What is an offer and acceptance?

An offer and acceptance is an important concept in contract law. In North Carolina, an offer and acceptance is an agreement between two or more people that establishes a contract. In a contract, an offer is an expression of willingness to enter into a contract and is made by one party, the offeror. The offer must be clear and definite so that the other party, the offeree, knows what they are agreeing to. The offeree then accepts the offer, which can be done by communicating assent or by performing an act in response to the offer. Once the offer is accepted, the parties are legally bound to the terms of the agreement. There are certain requirements for creating a valid offer and acceptance, such as consideration (something of value given in exchange for something else) and a legal capacity, which means both parties must be legally capable of entering into an agreement. If these requirements are met, then an offer and acceptance can create a valid and binding contract.

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What is an offer and acceptance?

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