The agreement of sale is strictly who's on first what's on second who are the players and that's what we're going to identify here. Before the offeree begins to carry out the contract, the offeror is free to revoke the offer."Acceptance" is the unequivocal agreement to the terms of the offer, establishing a contract. A contract requires offer, acceptance, and consideration. This page looks at the ins and outs of offer and acceptance. The basic building blocks of agreement remain the same: intention and consideration. Offers are binding and can be revoked before acceptance. Identify elements of contract (offer, acceptance, consideration). 2. Recognize that this advertisement was an offer. 2. 3. Implied acceptance is when action is taken that indicates an acceptance of the offer.