What is the mailbox rule, and how does it apply in the following situation? Explain whether acceptance is effective and a contract is formed.
Day 1: An antique dealer e-mails an offer to sell a highly collectible Art Nouveau glass vase to a collector for $1,500.
Day 2: Collector receives the offer, prints out the e-mail, writes "ACCEPTED, 1 Art Nouveau glass vase for $1,500. Collector," and faxes Dealer the acceptance.
Day 3 (9 a.m.): Dealer's assistant receives Collector's fax, but Dealer is out of the store all morning.
Day 3 (12 p.m.): Realizing he can get much more for the vase at auction, Dealer calls Collector to revoke his offer.
Day 3 (1:30 p.m.): Collector's acceptance fax is delivered to Dealer.

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The Answer of What is the mailbox rule, and how does it apply in the following situation? Explain whether acceptance is effective and a contract is formed.
Day 1: An antique dealer e-mails an offer to sell a highly collectible Art Nouveau glass vase to a collector for $1,500.
Day 2: Collector receives the offer, prints out the e-mail, writes "ACCEPTED, 1 Art Nouveau glass vase for $1,500. Collector," and faxes Dealer the acceptance.
Day 3 (9 a.m.): Dealer's assistant receives Collector's fax, but Dealer is out of the store all morning.
Day 3 (12 p.m.): Realizing he can get much more for the vase at auction, Dealer calls Collector to revoke his offer.
Day 3 (1:30 p.m.): Collector's acceptance fax is delivered to Dealer.

What Is the Mailbox Rule, and How Does It Apply