In the law of contracts, acceptance is one person's compliance with the terms of an offer made by another.
Contracts Acceptance Law & Legal Definition. Acceptance is necessary to the formation of a contract and must be unequivocally made and communicated to the party making the offer at the time and place appointed. In the eyes of the law, a contract arises when there is an offer, acceptance of that offer, and sufficient consideration to make the contract valid: 1  An offer allows the person or business to whom the offer is made to reasonably expect that the offering party is willing to be bound by the offer on the terms proposed. 1 An acceptance is a clear expression of the accepting party's agreement to the terms of the offer. 2  Consideration is a legal term given to the bargained-for exchange between the parties to the contract -- something of some value passing from one party to the other. Acceptance. An express act or implication by conduct that manifests assent to the terms of an offer in a manner invited or required by the offer so that a binding contract is formed. The act of a person to whom something is offered or tendered by another, whereby the offeree demonstrates through an act invited by the offer an intention of retaining the subject of the offer. In the law of contracts, acceptance is one person's compliance with the terms of an offer made by another. Acceptance occurs in the law of insurance when an insurer agrees to receive a person's application for insurance and to issue a policy protecting the person against certain risks, such as fire or theft. 5. Acceptance of a bill of exchange the act by which the drawee or other person evinces his assent or intention to comply with and be bound by, the request contained in a bill of exchange to pay the same; or in other words, it is an engagement to pay the bill when due. 4 East, 72. Offer and acceptance analysis is a traditional approach in contract law used to determine whether an agreement exists between two parties. An offer is an indication by one person to another of their willingness to contract on certain terms without further negotiations. In the law of contracts, acceptance is one person's compliance with the terms of an offer made by another. Acceptance occurs in the law of insurance when an insurer agrees to receive a person's application for insurance and to issue a policy protecting the person against certain risks, such as fire or theft.
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what is acceptance contract law