In the commercial world, agreement may be found by looking at the overall transaction rather than by a rigid application of offer and acceptance rules. Discuss.

In the commercial world, a number of elements must be present and successfully merge together to form a legally binding and acceptable contract; one of them being an  agreement. The key issue that this essay focuses on are the differences between a formalist perspective of the formation of a contract, that portray a more traditional criteria of agreement, through offer and acceptance and abiding to the  mirror image rule. In comparison to a realist perspective holding that agreement can still be found despite the above traditional criteria, by looking at the  overall transaction instead. Leading to the extended tension between these two ideologies on the existence of agreement in the commercial world.

Generally in the case of bilateral contracts, for the manifestation of a mutual assent to be made, a contract must be formed upon acceptance, but that acc…(short extract)