A binding offer, according to Nolo, is any type of action that legally binds separate parties together under a contractual agreement. Contracts with offers take many forms, from simple to complex. For example, a simple binding offer is initiated by a cab driver who stops to pick up a passenger. The passenger accepts the offer of a ride and pays the driver, which creates a legally binding contract.Know More
Nolo explains that another example of a binding offer is when business A makes an offer to purchase equipment from business B for a specific price. A contract is drawn up stating the terms of the sale. The contractual offer is one part of a legal contract but does not become legally binding in a court of law unless business B accepts the offer by signing the contract.
Nolo further posits that a binding offer sometimes remains open for a time to allow another party to make a decision on whether or not to accept. This is also known as an option agreement, which is a temporary way of keeping an offer on hold. Offers are sometimes conditional as when one party responds to an offer by requesting additional qualifications be met. Sometimes a counteroffer is presented as an alternative to an existing offer, which is legally considered a rejection of the original offer. Counteroffers are not legally binding unless the new offer is agreed upon.Learn more about Law
A legally binding contract should contain specifics details, consideration, capacity, legal terms and should be in the correct form, which is usually written, according to Chron. A legally binding contract provides the contracted parties with legal protection.Full Answer >
According to the United States Department of State, a non-binding contract lays out the terms of an agreement without obligating either party to fulfill the terms. It is used to create an understanding of an agreement before a formal agreement is written out or finalized. It can also be used to create a moral or political obligation without creating a formal agreement.Full Answer >
According to FindLaw.com, verbal agreements are binding. However, they are difficult to prove. As with any legal dispute, the enforceability of the verbal contract depends on the existing evidence.Full Answer >
Some examples of single-issue parties, as the name implies, are those parties that are mainly devoted to one specific issue, such as animal rights, the legalization of marijuana or the abolition of abortion. In the United States, these organizations may not be recognized as parties and considered primarily as special-interest groups. Some examples of single-issue parties outside of the U.S. are the "Animal Liberation Party" and "Gun Owners and Sporting Hunters Rights" parties of New South Wales in Australia and the "Bloc Quebecois" party in Canada.Full Answer >