Offer and acceptance analysis is a traditional approach in contract law used to determine whether an agreement exists between two parties. Agreement consists of an offer by an indication of one person (the "offeror") to another (the "offeree") of the offeror's willingness to enter into a contract on certain terms without further negotiations. A contract is said to come into existence when acceptance of an offer (agreement to the terms in it) has been communicated to the offeror by the offeree and there has been consideration bargained-for induced by promises or a promise and performance.
The offer and acceptance formula, developed in the 19th century, identifies a moment of formation when the parties are of one mind. This classical approach to contract formation has been weakened by developments in the law of estoppel, misleading conduct, misrepresentation and unjust enrichment.
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Other articles related to "offer and acceptance, offer, acceptance, offer and, offers, acceptances":
... Usually this involves the making by one party of an offer to be bound upon certain terms, and the other parties' acceptance of the offer on the same terms ... Because offer and acceptance are necessarily intertwined, in California, offer and acceptance are analyzed together as subelements of a single element, known either as consent of the parties or mutual assent ...
... estate contracts may be formed by one party making an offer and another party accepting the offer ... To be enforceable, the offers and acceptances must be in writing (Statute of Frauds, Common Law)and signed by the parties agreeing to the contract ... Often, the party making the offer prepares a written real estate contract, signs it, and transmits it to the other party who would accept the offer by signing ...
... feature of a contract is that one party makes an offer for an arrangement that another accepts ... Obligations are only imposed upon one party upon acceptance by performance of a condition ... the United States, the general rule is that in "case of doubt, an offer is interpreted as inviting the offeree to accept either by promising to perform ...
Famous quotes containing the words acceptance and/or offer:
“Assumptions that racism is more oppressive to black men than black women, then and now ... based on acceptance of patriarchal notions of masculinity.”
—bell hooks (b. c. 1955)
“An efficient and valuable man does what he can, whether the community pay him for it or not. The inefficient offer their inefficiency to the highest bidder, and are forever expecting to be put into office. One would suppose that they were rarely disappointed.”
—Henry David Thoreau (1817–1862)