A binding offer, according to Nolo, is any type of action that legally binds separate parties together under a contractual agreement. Contracts with offers take many forms, from simple to complex. For example, a simple binding offer is initiated by a cab driver who stops to pick up a passenger. The passenger accepts the offer of a ride and pays the driver, which creates a legally binding contract.Continue Reading
Nolo explains that another example of a binding offer is when business A makes an offer to purchase equipment from business B for a specific price. A contract is drawn up stating the terms of the sale. The contractual offer is one part of a legal contract but does not become legally binding in a court of law unless business B accepts the offer by signing the contract.
Nolo further posits that a binding offer sometimes remains open for a time to allow another party to make a decision on whether or not to accept. This is also known as an option agreement, which is a temporary way of keeping an offer on hold. Offers are sometimes conditional as when one party responds to an offer by requesting additional qualifications be met. Sometimes a counteroffer is presented as an alternative to an existing offer, which is legally considered a rejection of the original offer. Counteroffers are not legally binding unless the new offer is agreed upon.Learn more about Law
A general release of liability agreement includes the names of the parties involved, the date the agreement is made and a statement made by the signer that blame is not placed with the individual or company if any harm comes from the activity involved, FormSwift notes. The specific requirements for the agreement vary from state to state.Full Answer >
An addendum to a contract is an addition or change to the terms of an existing contract that is signed by all parties to the original agreement, according to The Law Dictionary. It describes any changes or modifications to a contract, while leaving it fully enforceable.Full Answer >
Rocket Lawyer notes that in order to write a legally binding sublease agreement contract, the original tenant needs to list the location of the residence, how long the sublease agreement lasts, rent and security deposit amounts, and all parties involved in the agreement. Sublease agreements are also known as residential sublease agreements, room rental agreements and sublet contracts.Full Answer >
A stipulated judgment is when both parties in civil court case agree to settle their dispute, and the judge signs a legal document reflecting the parties’ agreement. A stipulated judgment is also called a consent decree or a consent judgment.Full Answer >