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:
“I would have these good people to recollect, that the laws of this country hold out to foreigners an offer of all that liberty of the press which Americans enjoy, and that, if this liberty be abridged, by whatever means it may be done, the laws and the constitution, and all together, is a mere cheat; a snare to catch the credulous and enthusiastic of every other nation; a downright imposition on the world.”
—William Cobbett (1762–1835)
“Physical pleasure is a sensual experience no different from pure seeing or the pure sensation with which a fine fruit fills the tongue; it is a great unending experience, which is given us, a knowing of the world, the fullness and the glory of all knowing. And not our acceptance of it is bad; the bad thing is that most people misuse and squander this experience and apply it as a stimulant at the tired spots of their lives and as distraction instead of a rallying toward exalted moments.”
—Rainer Maria Rilke (1875–1926)