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Simple English definitions for legal terms
cross-offer
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A quick definition of cross-offer:
Cross-offer: When two people make the same offer to each other without knowing that the other person has made the same offer, it is called a cross-offer. For example, if you offer to sell your bike to your friend, but your friend also offers to buy your bike without knowing that you have already offered to sell it, this is a cross-offer.
A more thorough explanation:
Definition: A cross-offer is a term used in contracts to describe a situation where two parties make the same offer to each other without knowing that the other party has made the same offer.
Example: John offers to sell his car to Jane for $10,000. At the same time, Jane offers to buy John's car for $10,000. Neither of them knows about the other's offer. This is a cross-offer.
Explanation: In this example, both John and Jane have made the same offer to each other without knowing about it. This means that there is no agreement between them because they have not accepted each other's offer. A cross-offer can lead to confusion and misunderstandings in a contract negotiation.