Explain implied and express authorizations

What will be an ideal response?

An acceptance must be properly dispatched. The acceptance must be properly addressed, packaged in an appropriate envelope or container, and have prepaid postage or delivery charges. Most offers do not expressly specify the means of communication required for acceptance. The common law recognizes certain implied means of communication. Implied authorization may be inferred from what is customary in similar transactions, usage of trade, or prior dealings between the parties. An offer can stipulate that acceptance must be by a specified means of communication. Such stipulation is called express authorization. If the offeree uses an unauthorized means of communication to transmit the acceptance, the acceptance is not effective, even if it is received by the offeror within the allowed time period, because the means of communication was a condition of acceptance.

Business

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International portfolio investment is characterized by ________

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