An offer, or proposal, is a formal suggestion made by one party to another, typically in business or legal contexts. It outlines the terms and conditions under which one party is willing to engage in a transaction or agreement. Offers can be made verbally or in writing and are essential for initiating negotiations. When an offer is accepted, it can lead to a binding contract, provided all necessary elements, such as consideration and mutual consent, are present. Offers can also be revoked or modified before acceptance, allowing flexibility in negotiations. Understanding offers is crucial for effective communication in business and legal dealings.