What is the difference between consideration, offer, acceptance, and definiteness in contract?

Asked over 1 year ago - Charlotte, NC

What is the difference between consideration, offer, acceptance, and definiteness in contract? If you do not have consideration, contract has to be definite and then it is promissory estopped from enforcement but if there is offer and no acceptance there must be consideration, right?

Attorney answers (2)

  1. Michael Charles Doland

    Contributor Level 20

    3

    Lawyers agree

    Answered . This must be a homework assignment, and Avvo is the wrong site for you.
    PS - you need to re-read the chapter. Offer and acceptance are always required. There may be consideration or a substitute for consideration (various types of estoppel, not just promissory.)

    The above is general legal and business analysis. It is not "legal advice" but analysis, and different lawyers may... more
  2. Lisa G. Godfrey

    Contributor Level 2

    Answered . There must be a meeting of the minds, (i.e. offer and acceptance )to form a contract that is to be executed in the future. The terms must be definate or it can be enforced.

    In order for a contract to be enforcible,, there must be consideration, or a substitute for consider (promissory esstopple). You don't have to have a formal offer and acceptance to form a contract - but there always has to be consideration.

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