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Simple English definitions for legal terms
ribbon-matching rule
Read a random definition: Dodd-Frank: Title XVI - Section 1256 Contracts
A quick definition of ribbon-matching rule:
The ribbon-matching rule, also known as the mirror-image rule, is a principle in contract law that states that when accepting an offer, the terms of the acceptance must match exactly with those of the offer. This means that the acceptance must be clear, unconditional, and not change any of the terms of the original offer. In simpler terms, if someone offers you something, you can only accept it if you agree to all the same things they offered you.
A more thorough explanation:
Definition: The ribbon-matching rule is also known as the mirror-image rule. It is a principle in contract law that states that the acceptance of an offer must be positive, unconditional, unequivocal, and unambiguous. The terms of the acceptance must correspond exactly with those of the offer, and must not change, add to, or qualify the terms of the offer.
For example, if a seller offers to sell a car for $10,000, and the buyer responds by saying "I accept, but only if you include new tires," this would not be considered a valid acceptance under the ribbon-matching rule. The buyer has added a new term to the offer, which changes the original terms of the agreement.
In modern commercial contexts, the ribbon-matching rule has been replaced by a provision in the Uniform Commercial Code (UCC) that allows parties to enforce their contracts even if there are minor differences between the terms of the offer and the acceptance. However, the UCC still requires that the acceptance be a definite and seasonable expression of acceptance.