Certified Residential Appraiser Practice Exam

What is a key requirement for acceptance in a contractual agreement?

1. All terms of the offer must be accepted without change or condition

2. Acceptance can only occur through a written communication

3. Only verbal acceptance is valid in contracts

4. Acceptance can vary from the original offer

The correct answer is: All terms of the offer must be accepted without change or condition

A key requirement for acceptance in a contractual agreement is that all terms of the offer must be accepted without change or condition. This principle is foundational to contract law and is often referred to as the "mirror image rule." It states that for an acceptance to be valid and create a binding contract, it must precisely match the terms presented in the offer. Any alteration or condition introduced by the offeree would constitute a counteroffer, which would negate the original offer and require a new round of negotiations. The integrity of this requirement ensures clarity and mutual agreement between parties, minimizing misunderstandings and disputes. When both parties have a clear understanding of the contract terms, it leads to better enforcement and accountability in fulfilling the contract obligations.