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Business Definition for: offer and acceptance
Dictionary of Insurance Terms
offer and acceptance

submission of the application and the first premium by the prospective insured -the "offer"-and the issuance of the insurance policy by the insurance company-the "acceptance."

Dictionary of Business Terms
offer and acceptance
See also agreement of sale , contract
Dictionary of Real Estate Terms
offer and acceptance
See also agreement of sale
Related Terms:
agreement of sale

written agreement between seller and purchaser in which the purchaser agrees to buy certain real estate and the seller agrees to sell upon terms of the agreement; also called contract of sale; earnest money contract.

contract

in general, agreement by which rights or acts are exchanged for lawful consideration. To be valid, it must be entered into by competent parties, must cover a legal and moral transaction, must possess mutuality, and must represent a meeting of minds. Countless transactions in finance and investments are covered by contracts.

agreement of sale

written agreement between seller and purchaser in which the purchaser agrees to buy certain real estate and the seller agrees to sell upon terms of the agreement; also called contract of sale; earnest money contract.

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 Copyright © 2004, 2000, 1997, 1993, 1987, 1984 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
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