Construction Law
What To Know About Offers, Counteroffers, and Acceptance
What Is An Offer?
An offer is one of the key elements that make up a binding contract. Without an offer, or an offer acceptance, there is no contract. By definition, an offer is an expression of willingness to agree to a contract on specific terms. An offer is made with the intention that it will become binding as soon as it is accepted by the party to whom it is addressed; the offeree. An offer may be expressed in a letter or a fax, or any other form as long as it communicates the basis on which the offeror is prepared to contract. When making an offer, or considering accepting an offer, it’s wise to seek the counsel of Jacksonville construction attorneys to assist you with any questions.
With offer acceptance, one party must make an offer, and the other party has to accept it. If the offer is not quickly accepted, the other party may want to think about it and might look for a better deal. Or on the flip side, while you’re waiting for the other party to accept, you might change your mind and want to withdraw your offer.
How Long Does An Offer Stay Open?
Typically, an offer will stay open for a “reasonable” time, unless it includes a stated expiration date. Since reasonable time can vary depending on the type of business and the situation, it’s usually best to include an expiration date. If you want to accept the other party’s offer, it’s usually better to do it sooner than later, so the other party doesn’t think about revoking their offer.
Revoking An Offer
If you make an offer, during any time that you are waiting for the other party to accept it, you have the power to revoke the offer. If the other party comes back with a counteroffer that you don’t approve of, you can revoke your original offer. However, revocation must happen before acceptance.Once the other party accepts your offer, you have a binding agreement.
Counteroffers
Offers typically lead to bargaining, and counteroffers. Negotiating is a very common during contractual offers. When a party responds to an offer proposing something different, that is a counteroffer. With a counteroffer, the original offeror has the responsibility of accepting, declining, or making another counteroffer. Jacksonville construction lawyers can aid you in weighing your pros and cons with accepting or declining a counter offer, as well as help you respond with another counteroffer.
To schedule a consultation with an attorney from Cotney Attorneys, please call us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.