This lesson deals with one aspect of contract formation, acceptance. Acceptance is the manifestation of assent that is made by the offeree in response to an offer. In this lesson, you will learn how a party can accept an offer at common law. The lesson takes up issues such as the manner of acceptance, who can accept, silence as acceptance, rejection and counter-offer. The lesson ends with a short analysis exercise on the subject of acceptance.
On completion of the lesson, the student will be able to:
1. Describe the elements of an effective acceptance.
2. Explain the "mirror image" rule.
3. Distinguish between acceptance by promise, acceptance by performance, and acceptance by promise or performance.
4. Identify the party who can accept an offer.
5. Give examples of situations where silence can constitute acceptance.
6. Explain the effect of a rejection, a counter-offer, and an inquiry.