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, offer and/or acceptance:
“The earth only has so much bounty to offer and inventing ever larger and more notional prices for that bounty does not change its real value.”
—Ben Elton (b. 1959)
“Like children, the elders are a burden. But unlike children, they offer no hope or promise. They are a weight and an encumbrance and a mirror of our own mortality. It takes a person of great heart to see past this fact and to see the wisdom the elders have to offer, and so serve them out of gratitude for the life they have passed on to us.”
—Kent Nerburn (20th century)
“Devout believers are safeguarded in a high degree against the risk of certain neurotic illnesses; their acceptance of the universal neurosis spares them the task of constructing a personal one.”
—Sigmund Freud (1856–1939)