Defined Terms - A contract proposal must be sufficiently clear. To put it another way, the conditions of the offer must be sufficiently detailed for the offeree to comprehend and accept it. (Also see: Sum Certain.) The offeree must be aware that she is the one who will receive the offer and has the option to accept it.
Is it necessary for an offer to be firm?
- According to contract law, the conditions of the offer must be specific and plain so that a reasonable person may understand what his or her responsibilities under the agreement would be. A valid offer generally remains in effect until it is withdrawn by the person offering it.
- The fundamental components necessary for the agreement to be a valid offer and acceptance, adequate consideration, capacity, and legality are: mutual assent, expressed through a contract-compliant offer, In some states, a legitimate alternative can satisfy the requirements of consideration.
- Offers, Both Express and Implied : An offer is considered to be express when it is made by the offeror in writing. A verbal or written express offer can be sent. An implicit offer is one that can be inferred from the facts of the case or the actions of the parties.
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