A contract is a legally binding agreement between two or more competent persons to do, or not to do, a particular thing. An offer is a proposal from one party to another intending to create a legal obligation upon acceptance.Every enforceable contract consists of three basic elements: offer, acceptance and consideration. In this module, we'll explore offer and acceptance. An offer is a clear intention to enter into a legally binding agreement. It marks the first step in creating that agreement. Under English law, an offer at its most basic level is simply a proposal to enter into an agreement. In Ohio: Offers must be in writing to be legally binding. All written offers must be presented.