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Offer And Acceptance - Tips

Thu, 8 Jul 2010 00:41:48

Offer and acceptance

Quote: Offerandacceptanceanalysisisatraditionalapproachincontractlawusedtodeterminewhetheranagreementexistsbetweentwoparties.Anofferis anindicationbyoneperson("offeror")toanother("offeree")oftheofferor'swillingnesstocontractoncertaintermswithoutfurthernegotiations.A contractisthenformedifthereisexpressorimpliedagreement.Acontractissaidtocomeintoexistencewhenacceptanceofanofferhasbeen communicatedtotheofferorbytheofferee. Theofferandacceptanceformula,developedinthe19thcentury,identifiesamomentofformationwhenthepartiesareofonemind.Thisclassical approachtocontractformationhasbeenweakenedbydevelopmentsinthelawofestoppel,misleadingconduct,misrepresentationandunjust enrichment.

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http://en.wikipedia.org/wiki/Offer_and_acceptance
Offer and acceptance