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An offer of performance is known as
Offer
Proposal
Tender
Acceptance
- Offer: An expression of willingness to enter into a contract on specific terms, made by the offeror to an offeree.
- Proposal: Similar to an offer, it suggests terms and conditions for a potential agreement. It's often synonymous with an offer but can be broader.
- Tender: This is a bid or offer to perform work at a specified price, often used in procurement or construction contexts. It broadly matches an "offer of performance."
- Acceptance: Agreement to the terms of an offer, thereby creating a binding contract.
Correct Answer: Option 3 - Tender.
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