What is required for acceptance of a contract as per common law?

Study for the CLEP Business Law Test. Engage with flashcards and multiple choice questions, each question has hints and explanations. Prepare effectively for your exam!

For acceptance of a contract under common law, the fundamental principle is that the acceptance must mirror the terms of the original offer. This is known as the "mirror image rule." When a party makes an offer, the acceptance must be unconditional and must correspond exactly to the terms of that offer for a valid contract to be formed. If the acceptance introduces any new terms or conditions, it is considered a counteroffer rather than an acceptance, thus negating the original offer.

In this context, while written acceptance is often preferred for clarity and proof, it is not an absolute requirement for acceptance under common law. Furthermore, there is no specific time frame like 24 hours imposed for acceptance; what is crucial is that acceptance is communicated based on the terms of the original offer. Therefore, affirming that the acceptance must mirror the original offer’s terms emphasizes the essential nature of agreement in contractual relationships.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy