ABSTRACT
In business and commercial life, the law of contract underpins a huge range of activities as diverse as engaging staff, buying supplies, arranging insurance, leasing premises, raising loans and buying shares. These transactions all involve making a contract which must comply with the general principles governing all contracts. Acceptance is defined as a final, definite and clear assent to the terms of an offer. Not only must the offeree accept the exact and precise offer made, he or she must also communicate acceptance to the other party. Normally, the offeror must actually receive the acceptance. Although promissory estoppel can be seen as an important safeguard against some of the harsher aspects of the common law rules it must be remembered that consideration is still essential for the creation of a valid contract, although there are limited circumstances where it may not be necessary to support some modification within the contract.
