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Application Of Termination Of Contracts

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For example, if I send you an offer to buy my product at a substantial discount, and on said offer it states “this offer valid only through May 25th.” Then upon receipt of said offer the countdown begins, and as of midnight on May 25th, if there is no communicated acceptance, the contract terminates. These are the various methods of termination of contracts, for here we will explore, more in depth than previously, acceptance of a contract. Acceptance is “manifestation of assent by the offeree to the terms of the offer.” Basically, the offeree agrees to the terms of the contract and is ready to be bound to said contract and the contractual obligations that apply. Remember earlier we spoke of unilateral and bilateral contracts where by a unilateral contract can be accepted only by the offeree’s performance of a required act, and bi-lateral contracts are accepted based on an offeree’s promise to perform. Notice in both instances the onus is on the offeree, this is important because only the offeree has legal power to make acceptance of a contract. Third persons have no power to accept, and if a contract is offered to two or more people, each has the power to accept. That being said, there are generally five rules to acceptance. Those four rules being: Unequivocal acceptance, mirror-image rule, acceptance-upon-dispatch (mailbox rule), proper dispatch rule, and authorized means of communication. Unequivocal acceptance must be clear, unambiguous, have only one
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