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acceptance

Acceptance means to assent to the terms of an offer . Some common uses of the term “acceptance” in a legal sense include: 

• In the context of contracts , acceptance refers to one person’s compliance with the terms of an offer made by another.
  • Acceptance is judged objectively, but can either be expressly stated or implied by the offeree's  conduct.  
  • To form a binding contract , acceptance should be relayed in a manner authorized, requested, or at least reasonably expected by the offeror .

   

• In the context of insurance law, acceptance takes place when an insurer agrees to the person's application for insurance and in turn issues them a policy to cover certain risks or perils.
• In the context of business transactions, acceptance takes place when a buyer agrees to purchase a product from a seller even if the product or goods was not what was originally agreed upon.

[Last reviewed in June of 2022 by the Wex Definitions Team
]

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