Accepting an Offer

The video tutorial explains the differences in acceptance standards between the Uniform Commercial Code (UCC) and common law, focusing on the reasonableness of acceptance. It discusses the effectiveness of acceptance upon dispatch and contrasts it with revocation, which requires receipt. The tutorial further explores the distinctions between unilateral and bilateral contracts, highlighting how acceptance is achieved in each type. In unilateral contracts, acceptance occurs through performance, while in bilateral contracts, it is through the exchange of promises.

What is a key difference between the Uniform Commercial Code and common law regarding contract acceptance?

• UCC requires acceptance to be in writing.

• Common law allows any form of acceptance.

• UCC allows any reasonable communication of acceptance.

• Common law requires acceptance to be verbal.

In a unilateral contract, what must the offeree do to accept the offer?

• Begin the service or activity requested.

• Sign a written agreement.

• Provide a verbal promise.

• Send a formal acceptance letter.

What is required for acceptance in a unilateral contract once the offeree begins the service?

• The offeror must verbally acknowledge the acceptance.

• The offeree must provide a written confirmation.

• The offeree must complete the service within a reasonable time.

• The offeree must send a notice of completion.

How is acceptance defined in a bilateral contract?

• By receiving a confirmation email.

• By sending a written notice.

• By exchanging promises.

• By starting the service.

When is acceptance effective in a bilateral contract?

• Upon receipt of the acceptance.

• Upon dispatch of the acceptance.

• Upon completion of the service.

• Upon verbal confirmation.