Contracts: how long is an offer open?

Contracts: how long is an offer open?

On Behalf of | Jan 17, 2019 | Uncategorized |

A carefully negotiated and well-written agreement can decrease the risk of a Louisiana contract dispute. However, contractual agreements are often drafted in the business world without clearly delineated terms, like informal oral agreements or standardized forms. While these agreements may be enforceable, sometimes, it is hard to discern when they are and when they are not, leaving the matter open for legal argument. Therefore, those who find themselves dealing with agreements or certain terms of an agreement that is not reduced to writing should make sure they understand what is considered by judges and juries when these contract disputes arise.

One important consideration is when an offer is made and how long it is open for acceptance. This is crucial because a contractual agreement cannot be deemed legally enforceable unless there is an offer of some sort, acceptance of that offer and the exchange of consideration.

An offer is usually identifiable when someone suggests bartered exchange, such as goods in exchange for money. Typically, an individual can spot an offer up front, but the offer must be reasonable to be considered valid. That is, the offer cannot be so outlandish as to be considered a joke and then later be legally enforceable.

Generally, an offer is open for a reasonable amount of time. That does not provide too much clarity, but a judge and jury will look at the standards in the business and the terms of any past agreements amongst the parties. Finally, the goods and services that are subjected to the contract may be taken into consideration.