Offer And Acceptance

Definition of "Offer and acceptance"

Two requirements of a contract forming mutual consent. These factors combined with valuable consideration are the major elements of a contract. For example, John puts his home up for sale asking $175,000. Brian makes an offer of $160,000 and John accepts the offer. The both sign a sales contract and Brian gives $16,000, 10% of the value of the contract, as valuable consideration.

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