Q:

What are the required elements of a valid offer?

A:

Quick Answer

The required elements of a valid offer are a genuine intent to contract, the offer must be properly communicated, and it must contain definite terms and conditions. Once an offer has been properly made, accepted and consideration exchanged, the parties have a binding contract.

Know More

Full Answer

While intent can take different forms in valid offers, it usually involves a course of conduct, such as explicitly stating that an offer is being made. The person making the offer must properly communicate their offer orally or in writing. The other party may accept, reject or counter the offer. Offers must contain definite and specific terms, such as price, manner of acceptance and timing.

Learn more about Marketing & Sales

Related Questions

Explore