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Last updated on 2024年9月4日

What are the best ways to communicate acceptance of an offer in a timely manner?

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Accepting an offer is a crucial step in any business transaction, as it creates a binding contract between the parties. However, not all methods of communication are equally effective, clear, or timely. In this article, you will learn what are the best ways to communicate acceptance of an offer in a timely manner, and how to avoid common pitfalls and misunderstandings.

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1 Legal requirements

Before you accept an offer, you need to understand the legal requirements for a valid acceptance. Generally, an acceptance must be unconditional, unequivocal, and communicated to the offeror before the offer expires, lapses, or is revoked. If you add, change, or delete any terms of the offer, you are not accepting it, but making a counteroffer, which the offeror can accept or reject. Similarly, if you express doubt, hesitation, or reservation, you are not accepting the offer, but requesting more information or clarification.

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Yusuf GUMUS, LL.M.
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In addition to understanding the legal requirements for a valid acceptance, it's crucial to recognize that silence or inaction generally does not constitute acceptance. Furthermore, acceptance must be made by the person to whom the offer was directed and cannot be delegated to another party without explicit authorization. Additionally, acceptance through conduct, known as implied acceptance, may also be legally binding if it reflects a clear intention to accept the offer. Understanding these nuances ensures clarity and compliance with contract law principles.

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Simon Bedard

Business Sales & Acquisitions | Growth & Exit Strategies | Succession & Exit Planning
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In a business sale, there are usually a number of steps, depending on where you are in the process. Typically, the buyer (or their advisors) will be talking to the seller's advisors to understand the business, and determine if they want to buy it, & what they think it is worth. They would then submit a Non-Binding Indicative Offer (NBIO), often referred to as a Letter of Intent (LOI). If accepted, the NBIO may be signed, or a separate Term Sheet is drawn up. As the name states, it is non-binding and usually leads to the parties going into due diligence (DD). At this point, DD should be confirmatory and will lead to the final negotiations on price and terms. Final acceptance is a signed (and binding) contract.

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Arslan Yasin

|Pro-Active Accountant | Fractional CFO | CAF | QBO | XERO|
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It's also important to note that expressing doubt, hesitation, or reservation doesn't constitute acceptance. Instead, it indicates a request for further information or clarification, which may prolong the negotiation process. Key points to remember: - Acceptance must be unconditional, unequivocal, and timely communicated - Altering terms creates a counteroffer, not an acceptance - Doubt or hesitation signals a need for more information, not acceptance

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2 Written acceptance

One of the best ways to communicate acceptance of an offer is to do it in writing, such as by email, letter, fax, or text message. Written acceptance provides a clear and permanent record of the agreement, and can prevent disputes or confusion later on. However, you need to make sure that your written acceptance reaches the offeror in a timely manner, and that you use the same or a faster method of communication than the offeror. For example, if the offeror sent you an email, you should reply by email, not by postal mail.

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Yusuf GUMUS, LL.M.
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Written acceptance is a vital step in solidifying agreements, ensuring clarity and preventing misunderstandings. It's crucial to match the mode of communication used by the offeror, maintaining efficiency. Timeliness is key; your response should be prompt to reflect commitment. Additionally, expressing gratitude and reiterating key terms can strengthen the professional rapport. Always review the terms thoroughly before acceptance, ensuring alignment with expectations. Lastly, maintain professionalism in tone and formatting to uphold the seriousness of the agreement.

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Neil Greenbaum

I draft your important documents | Business & Commercial Real Estate Lawyer | I help lawyers fuel practice growth | Law Practice Advisor |
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If you're entertaining an offer to buy your business, I strongly advise accepting it in a formal letter (may be emailed). In order to reduce protracted negotiations, with the purchase/sale of a business, it's always best to agree on the major terms in a Letter of Intent (LOI) or Memorandum of Understanding (MOU). These documents greatly reduce the contract drafting/reviewing/negotiation stages and enable a deal to get signed up quickly and efficiently. Good luck!

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Simon Bedard

Business Sales & Acquisitions | Growth & Exit Strategies | Succession & Exit Planning
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As mentioned above, a singed NBIO, LOI or Term Sheet is usually the best way to indicate you will be proceeding to the next stage of a deal. The final contracts are drafted during due diligence, assuming both parties wish to proceed, and the final negotiations have taken place.

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3 Verbal acceptance

Another common way to communicate acceptance of an offer is to do it verbally, such as by phone, video call, or in person. Verbal acceptance can be faster and more convenient than written acceptance, and can allow you to negotiate or clarify any details of the offer. However, verbal acceptance can also pose some risks and challenges, such as miscommunication, misunderstanding, or lack of proof. Therefore, you should always follow up your verbal acceptance with a written confirmation, and ask the offeror to do the same.

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Simon Bedard

Business Sales & Acquisitions | Growth & Exit Strategies | Succession & Exit Planning
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Verbal basically means nothing...get it in writing, and even then, it means very little until you have the actual contract signed.

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4 Electronic acceptance

In some cases, you may be able to communicate acceptance of an offer electronically, such as by clicking a button, ticking a box, or signing a digital document. Electronic acceptance can be very efficient and convenient, especially for online transactions or standard contracts. However, you need to be careful and read the terms and conditions of the offer carefully, as you may be agreeing to hidden or unfavorable clauses. You also need to make sure that the electronic acceptance is legally valid and enforceable, and that you receive a confirmation or receipt.

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5 Implied acceptance

Sometimes, you may communicate acceptance of an offer by your actions or conduct, rather than by your words. This is known as implied acceptance, and it can occur when you perform or accept the performance of the contract, or when you act in a way that indicates your consent. For example, if you order a pizza and pay for it when it arrives, you are implying your acceptance of the offer. However, implied acceptance can be risky and ambiguous, as it may depend on the context, the intention, and the interpretation of the parties. Therefore, you should avoid implied acceptance unless it is clear and customary.

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6 Best practices

In order to communicate acceptance of an offer in a timely manner, it is important to respond as soon as possible within the specified deadline. Use the same or a faster method of communication than the offeror and make sure your acceptance reaches them. Express your acceptance clearly and unconditionally, without any ambiguity or modification of the offer. Additionally, confirm your acceptance in writing and request a confirmation from the offeror. Finally, keep a copy or record of your acceptance and the offer, and review them carefully for accuracy. Following these best practices will help ensure a successful and smooth business transaction.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the best ways to communicate acceptance of an offer in a timely manner?

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1 Legal requirements

2 Written acceptance

3 Verbal acceptance

4 Electronic acceptance

5 Implied acceptance

6 Best practices

7 Here’s what else to consider

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