Acceptance. The final step in forming a contract. An offer has been made and there is a decision. Should the contract be accepted or not? If the offer is good, the contract seems worthwhile, and the decision is made, the question becomes the method of acceptance.
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The offer is one of the few absolute requirements of contract formation. An offer in the world of contacts is different then an offers in negotiations. In Negotiations, an offer is a starting point for a discussion or continued discussion. For contracts, the offer is the penultimate step in forming the contract and there are a couple extremely important issues with the offer.
Last week, we explored what makes a contract a contract. This week, the focus is on what are the necessary components of a valid and enforceable contract. These components are consideration, the offer, the acceptance, and sometimes signatures of the parties.
When considering contract formation, the first step is to understand what is a contract. There is a general idea of what contracts are just from day to day life. Legally speaking there is an explicit set of standards associated with identifying a contract.