What does OFFER AND ACCEPTANCE stand for?
What does OFFER AND ACCEPTANCE mean? This page is about the various possible meanings of the acronym, abbreviation, shorthand or slang term: OFFER AND ACCEPTANCE.
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What does OFFER AND ACCEPTANCE mean?
- Offer and acceptance
- Offer and acceptance analysis is a traditional approach in contract law and is one of the elements required for the formation of a legally binding contract. Offer and acceptance consists of the expression of an offer to contract on certain terms by one person to another person and an indication by the offeree of its acceptance of those terms. The other elements traditionally required for a legally binding contract are consideration and an intention to create legal relations. The offer and acceptance formula, developed in the 19th century, identifies a moment of formation when the parties are of one mind. This classical approach to contract formation has been weakened by developments in the law of estoppel, misleading conduct, misrepresentation and unjust enrichment.
"OFFER AND ACCEPTANCE." Abbreviations.com. STANDS4 LLC, 2014. Web. 21 Dec. 2014. <http://www.abbreviations.com/OFFER%20AND%20ACCEPTANCE>.