Which term is used for the party who initiates or makes an offer?

The term used for the party who initiates or makes an offer is "offeror." This designation specifically refers to the individual or entity that proposes the terms of a contract and seeks acceptance from another party, known as the offeree. The offeror is crucial in the formation of a contract, as they set the stage for negotiation and express their willingness to enter into an agreement under specified conditions.

In contract law, understanding the roles of the offeror and offeree is fundamental, as the legal obligations and rights that arise from an agreement require clarity about who is making the offer and who is responding to it. The offeror's ability to define the terms of the contract establishes their intent and the basis for potential acceptance by the offeree.

The other terms in the choices refer to different roles within the contract formation process. The offeree is the party who receives the offer, the promisor is generally someone who has made a promise within a contract but does not exclusively initiate it, and the acceptant is someone who agrees to the offer and thus enters into the agreement but is not responsible for making the initial proposal. Understanding these distinctions helps clarify the dynamics of contract negotiation and acceptance.