OFFEREE Meaning and
Definition
-
Offeree is a term commonly used in contract law, referring to the party to whom an offer is made. In a bilateral contract, which requires both parties to make promises, the offeree is the party who receives an offer and has the power to accept or reject it. The offeree is expected to examine the terms of the proposal and indicate their willingness to be bound by the terms of the offer.
The offeree's role is crucial in the formation of a contract as their acceptance of the offer creates a legally binding agreement between the parties involved. The offeree must express their acceptance clearly, either through words, actions, or conduct that demonstrates an intent to accept. If the offeree fails to accept the offer within the stipulated time frame or rejects it outright, the offer is considered terminated, and no contract is formed.
It is important to note that an offeree's acceptance must align precisely with the terms of the offer. Any modifications or additions to the offer by the offeree would be seen as a counteroffer, effectively rejecting the original offer and requiring the initial offeror to accept or reject the new terms proposed by the offeree.
In summary, an offeree is the party to whom an offer is made in a contract. They hold the power to accept or reject the offer and play a central role in the formation of a legally binding agreement.
Common Misspellings for OFFEREE
Etymology of OFFEREE
The word "offeree" is derived from the term "offer". "Offer" has its roots in Middle English, from the Old French word "ofrir", which means "to present or offer". This Old French term can be traced back to the Latin word "offerre", which consists of "ob-" (meaning "to, towards") and "ferre" (meaning "to bring, carry"). Therefore, the term "offeree" emerged as the noun form of "offer" to refer to the person receiving an offer or proposed contract in legal contexts.
Infographic
Add the infographic to your website:
