Offer and acceptance are the two most important basic doctrines of a contract. An offer is an open request to any party interested in accepting the promise given by the offeror. Acceptance takes place when an offeree shows a willingness to adhere to the terms of a contract through issuing a consideration or anything else of value to seal a deal. For example, Person X can approach Person Y and state, “I would like to lease your 50 acres of land to plant cherries, and I will cater for 50 percent of the inputs and in return receive 50 percent of profits.” Person Y can agree to the terms offered. In this case, Person X makes an offer, and Person Y accepts it.
Summarize the key elements of the offer & acceptance doctrine about contracts.
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Academic.Tips. (2022) 'Summarize the key elements of the offer & acceptance doctrine about contracts'. 10 February.
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Academic.Tips. (2022, February 10). Summarize the key elements of the offer & acceptance doctrine about contracts. https://academic.tips/question/summarize-the-key-elements-of-the-offer-acceptance-doctrine-about-contracts/
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Academic.Tips. 2022. "Summarize the key elements of the offer & acceptance doctrine about contracts." February 10, 2022. https://academic.tips/question/summarize-the-key-elements-of-the-offer-acceptance-doctrine-about-contracts/.
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Academic.Tips. "Summarize the key elements of the offer & acceptance doctrine about contracts." February 10, 2022. https://academic.tips/question/summarize-the-key-elements-of-the-offer-acceptance-doctrine-about-contracts/.
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"Summarize the key elements of the offer & acceptance doctrine about contracts." Academic.Tips, 10 Feb. 2022, academic.tips/question/summarize-the-key-elements-of-the-offer-acceptance-doctrine-about-contracts/.