Offer
A promise to do or refrain from doing something in exchange for something else. An offer must be stated and delivered in a way that would lead a reasonable person to expect a binding contract to arise from its acceptance.
Definition from Nolo’s Plain-English Law Dictionary
An element required in the creation of an enforceable contract. An offer is a proposal to enter into an agreement and must express the intent of the person making the offer to form a contract, must contain the essential terms -- including the price and subject matter of the contract -- and must be communicated by the person making the offer. A legally valid acceptance of the offer will create a binding contract.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:20 pm
