We have detail information of Offer Acceptance and Their Rules. All terms are topic are discuss in details.
Offer Acceptance and Their Rules
Following are the brief discussion of the topic.
An offer is an expression if willingness to enter into a legally binding contract in the terms manifested by the offeror at the acceptance of the offeree.
According to the Section 2 (b) of the contract Act, 2056.
” Offer means as offer proposed by one person to another person to do or abstaining from doing something with the intention of obtaining the asets of theta offer.”
Meaning of Offeror:
” An offeror is the person or party who makes an offer to another person or party, called the offeree, to enter into a contract.”
Meaning of Offeree
” An offeree is the person or party to whom an offer is made by another person or party, called the offeror, to enter into a contract. The offeree has the power to accept or reject the offer.”
Rules Regarding Offer
Following are the rules regarding offer
1. An offer must be one capable of creating legal relations.
2. The terms of an offer must be define and certain.
3. An invitation to make an offer is not an offer.
4. Providing information us not an offer.
5. Offer may be general or specific.
6. Every offer must be communicated.
7. offer must be made with a view to obtaining the assets.
8. Offer can be made with terms limiting or excluding liability of the offer.
Acceptance refers to the act of agreeing to the terms of an offer made by another party, resulting in the formation of a binding contract. It is one of the essential elements of a contract. A proposal when accepted becomes a promise.
Section 2 (c) of the Contract Act, 2056
Acceptance is an assent given by th eofferee in the same sense as the offeror has intended.
Rules Regarding Acceptance
Following are the rules regarding Acceptance
1. The acceptance must be absolute and must correspond with the terms of offer.
2. Acceptance must be communicated to the offeror in general.
3. It must be according to the mode prescribed or usual and reasonable mode.
4. Offeree must have knowledge of offer.
5. Acceptance must be given within a reasonable time.
6. Acceptance can’t be implied from silence or inaction.
7. Acceptance must given by the offeree only.
8. Acceptance nust be given before the offer losses or terminates.
Hence, these are the detail information of Offer Acceptance and Their Rules.
Example of Valid Offer and Acceptance
” Ram offers to sell his car to Hari for Rs. 500,000. He sends Hari an email stating the offer and the details of the car. Hari responds by email that he accepts the offer. This exchange of emails constitutes a valid offer and acceptance, creating a legally binding contract between Ram and Hari. In this example, Ram is the offeror who makes the offer to sell his car to Hari for Rs. 500,000. Hari is the offeree who accepts the offer. The essential elements of a valid contract are present, including offer, acceptance, consideration, legal capacity, and intention to create a legal relationship.”
Other Important Links:
a. Meaning of Contract Law: CLICK HERE
b. Elements of Valid Contract: CLICK HERE
c. BBS 3rd Year Business Law Notes: CLICK HERE
d. BBS third Year all subject Notes: CLICK HERE
Frequently Asked Questions:
a. What is offer?
= An offer is an expression if willingness to enter into a legally binding contract in the terms manifested by the offeror at the acceptance of the offeree.
b. What is acceptance ?
=Acceptance refers to the act of agreeing to the terms of an offer made by another party, resulting in the formation of a binding contract.