Acceptance

Question 1

“Acceptance” is ?

Answer 1

a manifestation of assent to the terms made by the offeree in a manner required by the offer.

Question 2

Who may accept the Offer?

Answer 2

Only who the offeror intended to give the power of acceptance to - the offeree.
- Not a 3rd Party who overhears it.

Question 3

5 Ways to Terminate the Power of Acceptance

Answer 3

1. Rejection by offeree
2. Counter offer by offeree
3. Lapse of time (beyond reasonable)
4. Revocation by the Offeror
5. Death or incapacitation of either party

Question 4

Are Preparations for performance Acceptance?

Answer 4

No - if you bought shoes for the walk across the bridge for the money offered NOT Acceptance until you actually begin across the bridge

– Contractor who makes a bid based on the offer price of supplies Sub-contractor offered will often be acceptance

Question 5

Mailbox Rule - Acceptance

Answer 5

When the acceptance is effective upon proper dispatch unless the offer specifies acceptance