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contractd
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5
Law
Professional
01/22/2010

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Term
WHAT ARE THE FOUR METHODS OF ACCEPTANCE OF AN OFFER?
Definition

1A.  ACCEPTANCE BY PERFORMANCE: IN A UNILATERAL CONTRACT, THE OFFER EMPOWERS THE OFFEREE TO ACCEPT ONLY BY COMPLETE PERFORMANCE OF THE PROMISE. THE OFFEREE'S FAILURE TO PERFORM DOES NOT CONSTITUTE A BREECH SINCE NO CONTRACT IS FORMED UNTIL THE OFFEREE RENDERS FULL PERFORMANCE.

1B.  IN A BILATERAL CONTRACT, THE OFFEROR EMPOWER THE OFFEREE TO ONLY ACCEPT  BY RETURN PROMISE. BILATERAL CONTRACTS ARE FORMED UPON THE GIVING OF THE PROMISE TO PERFORM AN OBLIGATION IN THE FUTURE, AND FAILURE TO FULFILL SUCH PROMISE RESULTS IN BREACH.

2.uNDER THE UCC AND R2ND A CONTRACT MAY BE FORMED EVEN IF AN OFFER CLEARLY CLEARLY INDICATES THAT ACCEPTANCE IS  TO BE BY PROMISE IF.

*  THE OFFEREE BEGIN TO PERFORM, IN LIEU OF MAKING REQUIRED PROMISE AND...

*THE OFFERROR LEARNS OF THE COMMENCEMENT OF PERFORMANCE AND ACQUIENCES TO SUCH MANNER OF ACCEPTANCE

*

 

3.   aCTS INCONSISTENT WITH OFEROR OWNERSHIP OR RECEIPT OF BENEFITS

 

cOMMON LAW STATES

1.  ONE WHO RECEIVES GOODS WITH KNOWLEDGE OR REASON TO KNOW THAT THEY ARE  BEING OFERED FOR A PRICE IS BOUND BY THE TERMS OF THE OFFER IF HE EXERCISE DOMION OE CONTROL OVER SUCH GOODS.

 

2.   ONES WHO RECEIVES BENEFITS FROM SERVICES THAT HE KNOWS OR HAS REASON TO KNOW ARE BEING OFFERED WITH THE EXPECTATION OF COMPENSATION, AND WHERE HE HAS REASONAL OPPORTUNITY TO REJECT THEM, IS LIABLE FOR THE REASONABLE VALUE OR STATED VALUE OF SUCH SERVICE.

 

4. aCCEPTANCE BY SILENCE

 

SILENCE MAY NOT CONSTITUTE AN ACCEPTANCE EXCEPT WHERE:

A.  BASED ON PREVIOUS DEALINGS , THEN THE OFFEREE SHOULD NOTIFY THE OFFER IF HE INTEND NOT TO ACCEPT.

B. WHERE THE OFFEROR HAS STATED OR GIVEN THE OFFEREE REASONS TO UNDERSTAND THAT ASSENT MAY BE  MANIFESTED BY SILENCE OR INACTION.

 

Term

WHAT IS THE MEDIUM OF ACCEPTANCE?

 

Definition

UCC STATES:UNLESS THE OFFEROR INDICATES OTHERWISE, THE OFEREE MAY USE ANY MEDIUM THAT IS REASONABLE UNDER THE CIRCUMSTANCES.

 

R2ND:  IN NON-GOODS CONTRACT, THE SAME MEDIUM AS WAS USED TO COMMUNICATE THE OFFER OR ANY OTHER MEDIUM CUSTOMARY IN SIMILAR TRANSACTIONS AT THE TIME AND PLACE THE OFFER IS RECEIVED

Term
WHAT IS THE R2ND RULES FOR NOTICE OF ACCEPTANCE?
Definition
THE OFFEROR IS ENTITLED TO NOTICE OF THE ACCEPTANCE. THUS, EVEN IF THE OFFEREE EFFECTIVELY ACCEPTS AND CONTRACTS IS FORM, FAILURE OF THE OFFEREE TO NOTIFY THE OFFEROR OF THE ACCEPTANCE  WITHIN REASONABLE TIME MAY PRECLUDE THE OFFERER FROM ENFORCING THE CONTRACT.
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