25. Offer and acceptance.

A contract for the sale of land must contain the ordinary essentials of a contract1, that is an offer made by one party to the other, and an acceptance of that offer by the offeree2. Acceptance may be subject to the execution of a formal contract in which case there is no binding agreement until formal contracts are exchanged3. Thus a contract for the sale of land may be made either by private agreement between the parties or by public auction