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Acceptance

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Transcript

  • 1. ACCEPTANCE
    PRESENTATION BY,
    THUSHARA P
    BATCH II MBA
    MGT 0905296
    IMK ALPY
  • 2. DEFENITION
    Section 2 (b) defines acceptance as “when the person to whom the proposal is made signifies his assent thereto,the proposal is said to be accepted.”
    Thus ‘acceptance’ is the manifestation by the offeree of his assent to the terms of the offer.
  • 3. LEGAL RULES REGARDING A VALID ACCEPTANCE
    Acceptance must be given only by the person to whom the offer is made.
    “if you propose to make a contract with A,then B can’t substitute himself for A without your consent.”
    Eg:A sold business to B without disclosing the fact to his customers C.
  • 4. Acceptance must be absolute and unqualified.
    Even the slightest deviation from the terms of the offer makes the acceptance invalid.
    Eg:L offered scooter to M.notfuully paid at right time.
  • 5. Acceptance must be expressed in some usual and reasonable manner,unless the proposal prescribes the manner in which it is to be accepted.
    Express acceptance and implied acceptance.
    Eg:difference in the mode of sending message of acceptance.
    Mental acceptance ineffectual.
  • 6. Acceptance must be communicated by the acceptor.
    Eg:posting of headmaster in school.
  • 7. Acceptance must be given within a reasonable time and before the offer lapses and/or is revoked.
    Eg: M applied shares in june.but allotment made in november.
  • 8. Acceptance must succed the offer.
    Eg:allotment of share before applying
  • 9. Rejected offers can be accepted only,if renewed.
    offer once rejected cannot be accepted again unless a fresh offer is made.
  • 10. THANK YOU…..