Final answer:
The Olive Branch Petition was a final attempt by American colonists to avoid a full-blown conflict with Britain by assuring the king of their desire for peace and proposing terms of reconciliation, which were ultimately rejected.
Step-by-step explanation:
The Olive Branch Petition was a document assuring King George III of the colonists' desire for peace and an end to the growing conflict. Formulated by the Second Continental Congress in July 1775, the petition proposed terms for a peaceful resolution, including the suggestion that colonists either be granted free trade and taxes equivalent to those imposed on subjects living in Great Britain or be subjected to no taxes with strict trade regulations. Despite the colonists' efforts, the petition was ultimately rejected by the king, who on August 23, 1775, declared the colonies in 'open and avowed rebellion,' thus increasing tensions that eventually led to the American Revolution.