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Simple English definitions for legal terms
standing offer
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A quick definition of standing offer:
A standing offer is like a promise to do something or sell something at a certain price. It's like having a bunch of offers ready to go, and when someone accepts one, it becomes a contract. For example, a store might have a standing offer to sell a certain product for a certain price, and anyone who wants to buy it can accept the offer and buy the product.
A more thorough explanation:
A standing offer is a type of offer that is capable of being converted into a contract by a distinct acceptance. It is a promise to do or refrain from doing something in the future, conditioned on an act, forbearance, or return promise being given in exchange for the promise or its performance.
For example, a company may make a standing offer to provide a certain service to a client at a fixed price for a specified period. The client can accept the offer at any time during the specified period, and a contract will be formed.
Another example of a standing offer is a government contract that is open for a certain period, during which suppliers can submit bids. The government will then select the best bid and enter into a contract with the supplier.
Overall, a standing offer is a useful tool for businesses and governments to streamline their procurement processes and ensure that contracts are formed efficiently.