What is an offer?

Offer Definition: An offer is a proposal that is provided by one party to another, often with various terms and conditions. This proposal is made between a buyer and a seller, either to borrow or sell an asset or another legal arrangement, which requires authorization, usually a signature, to become legally binding.

Sometimes, an offer can be made as a bid at an auction, which can be agreed to or responded to with a counter offer. An offer is never legally binding until there is mutual agreement, which solidifies the contract.

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