Offer And Acceptance Contract Definition
An offer and acceptance contract, also known as a bilateral contract, is an agreement between two parties in which each party agrees to perform a certain obligation. The offer is the promise to do something, and the acceptance is the act of agreeing to do it.
In order for an offer and acceptance contract to be legally binding, there must be an offer, an acceptance, and consideration. Consideration is something of value that is exchanged for the promise made in the contract. For example, if one party promises to pay another party $100 in exchange for the other party doing some work, the $100 is consideration.
If one party makes an offer and the other party never accepts it, there is no contract. An offer can be withdrawn at any time before it is accepted. Once an offer has been accepted, it cannot be withdrawn.
If you are thinking about entering into an offer and acceptance contract, you should have a lawyer review the agreement to make sure that it is valid and that you understand your rights and obligations under the contract.
