Because of the size of bulk transactions, both in the debt market and on the stock market, individual investors rarely, if any, do bulk trading. In practice, these transactions generally occur when large hedge funds and institutional investors buy and sell large amounts of bonds and shares in bulk transactions through investment banks and other intermediaries. The third element, security, requires that all offers be specific and clear, depending on who they are communicated to and what they contain. Proposals that do not deal with keywords are considered an „invitation to offer.“ An offer must be sufficiently secure and specific, as the courts want to know what the parties have agreed or not.  For example, an „offer“ to purchase a product that does not indicate the price one is willing to pay would probably not be considered an offer. Since price is such an important term, it may indicate that one is not ready to reach an agreement. Note that there may be exceptions in cases where a „market price“ can be deducted. So your stockbroker saying 100 Shares of Apple could be interpreted as a willingness to be tied to the contract because the market price can be interpreted. When a bulk market is conducted on the open market, traders must be cautious, as trading can cause large volume fluctuations and affect the market value of stocks or bonds purchased. As a result, bulk transactions are generally done through an intermediary rather than through the hedge fund or investment bank that normally buys the securities, as would be the case for the smaller amounts. In one case, the complainants filed a class action against a retailer that sent a direct mailing notice that said it would make a free watch available to all those who open the advertiser`s envelopes.
 The court upheld the dismissal of the appeal and found that the complaints are not offers, but invitations to the right deal.  Here, the supplier`s statements did not show an intention to be bound, as it was not reasonable to assume that the operator intended to enter into agreements with anyone who got their hands on the envelopes. Similarly, a clothing store that attracts $99 in the local newspaper cannot reasonably, due to obvious constraints of occupancy and logistics, intend to create contractual obligations with anyone who reads the paper. A contract is an agreement that creates obligations between two or more parties that are legally applicable.  Contracts are ubiquitous in our society and can have virtually all themes, including real estate, property, services and intellectual property.