B LAW 220 Lecture 3: Business Law notes 3
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Who may accept: only the party the offer is directed to. Method of acceptance: the offer can dictate the method of acceptance (if the offer says the acceptance must be in writing then the offer must be in writing) Timing of acceptance: if the offer specifies a deadline then a late acceptance will be ineffective. Silence as acceptance: the offeror cannot frame an offer where silence or inaction means acceptance (if you don"t respond within 24hours you must pay) Federal trade commission rule: unsolicited goods received in the mail can be treated as unconditional gifts. Mailbox rule: an acceptance is not effective until it"s communicated (a mail acceptance will be deemed effective the moment it is placed in the mail) Page 297 # 3 (go on book and read example) Auction: most time a buyers bid is seen as an offer and the gavel slamming down is an acceptance.
