Contract law offer acceptance consideration intention

  • What is offer, acceptance and consideration in contract law?

    Acceptance is the unequivocal agreement of the offeree to the terms and conditions stated in the offer, creating a legally binding agreement between both parties.
    Both the offer and acceptance must be supported by a mutual exchange of consideration to form a valid contract..

For a contract to be valid and recognized by the common law, it must include certain elements— offer, acceptance, consideration, intention to create legal relations, authority and capacity, and certainty. Without these elements, a contract is not legally binding and may not be enforced by the courts.
For a contract to be valid and recognized by the common law, it must include certain elements— offer, acceptance, consideration, intention to create legal relations, authority and capacity, and certainty. Without these elements, a contract is not legally binding and may not be enforced by the courts.

What does acceptance mean in a contract?

Acceptance - The offer was accepted unambiguously.
Acceptance may be expressed through words, deeds or performance as called for in the contract.
Generally, the acceptance must mirror the terms of the offer.
If not, the acceptance is viewed as a rejection and counteroffer.

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What if the offeree accepts the offer?

If the offeree accepts the offer, a binding contract exists, and that contract will be enforced by common law.
An offer is a definite statement of the terms of an agreement that the offeror is willing to be bound by.
It must be unambiguous and made to create a legally binding contract.

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What makes a contract legally binding?

For a contract to be legally binding, there are six essential elements to constitute a valid contract:

  • offer
  • acceptance
  • consideration
  • intention to create legal relations
  • legality and capacity
  • and certainty.
    Agreements may not give rise to a binding contract if they are incomplete or not sufficiently certain (i.e. an agreement to agree).
    • ,

    What makes a contract legally enforceable?

    A contract is an agreement between parties, creating mutual obligations that are enforceable by law.
    The basic elements required for the agreement to be a legally enforceable contract are:

  • mutual assent
  • expressed by a valid offer and acceptance; adequate consideration ; capacity; and legality.

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