BBG E231 Lecture Notes - Lecture 16: Contract, Uniform Commercial Code, Fax
Document Summary
For a unilateral contract, we are looking for performance/ forbearance of acting as acceptance. For acceptance of an offer to enter into a bilateral contract, ur looking for a promise. U need to communicate the acceptance in some way; must show an intention to accept. Rule: silence does not equal acceptance, unless custom, usage, and course of dealing (i. e business practice) says otherwise. Ex: a magazine company can"t say, we will send u __ magazine and if u don"t respond, then u owe us money. Offers, revocations (of offers), rejections (of offers), and counter-offers, are all effective when received (when the offeree gets it effective upon receipt). Contrary to this, acceptance is effective upon dispatch (meaning when it is sent) . (unless the offer specifically provides otherwise) If the offer says u can accept what im saying but your acceptance will not be valid until i receive it, then that"s okay.
