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What can the other party do after I make a contract offer?

Whether they are explicit or implied, verbal or written, many business relationships are solidified by contracts. Camden County business owners use contracts to hire employees, retain service providers, rent or buy real property and goods and a host of other reasons. Contracts generally begin with an offer, and this blog post will look at what can happen after a contract offer is made.

First, an offer is only an offer if certain conditions are present. For example, a party generally must make an offer to another party; at least two parties are needed to make a contract. Additionally, a contract cannot be made about unlawful matters. An agreement to commit a crime cannot be held up as a legal contract.

Second, an offer must provide enough information for the receiving party to know the terms of what the offering party proposes. Offers across contract types and through different industries can look very different, though in terms of providing detail an offer must do so to some extent. A vague offer may not be a clear enough foundation on which to build a contractual relationship.

Third, an offer does not become a contract unless it is accepted. Acceptance of the terms as written is one outcome of a business contract offer. A counteroffer and renegotiation of the proposed contractual terms may also happen if the party receiving the offer wants to create the relationship but is not willing to be bound to the initially offered terms.

Aside from acceptance and counteroffer, an offer can simply die if it is not acknowledged in the time stipulated in the offer terms. An offer can be revoked if the offering party has given itself this option. Finally, an offer can simply be rejected by the receiving party with no further negotiation on the matter between the parties.

Every business contract is different and those who are reading this blog should not rely on the information contained herein as a complete list of business offer outcomes. Offer and acceptance procedures can differ across business regions and industries. Those who need help preparing business contract offers, should consider seeking legal information specific to the terms of the anticipated contract types.

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