ACCEPTANCE : At its simplest, an acceptance is an unconditional assent to the terms proposed in the offer. Much of the relevant law is reasonably straightforward and capable of being reduced to a series of propositions. In essence, a valid acceptance comprises the following elements:

doi:10.4324/9781843141518-27

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ABSTRACT

This issue causes few real difficulties. Offers will lapse after a ‘reasonable time’ has passed (depending on the nature of the commodity or transaction); after the expiry of a stated time period and, in most situations, on the death of the offeror or offeree.30 In a practical sense, lapse happens ‘automatically’ without the offeror or the offeree needing to do anything specific. Theoretically, it can be viewed as based on either a perception that the offeror has impliedly revoked the offer or (probably better) that it has been impliedly rejected by the offeree.31