ACCT252 - Acceptance

    Cards (12)

    • Acceptance Definition
      • unconditional, unqualified and final assent to all offer terms
      • made in specified manner by offeror
    • What May Be Accepted
      • only an offer can be accepted
      • no one can accept offer he knows to be withdrawn or revoked
    • Who May Accept
      • only offeree entitled to accept offer
      • exceptions are offers to 'world at large'
    • General Rules of Acceptance
      • must be communicated to offeror or not binding
      • communicated by offeree or duly appointed agent
      • given expressly - oral, writing or implied conduct
      • silence as acceptance only if offeree considers it
      • communicated may be waived if conduct constitutes acceptance
    • Reward Cases
      • offer held liable to multiple acceptors who satisfy conditions of offer
    • Lost and Found Cases
      • acceptance only capable by first person who found item and claimed reward
    • Mental State and Acceptance
      • acceptor must be aware of offer
      • offer must be in mind of acceptor
    • Communication of Acceptance: Means of Communication
      • acceptance communicated by same means used to send offer
      • silence cannot be stipulated by offeror as acceptance
    • Communication of Acceptance: Manner of Communication
      • if offeree uses stipulated means, offeror bears risk of delay
      • if offeree uses non-stipulated means, offeree bears risk of delay
    • Postal Rule
      • exception to general rule
      • acceptance becomes effective and contract concluded when letter of acceptance is posted
      • applied where acceptance by mail is stipulated
    • Postal Rule Does Not Apply
      • offeror specifies actual communication
      • communication of acceptance instantaneous
      • sales covered by Sale of Goods Act 1994
    • Conditional Acceptance
      • acceptance with strings attached or acceptance of something different from offer
      • not final and unqualified assent to offer terms
      • usually amounts to counter-offer