What is an offer that requires specific conditions for acceptance called?

An offer that requires specific conditions for acceptance is known as a conditional offer. This type of offer imposes certain stipulations or requirements that must be met in order for the acceptance to be valid and binding. For example, a seller might state that they will sell a car only if the buyer can secure financing within a specific period. In this scenario, the acceptance is contingent upon the buyer's ability to meet that condition.

The significance of a conditional offer lies in its ability to clarify the expectations of both parties involved in a contract. It safeguards the interests of the offeror by ensuring that certain criteria are satisfied before the agreement becomes enforceable. This type of offer is commonly encountered in various business transactions where the parties wish to create a contractual obligation that depends on certain external factors.

Other types of offers, such as unconditional offers, do not require any conditions to be met and acceptances can occur immediately. Implied offers arise not from explicit terms but from the actions or circumstances of the parties involved, while valid offers must meet all requirements for legal acceptance. Conditional offers stand out due to their reliance on specific terms that must be fulfilled for the agreement to be effective.