Under Sec.2(b) Acceptance is defined as "When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal, when accepted, becomes a promise.
Example : Suppose A wants to sell a Bicycle worth Rs. 3000 to B. Then if B happens to say yes to the value of the Bicycle sold by A without any bargaining. Then it becomes the promise here we call it the Acceptance.
Essentials of a Valid Acceptance : - To make a contract a valid one. The following conditions must be fulfilled.
1. Acceptance should be communicated by the offeree to the offeror. It means that, the person must show his approval to the one who offers the contract.
2. Acceptance should be absolute and unqualified. Section 7 (1). Which means there should be no change neither no addition in the said contract.
3. Acceptance should be made in some usual and reasonable manner, unless the proposal prescribes the manner of acceptance. Section 7 (2). It means that if the manner of acceptance has been prescribed by the proposal, the acceptance has to be in that prescribed manner, otherwise the same may be made in some usual or reasonable manner.
Prescribed manner means the requirement of fulfilment of certain conditions. Whereas, Usual or reasonable manner means acceptance by post, telegram, telephone or through personal messenger.
4. Acceptance should be made while the offer is still subsisting. Section 6. Which means the offeror has the power to cancel or revoke the contract. So, the acceptance must be done within a time bound period.