Offer

Definition

An offer is a promise that is enforceable if accepted.

Purpose

In contract law, an offer is the initial step in forming a binding agreement. It sets out the terms and conditions that the offeror is willing to accept, and if the offeree accepts the offer, a contract is formed.

Examples of Use

• Employment Offer: A job offer extended to a candidate, outlining terms of employment.
• Purchase Offer: A buyer's proposal to purchase a property, detailing the price and conditions.
• Service Contract: An offer from a service provider to perform specific services for a client at an agreed price.

Related Terms

• Acceptance: The offeree's agreement to the terms of the offer, resulting in a contract.
• Consideration: Something of value exchanged between parties in a contract.
• Counteroffer: A response to an offer with different terms, which the original offeror can accept or reject.

Notes

• Legality: An offer must be clear, definite, and communicated to the offeree to be legally enforceable.
• Revocation: An offer can be revoked before it is accepted, unless it is irrevocable or a specific time frame has been given.