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:
“They come like sacrifices in their trim,
And to the fire-eyed maid of smoky war
All hot and bleeding will we offer them.”
—William Shakespeare (1564–1616)
“Assumptions that racism is more oppressive to black men than black women, then and now ... based on acceptance of patriarchal notions of masculinity.”
—bell hooks (b. c. 1955)