A legal term describing how a bona fide offer to lease and acceptance of the offer can be binding in certain locales.
a "meeting of the minds," the steps necessary to create a contract
As applied to life and health insurance, (1) the offer may be made by the applicant through signing of an application, submitting to a physical examination, and prepaying the first premium. Policy issuance and delivery, as applied for, constitute acceptance by the company. Or (2) the offer may be made by the company, where no premium payment has been submitted with application and medical. Premium payment on the offered policy then constitutes acceptance by the applicant.
One of the elements of a legal contract; means that a contract must involve two parties; one who makes an offer and another who accepts the offer. Also called Agreement.
The offer comes from the buyer, the acceptance from the seller. The price ticket is not an offer, just an invitation to make an offer. Offer and acceptance establish a contract between the two parties whether it is verbal or written.
The offer may be made by the applicant signing the application, paying the first premium and, if necessary, submitting to physical examination. Policy issuance, as applied for, constitutes acceptance by the company. Or the offer may be made by the company when no premium payment is submitted with the application. Premium payment on the offered policy then constitutes acceptance by the applicant.
The basic requisite of any contract is a proposal by one party, called the offeror, to another party, called the offeree, to accept the basic terms of the Agreement. If the offeree indicates assent to the proposal, there is an acceptance and thecontract will bind both parties to its terms.
The submission of an application for an insurance policy by the applicant and in the case of a life insurance application, a first premium payment ("Offer"), followed by an issuance of a policy by the insurer ("Acceptance").
Components of a contract, applicable to the real estate situation where a Purchaser may make an offer on a property and the Vendor may accept that offer.
Two essential components of a valid contract; a "meeting of the minds." ( See acceptance , offer)
A contract of insurance is made when one party makes an offer and the other party accepts it, both parties being in agreement as to the terms of the contract. Usually, the offer comes from the Proposer, the would-be insured person. But in Coupon insurance, it is the insurer who makes the offer and the person returning the coupon who accepts.
The essential elements without which no contract can be formed, i.e. a writer's offer to prepare manuscript for a specified assignment and the client's acceptance by agreeing to pay a stated compensation for the manuscript. These elements are generally memorialized in a written contract, but when trying to enforce an oral contract, they must be proved.
A contract used in the sale of real property; a deposit receipt or exchange agreement.
A purchase agreement in which the buyer offers the price and conditions for a property and the seller accepts, rejects or counter offers.
Two of the necessary stages in a viable contract.
These two requirements of a contract forming mutual consent combined with valuable consideration are the major elements of a contract.
One of the four components of a legal contract requiring that both parties concur with its terms and provisions. (See also, Agreement.)
Offer and acceptance analysis is a traditional approach in contract law used to determine whether an agreement exists between two parties. An offer is an indication by one person to another of their willingness to contract on certain terms without further negotiations. A contract is then formed if there is express or implied agreement.