Formation

• offer


  a proposal to contract. It is a statement of intent to be legally bound by the terms of a contract if accepted
• Offeror 


  the party making the offer
• Offeree


  the party the offer was made to
• Bilateral contract


  the offeror and offeree both have obligations to perform
• Unilateral contract


  the offeror makes a promise in exchange for an act by another party
• Invitation to treat


  Not an offer. It is merely inviting people to make offers
• Any offer that has been made can only be accepted whilst it is open
• rejection


  once an offer has been rejected it cannot later be accepted. Rejection ends the offer
• Lapse of time


  an offer will end by a lapse of time, if an offer is open for a fixed period of time and that time period comes to an end there is no offer
• Death


  if one party dies the offer ends when it is made known or if the offer is a personal service such as music lessons