O & a 2
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O & a 2

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O & a 2 O & a 2 Presentation Transcript

  • Offer & Acceptance Sec. 3 to 9 of ICA,1872
  • Offer / Proposal: 1.Positive 1 2.Negative 2
  • How an offer is made:
    • Any Act:
    • i.) By words [written,Oral] 3,4
    • ii) By conduct 5
    • b) By Omission 6
  • Implied Offer 7 Specific & General Offer 8,9
  • Essential requirements of a valid offer:
    • Offer must be made with a view to obtain acceptance.
    • Offer must be made with the intention to create legal relations.
    • Terms of offer must be definite,unambiguous & certain or capable of being made certain.The term of offer must not be loose,vague or ambiguous. 10,11
    • Offer must be distinguished from:(a) a mere declaration of intention or (b) an invitation to offer. 12,13
    • The offer must be communicated to offeree. 14
    • The offer must not contain a term the non-compliance of which may be assumed to amount to acceptance. 14
    • A tender is an offer as it is in response to an invitation to offer. (a)Specific 15 or definite (b)Standing 16
    • Special terms in offer must be duly brought to the notice of the offeree at the time the offer is made. 17
    • Two identical cross-offers do not make a contract. 18
  • X Y X Y Cross Offer
  • Termination or Lapse of Offer:
    • The offer lapses after stipulated or reasonable time. 19
    • An offer lapses by the death or insanity of the offeror or offeree.
    • An offer terminates when rejected by the offeree.
    • An offer terminates when revoked by the offeror before acceptance.
    • An offer terminates by not being accepted in the mode prescribed or if no mode is prescribed in some usual & reasonable manner.
    • A conditional offer terminates when conditions is not accepted by the offeree. 20
    • It terminates by counter offer by the offeree.
  • Acceptance Acceptance how made: Offeree Acceptance Assent to proposal
  • Assent Expressed Implied writing Word of mouth By performance of some Required act. 1 Surrounding circumstances Or the conduct of the parties. 2
  • WHO CAN ACCEPT 3
  • Essentials of a valid Acceptance:
    • Acceptance must be Absolute & Unqualified 4
    • Acceptance must be communicated to the offeror 5 ( the acceptance of an offer can not implied from the silence of the offeree or his failure to answer) 6
    • Acceptance must be according to the mode prescribed 7
    • Agreement to agree in future. 8
    • It must be given within the time specified or within reasonable time
    • It must be in response to offer
    • It must be made before the offer lapses
    • It must be given by the person to whom the offer is made
    • Communication of offer & acceptance
    • Revocation of offer & acceptance
  • Comm. Of Offer & Acceptance:
    • Sec.4: The comm. Of a proposal is complete when it comes to the knowledge of the person to whom it is made. E.g.
    • The comm. Of acceptance is complete:
    • 1. as against the proposer, when it is put into a course of transmission to him, so as to be out of the power of the acceptor
    • 2. As against the acceptor, when it comes to the knowledge of the proposer (ex.)
    • The comm. Of a revocation(of an offer or an acceptance) is complete:
    • 1.as against the person who makes it, when it is put into a course of transmission to the person to whom it is made, so as to be out of the power of the person who makes it.
    • 2.as against the person to whom it is made when it comes to his knowledge.
  • Revocation of Proposal & Acceptance:
    • Sec 5 provides that a proposal may be revoked at any time before the comm. Of its acceptance is complete as against the proposer, but not afterwards.
    • Also an acceptance may be revoked at any tome before the comm. Of the acceptance is complete as against the acceptor, but not afterwards.