(Offer and Acceptance. An "offer" is an expression of willingness to do or refrain from doing a particular thing.The offer and acceptance form the agreement between the parties. The offer may later become a contract if and only if all of the criteria set forth in the Statute of Frauds are satisfied. Both written and oral contracts require the following elements: 1) an offer; 2) acceptance; 3) mutual assent; and 4) consideration. In form 2-T, immediately above the buyer's signature line, it states "This offer shall become a binding contract on the Effective Date.