1. Voluntary but conditional promise submitted by a buyer or seller (offeror) to another (offeree) for acceptance, and which becomes legally enforceable if accepted by the offeree. An offer (unlike a solicitation) is a clear indication of the offeror's willingness to enter into an agreement under specified terms, and is made in a manner that a reasonable person would understand its acceptance will result in a binding contract. Offers normally include a closing date, otherwise a period of 30 days after the date of offer is commonly assumed. See also bid and proposal.