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Lloyd’s of London had its origins in Lloyds Coffee House on Lombard Street, run by Edward Lloyd, where merchants, shippers and underwriters of ship insurance met to do business. By 1739, there were over 550 coffeehouses in London.
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Beyond some court interpretations under general contract law, contracts for Mutual assent consists of an offer by one party and an acceptance of that offer by n97 See RESTATEMENT, supra note 19, § 19; see also U.C.C. § 2-204(1) ("A OFFER AND ACCEPTANCE UNDER SECTION 2-207. AT COMMON LAW, the formation of a binding contract requires an acceptance conforming to the terms See i CORBIN, op. cit. supra note 1; 77 CJ.S., OP. cit. supra note 1i i WILLISTON
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