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Contract offer and accpetance
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Contract offer and accpetance

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For Commercial Law Students

For Commercial Law Students

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Contract offer and accpetance Presentation Transcript

  • 1. OFFER ANDACCPETANCE
  • 2. Offer and Acceptance An agreement arises when one party makes an offerand the other party accepts it. When a person shows his willingness to do or not todo something to obtain the consent of other person ,it is considered a proposal. OFFER/PROPOSAL
  • 3. Parties of the contractOfferor/Promisor:The person making the offer.Offeree/Promisee /Acceptor.The person to whom the offer is made is calledthe offeree.The person accepting the offer calledpromisee or acceptor.
  • 4. Essentials of a Valid Offer1. An offer which is made by words spokenor written.An Offer appears from the actions, Conductof parties or circumstance of the case.
  • 5. It must create Legal Relations. Parties intend to create legal relationsbetween the parties.
  • 6. It May be specific or General Offer made to a specific person. A general offer is one which is made to publicin general. Can be accepted by any one.
  • 7. It must be definite and clear Terms of offer must be clear. Not definite and clear , cannot be called validoffer.
  • 8. It must be communicated Legally Effective only when it iscommunicated to the offeree. Brought to the knowledge/notice of offeree.It must not contain any negative condition.
  • 9. It is different from Invitation tooffer. In invitation to offer ,the person makinginvitation does not make an offer but onlyinvites the other party to make an offer. A mere declaration of intention and not to aproposal. Prospectus issued by the University. Prospectus issued by the Company. Invitation to Bid, Price Tag display, catalogue.
  • 10. REVOCATION OF OFFER.(Sec-6) Notice of Revocation: Notice of revocation Before acceptance. Lapse of Time. Terminate, when specified time is expired. Lapse of Reasonable time, depends uponthe circumstance of each case.
  • 11.  Failure to fulfill condition. Fails to fulfill the Condition mention it. Death or Insanity of the Offeror. Before acceptance, comes to knowledge ofacceptor. Revocation of offer by offeree. Offeree rejects the offer Communicate the rejection to the, offeror.(Period not Expire)
  • 12.  Subsequent illegality. Become illegal due to change of law before itsacceptance. Destruction of Subject matter. Subject matter of offer destroys before theacceptance.
  • 13. Acceptance The person to whom the proposal is made Signifies his assent.
  • 14. Essentials of Valid Acceptance It must be given by the Offeree. It must be Absolute and Unconditional It must be in Prescribed Manner It must be Communicated to the offerror.
  • 15.  It may be Express or Implied It must Follow the offer It must be given within reasonable time.
  • 16. Conclusion Offer and acceptance are the two basicelements which comprise an agreement. Offer has no legal consequence or valueunless it is accepted. Formation of an agreement becomescomplete on the acceptance of offer.