Definition

Type

Offer

An agreement, written or otherwise. Gives rise to enforceable legal rights and obligations Can be oral, written, conduct or combi.
Oral
Offeror's intention to be bound if offeree accepts all terms must be communicated
Conduct
Only some have to be in writing in order forit to be binding. e.g. sale and purchase of property, hire-purchase agreements, insurance agreements

THE
ELEM
ENT
OF
Consideration
Acceptance
CONT
Noun, a recompense or payment, as for work done; compensation.
RACT
Past consideration is no consideration. e.g. if A does something for B without any promise from B,

and upon completion of the job B promises $10, A cannot enforce the contract as A's consideration of work is past consideration.
All terms must be accepted w/o qualification
Must be
but need
not be
adequate
Acceptance must be communicated, and writing
willsufficient
not be effective
unless
received
by offeror. Exception: postal acceptance rule. Acceptance is deemed to have taken place
No acceptance if offeree is ignorant of offerDispensed with for contracts made under seal, viz deeds which are "signed, sealed and delivered".

Intention to create legal relations

Presumed that there is no intention for the creation of legal relations for social and domestic agreements
Biz and commercial arrangements presumed to have intended legal consequences. If not meant to be binding, must be clearly stated

Princi
ple of
withdr
awing
an
offer

You can withdraw an offer to purchase

property at any time up until it has been
accepted by the seller and the signed
acceptance has been delivered to you or to
your agent.

To avoid any confusion, it's best to give written

notice that you're withdrawing an offer. When the
withdrawal notice is delivered to the sellers, to their
agent, or to the agent's realty office, make sure that
someone gives you or your agent a receipt for the
notice.

The seller takes several days to decide, then signs

your offer. Meanwhile, you find another house you
like better and decide you don't want to buy the first
house. If your agent notifies the first seller's agent
that you are withdrawing your offer before that
seller's signed acceptance is delivered to you, or to
your agent, then your offer is safely withdrawn.

Offers to purchase property are rarely accepted without

modifications. Any change to an offer creates a new offer,
called a "counteroffer." Like an offer, a counteroffer can be
withdrawn by the seller at any time before it is signed by the
buyer and the signed acceptance is delivered back to the seller
or his agent. Likewise, if the buyers counter back to a seller's
counter, this institutes a new offer to the seller. Again, this
counteroffer can be withdrawn by the buyer at any time before
it's signed-and-signed acceptance is delivered to the buyer.