Offer And Acceptance
Glossary Of Real Estate Terms
Offer and acceptance
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Offer and acceptance analysis is a traditional approach in contract law used to determine whether an agreement exists between two parties. An offer is
an indication by one person ("offeror") to another ("offeree") of the offeror's willingness to contract on certain terms without further negotiations. A
contract is then formed if there is express or implied agreement. A contract is said to come into existence when acceptance of an offer has been
communicated to the offeror by the offeree.
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
Offer and acceptance
