Explore the essentials of acceptance in contract law, including types, legal implications, and FAQs, to navigate agreements confidently. The formation of a valid contract is ultimately dependent on the offeracceptance paradigm, which is a series of backandforth manifestations of intent.Under New Jersey law, a party accepts an offer when: • It has actual knowledge of and agrees to the contract's essential terms. In the Common Law world, the written contract is king and reigns over the two parties — until both parties consent to amendments. For an implied-in-fact contract, there must be an offer, an acceptance of the offer, mutual agreement, and consideration. O if a purported acceptance varied from an offer in any respect, then no contract was formed. There can be no contract without offer and acceptance; Alpha Elec. To create a binding contract, one party must accept another party's offer. The offer is usually the terms that make up the contract.