Offer and Acceptance (required); Executed vs. Executory; Equitable Title (Equitable Conversion) vs.A binding contract requires both an offer and acceptance of that offer. The offer requires valid acceptance for a binding contract to be formed. An offer can only make an agreement if it is accepted in its entirety. Acceptance is the agreement to an offer resulting in duties, obligations, or benefits for one or more of the parties. Yes, generally there must be an offer and acceptance in order for a contract to be formed necessarily "binding" pursuant to China Contract Law.