When assessing whether subsequent conduct evidences the formation of a contract at an earlier date, the correct test is whether the conduct necessarily leads to the inference that the offer was accepted, or is referable only to the contract alleged. A test of mere consistency with the alleged agreement is insufficient. Silence in response to a letter containing new terms is consistent with rejection rather than acceptance. The filing of an affidavit in related proceedings, where the party had independent reasons to take that step, is equivocal conduct that does not necessarily point to a concluded agreement.
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