Contract Analysis Offer: Definition $$ In order for a contract to be in effect, an offer must be constructed. An offer in a contract setting must consist of a $$clear$,$ unequivocal and direct approach to another party to contract$($ref $1$ para $1).$ An offeror is considered the person who makes the offer, and an offeree is the person whom the offer is being made to $($ref $2$ para $1).$ An offer can be either made verbally or can be formally indited. Offer: Application $$ In the residential tenancy agreement, the offer is outlined in Section $1$Premises$$ located on page $1.$ This section states that the landlord is offering to lease a residential premise to a tenant, subject to the terms and conditions of the residential tenancy agreement as well as the Residential Tenancies Act of the Province of Alberta. The $$Premises$$ states the offer clearly and directly. It also quickly refers to the terms and conditions that must be followed in order for the contract to remain in effect. Acceptance: Definition $$ Acceptance is defined as $$an unqualified willingness to enter into a contract on the terms in the offer$($ref textbook pg $621).$ When a contracts terms are still being discussed and finalized, no offer has been accepted $($ref $3$ para $6).$ Acceptance: Application $$ There are two acceptance sections in this residential tenancy agreement. The first one being accepted on the terms of the actual agreement located on page $6,$ which includes rent payments, utility payments, security deposits and any damages that may occur. The second acceptance is based off of the rules and regulations for the premises located on page $8,$ which include maintenance, safety, and the consideration of others. If these rules are accepted by the tenant and landlord, then the contract is now in effect. However, if the terms and conditions stated in the original contract are being negotiated, then the contract has not yet been accepted. Consideration: Definition $$ Consideration is a vital element when it comes to establishing a contract. It is described as $$the price paid for a promise$($textbook pg $623).$ This can involve something as simple