Since the art of negotiating is very much part of every real estate deal, and it is the offer and the acceptance of that offer that creates the binding contract between the two parties, we should be sure what we mean when we are talking about “acceptance”. Just precisely, what is the correct way to accept an offer? Because, as you know, if it is not accepted correctly, then we might not have a deal. Let’s see what the Supreme Court of Canada has to say about this. In a case that came before the Supreme Court of Canada ...
The Legal Definition of â€œAcceptanceâ€
December 20, 2012
The Meaning of "Acceptance" in Real Estate Transactions
December 17, 2012
For some strange reason, the meaning of “acceptance” in real estate transactions is not well understood. Since you can’t have a contract without it, you would think that there would be a common or universal understanding. So, let’s go back to basics! Bob wants to submit an offer to Bill to buy his car. Bob needs to make that offer, and Bill needs to accept it. By accepting the offer, Bill needs to let Bob know that he has agreed to Bob’s offer. Now, we have a deal. That was simple enough! Well, for some strange reason when ...