Offer One party must propose an offer to the other party. Acceptance – The other party must accept the offer.A contract is sometimes referred to as a meeting of the minds, but it has three elements, offer acceptance, and consideration. The City Attorney must authorize the Vendor to perform Additional. A contract offer and acceptance can be made with words or with actions. If you agree with all the terms and conditions set forth in this letter, please sign the offer acceptance agreement and return the entire letter to me. The formula of offer and acceptance is used in order to determine if and when a contract is formed, as well as its terms.