Video: Making an Offer

In this lesson, dive into the foundational elements that constitute making a compelling offer in contract law. Nick Palazzolo, CPA, clarifies what constitutes a legitimate offer, the concept of 'meeting of the minds,' and the difference between offers and advertisements. He humorously references the ever-elusive 'reasonable person' that often represents the standard in legal terms and details the essentials of what an offer should include such as price, time, and quantity. Nick also covers the key actions that can terminate an offer, such as revocation by the offeror or rejection by the offeree, and the effect they have on the validity of a contract. By breaking down each component, Nick ensures a robust understanding of how offers function and what makes them legally binding or not, setting the stage for successful contract execution.