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Acceptance Real Talk With Amiri
Manage episode 367397720 series 2946134
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Kinds of Acceptance: Everything You Need to Know
There are different kinds of acceptance when it comes to finalizing a contract.3 min read
There are different kinds of acceptance when it comes to finalizing a contract. A contract consists of a few basic elements, one of which is the acceptance of the terms and conditions between the parties of the agreement. It is important to understand the different types of acceptance to ensure your contract is valid.
Definition of Acceptance
A bill of exchanges happens when the word acceptance is stamped on a bill and includes a signature. The written word “acceptance” is not required. A signature on the bill is required for it to be valid.
Rules Regarding Acceptance
- The acceptance needs to be absolute and has to correspond with the terms of an offer.
- The acceptance has to be communicated by conduct or words.
- The acceptance is communicated when provided in a certain manner.
- Acceptance cannot be conditional.
- The mental acceptance or acceptance that is uncommunicated cannot produce the contract.
- There has to be a mode of acceptance.
- There has to be a time element regarding acceptance.
- Completion of acceptance is required.
In order to form an agreement, an offer has to be made by one individual to another. A clear-cut acceptance to the offer is a must.
The agreement becomes a contract once it can be enforced by the law. An offer or acceptance without a contract is not a legally binding contract.
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