What is a specific and definite proposal to enter into a contract called?

An offer is defined as a specific and definite proposal made by one party to enter into a contract with another party. This proposal outlines the terms under which the offering party is willing to engage in a legal agreement. In order for an offer to be valid, it must be communicated clearly and must include essential elements such as the parties involved, the subject matter of the contract, and consideration (which refers to what each party stands to gain or lose).

When the offer is accepted by the other party, it forms the basis for a binding contract. Offers can also be revoked before acceptance, and they may lapse after a certain period or under specific conditions. Understanding the role of an offer in contract law is fundamental, as it is the first step in forming a legally enforceable agreement between parties.