binding offer
Locked-in deal proposal
A binding offer is a proposal that, once accepted, creates a legal obligation.
Unlike preliminary negotiations or expressions of interest, a binding offer commits the offeror to follow through on stated terms: The company made a binding offer to purchase the property at the listed price.
Rejecting or withdrawing after acceptance may trigger legal consequences.
- counterofferAlternative terms proposed back
- take it or leave itNon-negotiable final offer
- irrevocabilityInability to be undone
- enforceabilityCapacity for legal compulsion
- offereeOne receiving a proposal
consideration · acceptance · shake on it · obligation · bargaining · tendering · procurement · real estate · due diligence · rescission · validity · ratification · contract law · meeting of minds · good faith · terms · liability · conditions
binding offerletter of intent
Preliminary agreement expressing commitment
conditional offer · expression of interest · memorandum of understanding · gentlemen's agreement
binding offerballpark figure
Rough numerical estimate
feeler · trial balloon · rough estimate · gentlemen's agreement
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