Acceptance

Acceptance:

Agreement, approval or receipt. A voluntary act by the offeree (recipient of the offer) to exercise the power conferred to him/her by the offeror (person who made the offer) to close the deal and create a contract. Along with an offer and consideration, acceptance is an essential element to the formation of any contract. Acceptance of an offer is manifestation of assent (agreement) to the terms thereof made in a manner invited or required by the offer.