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Ch03

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  • 1. In this chapter you will: Define acceptance Differentiate between an acceptance and a counter-offer Discuss the mirror image rule Indicate the effect of silence on an offer Explain who is capable of accepting an offer Discuss the method of accepting a bilateral and a unilateral offer Discuss the impact of the mailbox rule on the acceptance of a contract Explain the effect of the rejection of an offer Define revocation Discuss the effect of the termination of an offer on the parties ability to create a valid contract
  • 2. Acceptance is the manifestation of assent in the manner requested or authorized by the offeror.
  • 3.  First, to be valid, the acceptance must parrot exactly the terms of the offer. Second, any variance in the terms of the offer creates a counteroffer, which rejects and therefore terminates the original offer. Third, if the variance is merely a term that is implicit in the original offer, that variance will not constitute a counteroffer.
  • 4.  if the offer was solicited by the offeree or the contract is implied in fact
  • 5. 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.
  • 6. The acceptance of an offer of a bilateral contract is effective when properly dispatched by an authorized means of communication.
  • 7. To terminate an offer by an act of the parties, either the offeree must reject the proposal or the offeror must revoke the offer.
  • 8.  Lapse of time The death or destruction of the subject matter The death or insanity of the offeror or offeree Supervening illegality