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:
“It may be very generous in one person to offer what it would be ungenerous in another to accept.”
—Samuel Richardson (1689–1761)
“To grant woman an equality with man in the affairs of life is contrary to every tradition, every precedent, every inheritance, every instinct and every teaching. The acceptance of this idea is possible only to those of especially progressive tendencies and a strong sense of justice, and it is yet too soon to expect these from the majority.”
—Susan B. Anthony (1820–1906)