An offer is a proposal made by one party to another, indicating a willingness to enter into a legally binding agreement.

Acceptance is the agreement to the terms of an offer, which creates a legally binding contract.

Consideration is the value exchanged between parties in a contract, which can be in the form of money, goods, services, or a promise.

Consideration does not need to be in writing to be valid, unless required by law.

Capacity refers to the legal ability of a person to enter into a contract, which may be affected by factors such as age, mental capacity, and intoxication.

Deafness does not automatically affect a person's capacity to enter into a contract.

Lapse occurs when an offer expires due to the passage of time or the occurrence of a specified event.

Revocation is the withdrawal of an offer by the offeror before it is accepted.

Rejection is the refusal of an offer by the offeree.

A counteroffer is a new offer made in response to an original offer, which terminates the original offer.

Rejection is not a method of accepting an offer, but rather a way of terminating an offer.

Communication is the process of conveying an offer to the offeree.

An offer does not need to be in writing to be valid, unless required by law.

The option period is the time during which an offer remains open for acceptance.

Acceptance does not terminate an offer, but rather creates a legally binding contract.