Bid

{
  "id": "MLC-T-LAW-000712",
  "term": "Bid",
  "field": "Law",
  "definition": "A formal offer to perform work, supply goods, or purchase assets at a specified price and under defined terms. In contract law, a bid constitutes an offer that, if accepted, creates a binding agreement. In contexts like government procurement or foreclosure sales, the process is governed by strict rules regarding submission, evaluation, and acceptance, with the contract awarded to the lowest responsible bidder or highest offeror.",
  "url": "https://mlchart.com/terminology/law/bid/"
}