for student

2.  Business
 Law
 Contract
 Revocation of Offer

3. Presented By;
Aqib Rehman
Muhammad Ahmed
Behram Alam

4. Business
“Any legal or lawful activity
which is done for the purpose of
earning profit”

5. Law
“Any rules and regulations which
are adopted by people to preform
its function if these rules are
broken then sanctions are to be
imposed”

6. Contract
“An agreement enforceable by law is
contract”
For Example:
Ahmed promises to sell his plot to Behram
for Rs. 5 Lac. It is a legal agreement
because it creates legal obligations and is
enforceable at law.
All contracts are agreement
But
All agreements are not contracts.

7. Schematic View
7
Offer/Proposal Offer/Proposal PPrroommiissee AAggrreeeemmeenntt CCoonnttrraacctt

8. Revocation of Offer

9. Notice of Revocation
Ahmed, at an auction gives the
highest bid to buy goods of
Behram. He withdraws the bid
before the fall of hammer. The
offer is revoked.

10. Lapse of Time
Ahmed offered to buy shares of a
company Behram, on 2nd Jul.
Behram allotted shares to Ahmed
on 22nd Nov. Ahmed refused to
accept them. Held, that the offer
had lapsed, by delay in accepting.

11. Failure to Fulfill Condition
Aqib agrees to sell her car to Behram
for Rs. 3 Lac, if Behram gets
admission in Business Law College.
Behram fails to get admission.
The offer is revoked.

12. Death or Insanity of Offeror
X requested to Y, to give credit to Z
and guaranteed payment up to Rs. 1
Lac. X died and Y, in ignorance of this
fact, continued to give credit to Z. Y
sued X legal representatives on the
guarantee. Held, that the legal
representatives were liable.

13. Revocation of offer by Offeree
Aqib offers to sell his cycle to
Behram and keeps the offer open
for ten days. Behram refuses after
three days. It terminates even
though the period for acceptance of
offer has not yet expired.

14. Counter offer by Offeree
Aqib offers to sell her house to
Behram for Rs. 5 Lac. Behram
counter offers Rs. 4 Lac. Later, even if
Behram is ready to pay Rs. 5 Lac.
The offer is terminated.

15. Death or Insanity of Offeree
Aqib offers to sell his house to
Nouman. Nouman dies before
acceptance.
The offer terminates.

16. Subsequent Illegality
A offers to sell 10 bags of wheat to
B for Rs. 1000. Before acceptance,
a law bans the sale of rice.
The offer terminates

17. Destruction of Subject Matter
Shahab offers to sell her Dog to
Ahmed. The cat dies before the
acceptance of offer by Ahmed.
The offer terminates.

18. Prescribed Manner
Ahmed offers to sell his Car to
Aqib. Ahmed requests Aqib to give
acceptance by telephone. Aqib
sends acceptance by letter.
The offer terminates.