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Principle: Acceptance should be made while the offer is still subsisting. The offer or is free to retract his offer at anytime before his offer gets accepted by the offeree. Once the offer is withdrawn or a lapsed, it is not open to be accepted so as to give rise to a contract.
The important difference is that an offer hasn't been agreed upon yet. A signed purchase agreement also usually contains the terms of the sale, spelling out what is required for the sale to be completed and that both parties have agreed to.
In conclusion, while a purchase offer is formal document through which a potential buyer makes an offer to a seller in order to secure a property, and it becomes legally binding for both parties only when it is accepted, the preliminary contract of sale is an official contract which has legal binding effects from its ...
An offer is a conditional offer by a buyer or seller to buy or sell an asset that becomes legally binding upon acceptance. An offer is also defined as the act of offering something to sell or placing an offer to buy something.
Sale includes an exchange at a reduced price, and it is used in the phrases for sale and on sale. Sell as a verb indicates the giving of something in exchange for money, or the encouraging or persuading of a person to get them to purchase certain goods or services.