Offer and acceptance

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Offer And Acceptance

Offer And Acceptance

Offer

Definition of offerSection 2(a) of Indian contract actwhen one person signifies to another person his willingness to do or abstain from doing with a view to obtain of assent of that other person.

I will sell my car for10K.would u purchase it??Yes I will purchase it.

Essential for making a valid contractOffer must be communicated to the other partyThe offer must be made with a view to obtain consent of the offreeThe offer must have its terms and definite and clearThe offer must be capable of creating legal relationship

Types Of OfferGeneral OfferSpecific OfferCounter OfferCross Offer

COUNTER OFFER

A counteroffer is a type of offer made in response to another offer, which was seen as unacceptable. A counteroffer revises the initial offer, making it more appealing for the person making the new offer. Responding with a counteroffer allows a person to decline on a previous offer, while allowing negotiations to continue.

COUNTER OFFER DOES NOT MAKE ANY CONTRACT

Cross OfferWhen two persons make identical offers (EX. Similar in terms, conditions) to each other, without having knowledge of each others offer are known as CROSS OFFER

To:ATo:BA makes a offer to B B makes a offer to A

Invitation to offerWhen one or many party/persons are invited to one or more offer is called as invitation to offer, it is not require for them to get into contract.Display of goods by a shopkeeper in his window , with prices marked on them is not an offer, But merely an invitation to the public to make an offer to buy the goods at the marked price.

Communication of an offerSection 4(a)When the offeree understand and have a knowledge about the offer.

Revocation Of Offer And Communication

Acceptance

DefinitionAccording To Sec 2(a)

When the person to whom the proposal is made signifies his assent there to, The proposal is said to be Accepted. A proposal when accepted becomes a promise.

Revocation Of AcceptanceAccording to [sec.5 para-2]

An acceptance may be revoked at any time before the communication of acceptance is complete as against the ACCEPTOR, But not afterwards

PRESENTED BY:-Deepak Sharma