The approach of offer and acceptance in business law is focused on the determination of agreement existence between two parties; it is a kind of contract between the ‘offeror’ and ‘offeree’ built on the principles of particular terms without the necessity to further negotiations. It is necessary to underline the fact that the central formula of this approach determines the moment of parties’ agreement. The case study under analysis discloses the conflict between eccentric millionaire Lamar Smunt, being enraged at his mother’s insult, and the portrait artist Casmir Roginsky, who was offered to do a portrait paid $500 000, but refused by mistake; the thing is that the offer was made by the client, and refused in the rude form, three hours later the artist accepted it providing certain excuses for his remarks, though Smunt perceived it as mother’s insult and expressed no desire to have any future business cooperation. The paper will concentrated on the analysis of Roginsky’s contract against Smunt on the basis of offer and acceptance approach. The contract validity is identified through the made offer by one party and its acceptance by the other. The terms of the contract are dictated by the offeror; the acceptance of the offer means the acceptance of its terms. It should be stressed that sometimes the offer indicated the limitations in time of its acceptance; in case this point is not provided, the courts identify the period of its expire. Acceptance of the offer can be made both orally, and in the written form; besides, it is important to provide invitation to offer by the ‘offeror’. In order to analyze the artist’s chances to success, it is necessary to identify the cases determining the validity of the contract. They are the following:   * Legal relationships: terms and obligations provided in the contract;   * Clear and definite: the conditions are clearly expressed and the invitation is provided; the acceptance of the offer determines its validity;   * The communication between the offeror and the offeree should take place;   * The absence of negative conditions;   * Offer revocation. It is necessary to underline the fact that in case the offer is accepted, all its terms are taken into account automatically and legal terms are established. The offeree has no right to accept the contract and in a certain period of time refuse some of its terms. The offer can be revoked by the party on the basis of any revocation method taking into account the purpose of revocation. (Peralta, 2008) Offer and acceptance approach is built in accordance with the principle of mail box rule; this provision is considered to be the acknowledgement of the document or contract delivery on the specified date if it is required. The case study under analysis should be viewed in accordance with the terms and conditions provided within the offer contract; in case the validity of the contract is not limited by certain time period, its acceptance after 3 hours can be considered as valid. The communication between the partners was held over the telephone and the acceptance by Roginsky was presented in the oral form, as it is allowed in accordance with the rules of offer and acceptance approach. (Cheeseman, 2006) It is necessary to underline the fact that acceptance of the offer is considered to be a serious agreement, providing