Updated: Aug 20, 2021

When a contract is made there must be both offer and acceptance unless it is a contract by deed. If one person offers to do something for another, the contract is not complete until the offer is accepted. Acceptance must be in the same terms as the offer and must be communicated to the offeror. A conditional acceptance is equivalent to an offer and is not an acceptance.

Reference: The Penguin Business Dictionary, 3rd edt.

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James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.