The offer in determining how an offer can be accepted may put as many restrictions or as few restrictions as is desirable. Typical restrictions and requirements can include time restrictions, such as the offer must be accepted within a specific number of days. Other requirements can be that an offer is accepted in writing or beyond. Many offers do not put these types of restrictions in place and instead can be accepted in a reasonable manner. What is reasonable? Well, it depends on the circumstances.
Once the Master of the Offer gives the offer to the other party, one of two results will occur. First, the offer will be accepted and the contract is formed. The other result is that the contract will be rejected. Yes, there is something called a “counteroffer”, however, legally speaking a counteroffer is a rejection of an offer and the submission of a new offer, with the roles from the previous offer reversed.
Legally, negotiations are a chain of short strings of offers, rejection with an offer, and eventually acceptance. While, an offer for a contract is accepted or not, negotiations could continue through as many counteroffers as desired. However, once an offer is rejected, it is dead. The offer can be revived, however, “revival” of an offer is a new offer, that just so happens to have the same terms.
We will finish this series next week with a discussion of acceptance of an offer.
Part 1 — Part 2