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 don’t know the man I admire more than [Charles Evans] Hughes. If ever I have the chance I shall offer him the Chief Justiceship.”
—William Howard Taft (1857–1930)
“Nothing, neither acceptance nor prohibition, will induce a child to stop swearing overnight. Teach your child respect for himself and others, that profanity can hurt, offend, and disgust, and you’ll be doing the best you can...And save your parental giggling over mispronounced curses for after the children’s bedtime.”
—Jean Callahan (20th century)