Asked by Ashley Lowell on May 21, 2024
Verified
If an offer states that a reply must be received by a certain date, receipt is presumed in those situations when acceptance is mailed.
Receipt
A written acknowledgment that something of value has been transferred from one party to another.
Presumed
Accepted as true or existing until proven otherwise; an assumption based on general experience.
Acceptance
In contract law, the act of agreeing to the terms of an offer, thereby creating a binding contract.
- Grasp the conditions under which an offer can terminate.
Verified Answer
AL
Aiden LambertMay 24, 2024
Final Answer :
False
Explanation :
In contract law, the "mailbox rule" typically applies, meaning acceptance is generally considered effective when it is sent, not when it is received. However, if an offer specifically states that acceptance must be received by a certain date, then the mailbox rule does not apply, and acceptance must actually be received by the offeror by the specified date.
Learning Objectives
- Grasp the conditions under which an offer can terminate.