6-3 Acceptances GOALS Discuss the requirements of an effective acceptance Determine at what point in time an acceptance is effective Chapter 6

WHAT IS REQUIRED OF AN ACCEPTANCE? Only offerees may accept The acceptance must match the offer Acceptance must be communicated to the offeror Silence as acceptance Promises as acceptance Performance as acceptance Modes of contractual communication When acceptances are effective Chapter 6

   CHECKPOINT What are the requirements of an effective acceptance? Chapter 6

PREVENT LEGAL DIFFICULTIES When you seek to enter into a contract . . . When negotiating, assume the worst and include terms in the contract addressing potential problems. For important contracts, put offers and acceptances in writing. If either an offer or an acceptance is made orally, promptly confirm it in writing. Obtain and keep a copy of every important document you sign. Express your intentions in offers and acceptances with clear, complete, and understandable language. Continued on the next slide Chapter 6

PREVENT LEGAL DIFFICULTIES Remember that the offeror may specify how and when the offer must be accepted. Otherwise the offeree may use the same means used by the offeror, a faster means, or other reasonable means. When appropriate, buy an option, if one is available, to keep the offer open for as long as you need. Remember that for an offeror to withdraw or revoke an offer, the offeree must receive notice. For speed, use the telephone, e-mail, or fax machine to withdraw or revoke an offer. Chapter 6