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Definition of "Offer"An offer is a manifestation of willingness to enter int...

Definition of "Offer"An offer is a manifestation of willingness to enter into a contract by the offeror to the offeree with the terms and conditions specified in the offer, and its acceptance by the offeree. It is a basic requirement of an offer that it should be addressed to the offeree and express the intention of the offeror to contract with the offeree. Elements of an OfferAn offer must contain certain essential elements to be valid. According to the provisions of the contract law, an offer should include the following elements:2.1 OfferorThe offer should be made by an offeror who has the intention and ability to enter into a contract.2.2 OffereeThe offer should be addressed to an offeree who has the ability to accept the offer.2.3 Subject Matter of the ContractThe offer should specify the subject matter of the contract, including the goods, services or other objects of the contract.2.4 Terms and Conditions of the ContractThe offer should specify the terms and conditions of the contract, including price, quantity, quality, time and place of performance, etc.2.5 Time limit for acceptanceThe offer should specify a time limit for acceptance, indicating when the offeree needs to accept the offer. If no time limit is specified, the offeree has an indefinite period of time to accept the offer. Validity of an OfferThe validity period of an offer is usually determined by the time limit for acceptance stipulated in the offer. If no time limit is specified, the offeree has an indefinite period of time to accept the offer. If the offeror wants to terminate the offer before the expiration of the validity period, he should notify the offeree immediately after making the offer. If the offeree accepts the offer within the validity period, the contract is formed. Otherwise, it will become invalid. Termination of an OfferIf an offer becomes invalid due to expiration of its validity period or acceptance of the counter-offer by the offeree, it will be terminated. In addition, if an offer is withdrawn or otherwise cancelled by the offeror before its expiration, it will also be terminated. Once terminated, it will lose its binding force on both parties.