Define: Power Of Acceptance

Power Of Acceptance
Power Of Acceptance
Quick Summary of Power Of Acceptance

The power of acceptance refers to the ability or authority to accept something, whether it be an offer, proposal, invitation, or any other form of communication. In legal contexts, particularly in contract law, acceptance is a crucial element in the formation of a contract. The power of acceptance allows an individual or party to signify their agreement to the terms of an offer, thereby creating a binding agreement between the parties involved. Acceptance can be expressed through various means, including words, actions, or conduct, depending on the circumstances and the nature of the agreement. Understanding the power of acceptance is essential for ensuring the validity and enforceability of contractual agreements.

What is the dictionary definition of Power Of Acceptance?
Dictionary Definition of Power Of Acceptance
n. the ability to accept an offer and thus create a binding contract. In real estate, an acceptance can only be made for a period specified in the offer, and the power is terminated permanently by the making of a counter-offer. Thus, one cannot make a counter-offer and then decide to accept the original offer.
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This glossary post was last updated: 29th March, 2024.

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