Final answer:
The element of a contract that represents a definite proposal by one party to another is the offer. When the offer is accepted, a binding contract is formed, assuming other elements such as consideration are also present.
Step-by-step explanation:
The element of a contract that constitutes a definite and unqualified proposal by one party to another is known as an offer. This offer must be communicated to the offeree, and it must be specific enough to establish what the promisor is willing to do and under what conditions. Once the offeree signifies acceptance, the contract becomes binding, provided all other elements of a valid contract are satisfied, such as consideration (the exchange of value between parties) and lawful purpose.