Offer and acceptance
Contract Law
Solicitors & Lawyers
Legal Terms
offer and acceptance
1.
An offer is a promise to do, or not to do something that is capable of acceptance by another person. When an offer is accepted by another person, provided that the other 3 legal requirements for a contract are made out, a legally binding contract is formed. An offer is made by an offeror to an offeree. It may only be accepted by a person who knows that it exists.
Usage: The offer to supply goods and services was accepted by the supplier.
Related Words: counteroffer.
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