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The formation of a contract is a systematic legal process through which two or more parties create legally enforceable obligations. In business law, especially in matters relating to cooperatives, contracts play a vital role because cooperative societies regularly enter into agreements with members, employees, suppliers and other institutions. Understanding how a contract is formed and what makes it legally valid is therefore essential for the smooth functioning of any cooperative organization. The process of formation of a contract begins with an offer. An offer is a proposal made by one party to another expressing a willingness to do or abstain from ______ __________ _________ _____ _________ ______ ____ ______ _______ ___ _________.
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