Offer

An offer refers to a specific proposal to contract which, if accepted, completes the contract. The offer typically binds both the person that made this specific offer and the person accepting the specific offer to the exact terms of the contract.

Additional Sources

Answers.com

A proposal that if accepted constitutes a legally binding contract.

Duhaime Legal Dictionary

A explicit proposal to contract which, if accepted, completes the contract and binds both the person that made the offer and the person accepting the offer to the terms of the contract.

FindLaw

1: a proposal, promise, or other manifestation of willingness to make and fulfill a contract or to bargain under proposed terms with another party that has the power to accept it upon receiving it

2: a price named by one proposing to buy (as in a bid, bargain, or settlement): the amount of an offer to pay money

Law.com Dictionary

n. a specific proposal to enter into an agreement with another. An offer is essential to the formation of an enforceable contract. An offer and acceptance of the offer creates the contract.

Lect Law Library

A proposal to enter into certain arrangements, usually accompanied by an expected acceptance. For example, an offer to purchase a house for $50,000.

A proposition to do a thing.An offer ought to contain a right, if accepted, of compelling the fulfilment of the contract and this right when not expressed is always implied.By virtue of his natural liberty, a man may change his will at any time, if it is not to the injury of another; he may, therefore, revoke or recall his offers, at any time before they have been accepted; and in order to deprive him of this right the offer must have been accepted on the terms in which it was made. Any qualification of, or departure from those terms, invalidates the offer unless the same be agreed to by the party who made it. When the offer has been made, the party is presumed to be willing to enter into the contract for the time limited, and if the time be not fixed by the offer, then until it be expressly revoked or rendered nugatory by a contrary presumption.

The Free (Legal) Dictionary

A promise that, according to its terms, is contingent upon a particular act, forbearance, or promise given in exchange for the original promise or the performance thereof; a demonstration of the willingness of a party to enter into a bargain, made in such a way that another individual is justified in understanding that his or her assent to the bargain is invited and that such assent will conclude the bargain.

The making of an offer is the first of three steps in the traditional process of forming a valid contract: an offer, an acceptance of the offer, and an exchange of consideration. (Consideration is the act of doing something or promising to do something that a person is not legally required to do, or the forbearance or the promise to forbear from doing something that he or she has the legal right to do.)

An offer is a communication that gives the listener the power to conclude a contract. The question of whether a party in fact made an offer is a common question in a contract case. The general rule is that it must be reasonable under the circumstances for the recipient to believe that the communication is an offer. The more definite the communication, the more likely it is to constitute an offer. If an offer spells out such terms as quantity, quality, price, and time and place of delivery, a court may find that an offer was made. For example, if a merchant says to a customer, "I will sell you a dozen high-grade widgets for $100 each to be delivered to your shop on December 31",a court would likely find such a communication sufficiently definite to constitute an offer. On the other hand, a statement such as "I am thinking of selling some widgets" would probably not be labeled an offer.

The question of whether a communication constitutes an offer can be significant. An offer may bind the offerer to the terms of the offer if the recipient of the offer responds by accepting the offer and giving the offerer a partial payment. If the offerer accepts the payment, a deal has been struck, and the offerer is legally obligated to follow through on the agreement. If the offerer fails to fulfill the terms of the offer, the offeree may seek a remedy in court.