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Offer and Acceptance:
Offer and acceptance is the process that creates a contract between two parties. One person makes an offer, presenting specific terms, and the other person accepts those terms without any changes. The contract is created once the person who made the offer knows the other person has agreed to it.
Imagine a person wants to buy a house and offers the owner $300,000 for it. The owner agrees to sell the house for that price without any changes or conditions. In this case, there's an offer and acceptance – the buyer made an offer, the owner accepted it, and they now have a contract for the sale of the house.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
In the world of contracts, my friend,
An offer and acceptance must blend,
One person offers terms so grand,
The other accepts without demand.
A buyer says, "This house, I'll take,
For $300,000, no mistake,"
The seller nods and does agree,
The contract's formed, as clear as can be.
For offer and acceptance, you see,
Create a contract, legally,
When acceptance is communicated,
The deal's complete and celebrated.