Not under the law of England and Wales. A contract requires offer, acceptance, consideration and an intention to be legally bound.Offer and acceptance: both parties must clearly state what their offer is. Our agent said that it doesn't matter if a binder is in place, because other offers can still be made and accepted during this time. In this topic, you'll learn: Elements of a typical purchase offer. Why just about everything is negotiable at the closing stage. For students planning to transfer to a fouryear college or university, agreements are provided to assist students to transfer more effectively. In the event that the Contract requires any Engineering. Students should complete their application and submit it to INTO US Partner. Admissions. Under New York Law, a contract for the sale for real property must be in writing; thus a verbal offer creates no binding obligation upon either party.