What is an offer and acceptance?

An offer and acceptance is an agreement that creates a contract. In Mississippi, an offer is an expression of willingness to enter into a contract. It must include an offeror, an offeree, the subject matter of the agreement, and the amount of consideration (payment). Acceptance is the offeree’s unqualified agreement that creates a contract. In order for an agreement to be legally binding, it must be in writing and signed by the parties involved. In Mississippi, an offer and acceptance can be verbal or written. However, verbal agreements are difficult to prove, so it is advisable to have them in writing. When a legally binding contract is formed, the offer and acceptance must match. An offer cannot accept additional terms, and unless all the terms of the offer are accepted, there is no contract. There must also be consideration (payment) for acceptance. In Mississippi, an offer and acceptance is the basis for many business and commercial transactions. There are certain situations where an offer and acceptance is not required for a contract to be valid. This includes agreements between employers and employees, real estate purchases, and other transactions in which the parties are related. In order for a valid contract to be created, all of the required elements must be present, including offer and acceptance.

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