Final answer:
Submitting an application to a company is considered as an offer, which is the starting point for a potential employment contract. After acceptance of the offer and negotiations, an employment contract is signed by both the employee and employer, outlining the terms of employment.
Step-by-step explanation:
When an applicant submits an application to a company, this is considered an offer. This initiates the job application process, where the applicant proposes their candidacy for an open position. It's important to note that an offer is just the first step in entering into a potential employment contract. Once the employer accepts this offer by extending a job offer to the applicant, and the latter agrees to the terms provided by the employer, it becomes acceptance of the offer. Following the acceptance, both parties will enter into a contract that outlines the expectations, responsibilities, and rights of the employee and employer.
Details such as salary, job responsibilities, and workplace benefits are negotiated and sealed into the employment contract, which then requires careful review before signing. Therefore, consideration occurs when something of value is exchanged between the parties usually the employee's agreement to work for the employer in exchange for compensation.