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Contract & Commercial Law vocabulary · Forming & Drafting Contracts

Offer

Meaning in contract & commercial law, with examples

/ˈɒfə/nounCore term

In contract & commercial law, offer means: A clear proposal by one party to enter into a contract on specific terms, which becomes binding if the other party accepts it.

In Turkish: icap, teklif

How it is used

Together with acceptance, the first step in forming a contract. An offer can be made, withdrawn (revoked), rejected or accepted. A price list or an advertisement is usually only an 'invitation to treat', not a legal offer.

Example sentences

  1. Our offer remains open until Friday at 5 p.m.

  2. They withdrew the offer before we could accept it.

Common collocations

  • make an offer
  • accept an offer
  • withdraw an offer
  • reject an offer
  • firm offer
  • acceptanceClear and unconditional agreement to all the terms of an offer; once it is communicated, a contract is usually formed.
  • counterofferA reply to an offer that changes some of its terms; it rejects the original offer and becomes a new offer that the other party can accept or refuse.
  • considerationSomething of value that each party gives or promises in exchange for the other's promise, such as money, goods or services; common law requires it for most contracts.
  • contractA legally binding agreement between two or more parties in which each side promises to do, or not to do, certain things.

This word in other fields

The same English word can have a different meaning in another field:

More terms: Forming & Drafting Contracts

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This page explains English vocabulary for learners. It is not legal advice.