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.
Famous quotes containing the words offer and/or acceptance:
“Let that which stood in front go behind,
Let that which was behind advance to the front,
Let bigots, fools, unclean persons, offer new propositions,
Let the old propositions be postponed.”
—Walt Whitman (1819–1892)
“The dignity to be sought in death is the appreciation by others of what one has been in life,... that proceeds from a life well lived and from the acceptance of one’s own death as a necessary process of nature.... It is also the recognition that the real event taking place at the end of our life is our death, not the attempts to prevent it.”
—Sherwin B. Nuland (b. 1930)