READJUSTING DEBT AND WRITING CONTRACTS

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The Acceptance

My brother-in-lain wants his Plumbing fixed, and he's made me an offer. How do I accept the offer?

That depends on the type of contract that can be created by the offer.

Should your brother-in-law say, "I promise to pay you X dollars if you promise to repair my plumbing by such and such a date," he is offering you a bilateral contract-an exchange of mutual promises. You can accept a bilateral contract in any way that clearly communicates assent-a handshake will do; so will a nod or grunt.

But should your brother-in-law say, "I'll pay you X dollars when you finish repairing my plumbing," he's offering you a unilateral contract-one that becomes binding only on performance of a specific action (or actions). You can accept this offer only by completing the action (or actions) called for-in this case, repairing the plumbing.

On the basis of my brother-in-law's offer to pay me X dollars when I've repaired the plumbing, I began the job. Now he wants to take me off the job and give it to somebody else. Can he do it?

No. On a unilateral contract, such as this one, the person who makes the offer cannot withdraw it once the party to whom the offer has been made has begun to perform.

I want to accept an offer, but I want to make some changes. Okay?

Not okay. Your changes constitute a rejection. You'll have to negotiate with the person who made the offer and come to mutually acceptable terms in order to create a contract.

I had two weeks to accept an offer from my brother-in-law. I rejected it after one week. But a few days later I changed my mind and accepted. Since I got in my acceptance before the deadline, l think I have a contract. My brother-in-law says no. Who's right?

Your brother-in-law. Once you've made your rejection, the offer is no longer open, even though the deadline for acceptance has not been reached.

My brother-in law withdrew his offer while my acceptance was in the mail. Where do I stand?

If his offer came to you by mail, then your acceptance becomes effective the day you mailed it, not the day he received it. Your brother-in-law may not like it, but he has a contract.

On the other hand, if the offer did not come to you by mail, your acceptance only becomes effective on the date he receives it. Since he withdrew his offer before that date, there's no contract.

The Consideration Must the consideration be money?

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