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Acceptance

Acceptance. Acceptance is the manifestation of assent in the manner requested or authorized by the offeror . Varying the Terms of the Offer. To be valid, the acceptance must parrot exactly the terms of the offer—you can’t change it.

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Acceptance

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  1. Acceptance Acceptance is the manifestation of assent in the manner requested or authorized by the offeror.

  2. Varying the Terms of the Offer • To be valid, the acceptance must parrot exactly the terms of the offer—you can’t change it. • Any variance in the terms of the offer creates a counteroffer, which rejects and therefore terminates the original offer, but allows the initial offeror to accept it. • However, if the variance is merely a term that is implicit in the original offer, that variance will not constitute a counteroffer.

  3. When Does Silence Constitute an Acceptance? • if the offer was solicited by the offeree or • the contract is implied in fact

  4. Principal-Agent Relationship An agent is one who acts for and in the place of another, known as the principal, in order to enter into contracts with third persons on the principal’s behalf.

  5. Mailbox Rule The acceptance of an offer is effective when properly dispatched by an authorized means of communication.

  6. Termination of the Ability to Accept To terminate an offer by an act of the parties, either the offeree must reject the proposal or the offeror must revoke the offer.

  7. Termination by Operation of Law • Lapse of time • The death or destruction of the subject matter • The death or insanity of the offeror or offeree • Supervening illegality

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