Offer and Acceptance (Mutual Assent)
The matching offer and acceptance that create the mutual assent, or meeting of the minds, required for a contract.
Offer and acceptance is how parties reach mutual assent, sometimes called a meeting of the minds. One party makes an offer, and the other accepts its exact terms. A change to the terms is a counteroffer, not an acceptance.
A counteroffer terminates the original offer. The party who made the first offer is then free to accept or reject the counteroffer.
On the exam
Exam trap
Tested in
Contracts & Agency (13% of the exam)
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- Valid Contract
An agreement that has the four essential elements: competent parties, mutual assent, a legal purpose, and consideration.
- Consideration
Something of legal value that each party exchanges, which is required for a valid contract.
- Novation
Replacing an original party or contract with a new one, which releases the original party from liability.
This definition is Texas real estate exam-prep education, not legal, tax, or professional advice. Verify current rules against the official source before relying on them for a real transaction. Back to the full glossary.