It is a promise and a term of a binding contract as
soon as it is anything. An offer is a revocable and unaccepted
communication of willingness to promise. [306] When an offer of a
certain bilateral contract has been made, the same contract
cannot be offered by the other side. The so-called offer would
neither be revocable nor unaccepted. It would complete the
contract as soon as made.
If it be said that it is of the essence of a promise to be
communicated, whether it goes through the stage of offer or not,
meaning by communicated brought to the actual knowledge of the
promisee, the law is believed to be otherwise. A covenant is
binding when it is delivered and accepted, whether it is read or
not. On the same principle, it is believed that, whenever the
obligation is to be entered into by a tangible sign, as, in the
case supposed, by letter containing the return promise, and the
consideration for and assent to the promise are already given,
the only question is when the tangible sign is sufficiently put
into the power of the promisee. I cannot believe that, if the
letter had been delivered to the promisee and was then snatched
from his hands before he had read it, there would be no contract.
/1/ If I am right, it appears of little importance whether the
post-office be regarded as agent or bailee for the offerer, or as
a mere box to which he has access.
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