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Simple English definitions for legal terms
acceptance
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A quick definition of acceptance:
Acceptance: When someone agrees to the terms of an offer made by someone else. This can happen in different situations, like when you buy something from a store or when you apply for insurance. Acceptance can be shown by saying "yes" or by doing something that shows you agree. To make sure the agreement is real, the person making the offer needs to know that the other person accepted it in a way that was expected or asked for.
A more thorough explanation:
Acceptance means agreeing to the terms of an offer. In legal situations, acceptance can refer to:
- Contracts: When one person agrees to the terms of an offer made by another person. Acceptance can be expressed or implied by the offeree's conduct. To form a binding contract, acceptance should be communicated in a way that is authorized, requested, or reasonably expected by the offeror.
- Insurance: When an insurer agrees to cover certain risks or perils for a person who applied for insurance and issues them a policy.
- Business transactions: When a buyer agrees to purchase a product from a seller, even if the product or goods were not what was originally agreed upon.
For example, if a person offers to sell their car to another person for $10,000, and the second person agrees to buy it for that price, that is acceptance. The agreement can be verbal or in writing, but it must be clear that both parties agree to the terms of the offer.
In insurance, if a person applies for car insurance and the insurer agrees to cover them for certain risks, that is acceptance. The insurer issues a policy that outlines the terms of the coverage, and the person agrees to pay the premiums.
In business, if a seller offers to sell a product to a buyer for a certain price, and the buyer agrees to purchase it for that price, that is acceptance. Even if the product is not exactly what the buyer expected, if they agree to buy it, that is acceptance.