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ACCT252 - Acceptance
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Alyanna Delima
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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withdrawn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