Does every contract have an offer and acceptance? If so, does an offer need to be explicitly accepted for the contract to be binding?
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Answer here is pretty short:
A contract is basically an offer. It is a contract without being signed the same way a check is a check. It doesn’t mean anything until signed.
No, all contracts do not have to be signed. I worked on one personally for about 3 months, trying to get some parts right between myself and the seller. In the end, we couldn’t agree. So, not signed. That means it is just an offer that wasn’t acceptable.
Yes, if the contract is not accepted, it isn’t binding.
Look at it this way: a contract is like a bet. A random guy comes up to you in the street. He offers to bet you that he can balance his entire weight on one finger for 10 mins. If he can do it, you owe him $10million. If he can’t, he owes you the same sum. (This is the contract/offer.)
He hold out his hand. If you accept, and shake his hand, he will try. (Hand = signature line on the contract.)
While you are standing there, a bus drives by with his picture showing that he does this in a show. So, you now know it’s a bad bet. He’ll win.
He screams out, “OK, here I go!” And begins to stand. He is balancing his weight on one finger (he choose his pinky finger, just to be cool).
You never accepted his bet. Never shook his hand. Both you and he have 3 friends there, conveniently.
After 8 mins, he sneezes and falls. He stands up, shrugs, and walks away. His offer was never accepted by you. So, he doesn’t owe you a dime. Cool trick though, huh? 8 mins on one finger?
A contract is basically an offer. It is a contract without being signed the same way a check is a check. It doesn’t mean anything until signed.
No, all contracts do not have to be signed. I worked on one personally for about 3 months, trying to get some parts right between myself and the seller. In the end, we couldn’t agree. So, not signed. That means it is just an offer that wasn’t acceptable.
Yes, if the contract is not accepted, it isn’t binding.
Look at it this way: a contract is like a bet. A random guy comes up to you in the street. He offers to bet you that he can balance his entire weight on one finger for 10 mins. If he can do it, you owe him $10million. If he can’t, he owes you the same sum. (This is the contract/offer.)
He hold out his hand. If you accept, and shake his hand, he will try. (Hand = signature line on the contract.)
While you are standing there, a bus drives by with his picture showing that he does this in a show. So, you now know it’s a bad bet. He’ll win.
He screams out, “OK, here I go!” And begins to stand. He is balancing his weight on one finger (he choose his pinky finger, just to be cool).
You never accepted his bet. Never shook his hand. Both you and he have 3 friends there, conveniently.
After 8 mins, he sneezes and falls. He stands up, shrugs, and walks away. His offer was never accepted by you. So, he doesn’t owe you a dime. Cool trick though, huh? 8 mins on one finger?
tibaali215:
I have found this answer on Quora and wasn't really helpful.. I need the answer to that question for the WSC,, Anyways thanks for answering :)
Can you find me a more accurate answer please :) .. I would be really thankful
???
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