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Economics

Elements Establishing a Valid Contract: Offer and Acceptance

Quick fact

A valid contract does not need to be in writing; a simple verbal exchange of offer and acceptance can create a binding agreement for many types of transactions, as long as there is an intention to be legally bound.

Why this is interesting

You've agreed to buy a friend's bike for $100, but when you show up with the cash, they say 'I changed my mind.' Can you force them to sell? The answer depends on a deceptively simple dance called offer and acceptance.