Contracts
Offer
Definition
An offer is a manifestation of willingness to enter into a bargain, made so as to justify the offeree in understanding that assent will conclude the deal. It must contain definite and certain terms and be communicated to the offeree. The objective theory of contracts governs: courts look at whether a reasonable person in the offeree's position would believe an offer was made, not the subjective intent of the offeror.
Example
A store places an advertisement stating "First come, first served — fur coats $1 each." A court may find this constitutes an offer if the terms are definite enough and invite specific performance.