For a contract of sale to be valid, what must one party do?

For a contract of sale to be valid, the fundamental requirement is that one party must make an offer, and the other party must accept that offer. This mutual assent, often referred to as a "meeting of the minds," is essential to form a legally binding agreement. An offer outlines specific terms under which the seller is willing to sell and the buyer is willing to purchase, creating a clear understanding between both parties.

When the offer is made and accepted, it signifies that both parties agree on the key terms, such as price, the item or property being sold, and any other relevant conditions. This is the cornerstone of contract law, ensuring that both parties are on the same page regarding their obligations and rights.

Initiating a closing process, making a counteroffer, or sending a written proposal may be relevant actions in the sale process, but they do not fulfill the basic requirement for a valid contract, which is the initial offer and acceptance. These steps may come later in the development of a real estate transaction after the basic contractual agreement has been established.