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2.offer and acceptance
2.offer and acceptance
2.offer and acceptance
2.offer and acceptance
2.offer and acceptance
2.offer and acceptance
2.offer and acceptance
2.offer and acceptance
2.offer and acceptance
2.offer and acceptance
2.offer and acceptance
2.offer and acceptance
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2.offer and acceptance

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  • 1. OFFER ANDOFFER AND ACCEPTANCEACCEPTANCE
  • 2. OfferOffer  An offer is a proposal by one party toAn offer is a proposal by one party to another to enter into a legally bindinganother to enter into a legally binding agreement with him.agreement with him.  Proposal is made when he “signifies toProposal is made when he “signifies to another his willingness to do or to abstainanother his willingness to do or to abstain from doing any thing, with a view tofrom doing any thing, with a view to obtaining the assent of that other to suchobtaining the assent of that other to such act or abstinence”act or abstinence”
  • 3. TypesTypes  Express – by words spoken or writtenExpress – by words spoken or written  Implied – from the conduct of partiesImplied – from the conduct of parties  Specific – can be accepted only bySpecific – can be accepted only by person to whom it is madeperson to whom it is made  General – to the world at largeGeneral – to the world at large Offeror – person making the offerOfferor – person making the offer Offeree – To whom offer is madeOfferee – To whom offer is made Acceptor – when he accepts the offerAcceptor – when he accepts the offer
  • 4. Legal rules as to offerLegal rules as to offer  Is capable of being accepted andIs capable of being accepted and giving rise to legal relationshipgiving rise to legal relationship  Terms of offer must be definite,Terms of offer must be definite, unambiguous, and certainunambiguous, and certain  An offer may be distinguished from-An offer may be distinguished from- (a)(a) Declaration of intention andDeclaration of intention and announcementannouncement (b)(b) An invitation to make an offer or to doAn invitation to make an offer or to do businessbusiness
  • 5.  Offer must be communicatedOffer must be communicated  Must be made with a view of obtainingMust be made with a view of obtaining the accentthe accent  Should not contain a term the non-Should not contain a term the non- compliance of which may be assumedcompliance of which may be assumed to amount to acceptanceto amount to acceptance  A statement of price is not an offerA statement of price is not an offer
  • 6. AcceptanceAcceptance  Is the act of assenting by the offeree to anIs the act of assenting by the offeree to an offer. It is the manifestation by the offereeoffer. It is the manifestation by the offeree of his willingness to be bound by the termsof his willingness to be bound by the terms of the offer.of the offer.  May be express or impliedMay be express or implied
  • 7. Legal rules as to acceptanceLegal rules as to acceptance  Must be absolute and unqualifiedMust be absolute and unqualified  Communicated to the offerorCommunicated to the offeror  Must be according to the modeMust be according to the mode prescribed or usual and reasonableprescribed or usual and reasonable modemode  Must be given with in a reasonable timeMust be given with in a reasonable time  It cannot precede an offerIt cannot precede an offer
  • 8.  Must be given by party or parties to whomMust be given by party or parties to whom the offer is madethe offer is made  It must be given before the offer lapses orIt must be given before the offer lapses or before the offer is withdrawnbefore the offer is withdrawn  It cannot be implied from silenceIt cannot be implied from silence
  • 9. CommunicationCommunication  When communication is complete?When communication is complete? Communication of offer: when it comes toCommunication of offer: when it comes to the knowledge of the person to whom itthe knowledge of the person to whom it is made.is made. Communication of acceptance:Communication of acceptance: As against the proposer when it is put intoAs against the proposer when it is put into a course of transmission to him.a course of transmission to him. As against the acceptor when it comes toAs against the acceptor when it comes to the knowledge of the proposerthe knowledge of the proposer
  • 10. Communication of revocationCommunication of revocation  Is complete as against the person whoIs complete as against the person who makes it - when it is put into a course ofmakes it - when it is put into a course of transmission to the person to whom it istransmission to the person to whom it is mademade  Is complete as against the person toIs complete as against the person to whom it is made – when it comes to hiswhom it is made – when it comes to his knowledgeknowledge
  • 11. Time of revocationTime of revocation Of ProposalOf Proposal May be revoked at any time before theMay be revoked at any time before the communication of acceptance iscommunication of acceptance is complete as against the proposercomplete as against the proposer Of AcceptanceOf Acceptance At any time before the communicationAt any time before the communication of the acceptance is complete asof the acceptance is complete as against the acceptor.against the acceptor.
  • 12. When does an offer come to anWhen does an offer come to an end?end?  RevocationRevocation  Lapse of timeLapse of time  Non- fulfilment of a conditionNon- fulfilment of a condition  By death or insanityBy death or insanity  If counter-offer is madeIf counter-offer is made  Not accepted according to prescribedNot accepted according to prescribed modemode  If the law is changedIf the law is changed

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