After an offer is made, the next step in the formation of a contract is Acceptance. If an offer is not accepted, all parties go back to the negotiating table.An offer must be accepted to create a valid contract. An offer is a proposal from one party to another intending to create a legal obligation upon acceptance. A contract can, in principle, be made in two separate jurisdictions at the same time if the contract does not include choice of law and jurisdiction clauses. Yes, generally there must be an offer and acceptance in order for a contract to be formed necessarily "binding" pursuant to China Contract Law. In Texas, the elements of a valid contract are: • An offer. Acceptance in strict compliance with the terms of the offer. Consideration. An offer is a clear intention to enter into a legally binding agreement. It marks the first step in creating that agreement.