Diamond industry offers are binding until one o’clock the next day

Evidence

The most common transactional paradigm is known as “open cachet.” 15 When a buyer makes an offer to a seller or a broker, the stone is put in an envelope which is then folded and sealed in a precise way. The terms and conditions of the offer are placed on the envelope as is the date. The buyer then signs the parcel across the seal. Unless otherwise specified, this offer is considered binding on the offerer until one o’clock the next day. The seller may accept at any time during this period by contacting the buyer and saying “mazel and broche.” If, however, the seller either rejects the offer or makes a counteroffer during this period, his option to accept the buyer’s original offer is canceled. — Lisa Bernestein, Opting out of the Legal System, 59

Categorization

• CANDY: The ‘mazel and broche’ acceptance phrase and the envelope sealing ritual is a delightfully nerdy-sounding-detail worth sharing at a party.
• DEFINE: Defines the ‘open cachet’ transactional paradigm with its precise mechanics.