Insurance Co v Grant
that Postal rule applies (shares case)
and outcome was “posting acceptance creates a ‘meeting of minds’, which created a binding contract”
but defendant never paid for shares which he was allotted by letter.
and in consideration it says
“Consideration is a two-way thing in simple/parol contracts”
so if defendant did not pay for shares , the transaction was not completed hence contract was not complete due consideration being one way only.
please clarify if i am mixing up two different things.
Thanks
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