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Acceptance is a legal term it’s smart to understand. Find out what it means.
In the law of contracts, acceptance refers to the promise or act of a buyer who indicates his willingness to be bound by the terms and conditions stipulated in a seller’s offer. Acceptance is a necessary element of a legally binding contract. If there is no acceptance, there is no deal.
When an individual buys something on eBay, tells the cab driver where he wants to go, or hands $30 to the cashier at the cinema, he is accepting an offer. These actions communicate acceptance.
An acceptance may be conditional, express or implied. When it comes to business dealings, formal contracts can be too tedious for a busy schedule. Instead, buyers, contractors and merchants have adopted these types of acceptance as contracts. However, it’s always a good idea to eventually sign a formal contract in the event of a dispute.
For example, if a client hires the same contractor to paint his house every year and stops by the shop to tell the contractor that it has been a year, the contractor may simply go to the house, complete the job, and request payment. This situation shows an implied acceptance because the client requested the painter’s help, and the painter agreed by going to his house and completing the task. It’s important to note that implied acceptance is considered valid only if the buyer already has a previous history of acceptance with the contractor.
If the buyer needs some time to consider an offer, he can enter into an option agreement. This allows the buyer to pay for the exclusive right to accept an offer during a fixed period. This gives him an opportunity to consider the offer without worrying that other potential buyers will snap it up, or that the terms and conditions of the offer will change before he makes a decision.
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There are many ways scammers can steal identities and use them for gain, usually of a financial nature.
A significant portion of Americans experience financial worries.
Identity theft is a term that covers a variety of crimes in which someone steals another person’s personal information.
Look for a plan with a reputable provider that offers services that make you feel confident.
If you discover the breach early and act without delay, you could minimize the damage.
Here’s a breakdown of where identity theft occurs most often, according to FTC data.
Stay alert and don’t think identity theft can’t happen to you.