Offer and Acceptance
/ˈɒfər ənd əkˈsɛptəns/
Definitions
- (n.) A fundamental contract formation principle whereby a valid offer made by one party is unequivocally accepted by another, creating mutual assent and binding agreement.
The contract was formed through the clear offer and acceptance exchanged by both parties.
Related terms
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Commentary
Offer and acceptance must be precise and unequivocal to constitute valid mutual assent; ambiguity can prevent contract formation.
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