The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.. An agreement between private parties creating mutual obligations enforceable by law.

An offer made in response to a prior offer. Legal definition of offeror: one that makes an offer to another. (noun) An example of offer is the act of putting in a bid on a house. Treitel defines an offer as an “expression of willingness to contract on specified terms made with the intention that it is to become legally binding as soon as it is accepted by the person to whom it is addressed”. For an offer to be legally valid, it must meet several qualifications. The most usual explanation in general Contract Law is this:— * An offer is a promise made by one party (the offeror) to another party (the offeree). An offer is a promise to do or not to do something in sufficiently clear terms that may be accepted by another. As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more.

An offer in business law is an express proposal to enter into a contract with another person.

Making a counter offer automatically rejects the prior offer, and requires an acceptance under the terms of the counter offer or there is no contract. Definition of Counter Offer. means unpriced written information from a prospective contractor stating the manner in which the prospective contractor intends to perform certain work, its qualifications and its terms and conditions. Plus, get practice tests, quizzes, and personalized coaching to help you succeed. An offer lapses if it is not accepted within the stipulated time or when no time is stipulated, the offer will lapse after a reasonable time. Counter Offer Letter Sample.
Acceptance must be judged objectively, but can either be expressly stated or implied by the offeree's conduct. To form a binding contract, acceptance should be relayed in a manner authorized, requested, or at least reasonably expected by the offeror. An offer made in response to a prior offer. An offer lapses if it is not accepted within the stipulated time or when no time is stipulated, the offer will lapse after a reasonable time.

Making a counter offer automatically rejects the prior offer, and requires an acceptance under the terms of the counter offer or there is no contract. In some states, element of consideration can be satisfied by a valid substitute. The branch of civil law that deals with interpretation and enforcement of contracts between two or more parties. The Definition of an Offer

Definition of Contract Law. Offer Law and Legal Definition An offer is a specific proposal to enter into an agreement with another. counter offer. The offer is in exchange for performance by the other party. The nature of an offer. In certain situations, such as a job offer, or a property sale, or even the negotiation of a salary, an individual may create a counter offer letter in response. An agreement between private parties creating mutual obligations enforceable by law. n. an offer made in response to a previous offer by the other party during negotiations for a final contract.


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