Understanding Offers and Acceptance in Contract Law
Exploring the fundamental concepts of offers and acceptance in contract law, this content dives into various types of offers, legal rules surrounding offers, and the significance of acceptance in forming a binding agreement. From express and implied offers to specific and standing offers, learn about the nuances that define these crucial elements in contractual agreements.
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Presentation Transcript
E.CHANDRA NAIDU Lecturer in Commerce
OFFER According to Sec.2(a), According to Sec.2(a), when a person made a when a person made a proposal, when he proposal, when he signifies to another his signifies to another his willingness to do or to willingness to do or to abstain from doing abstain from doing something. something.
TYPES OF OFFER Express offer Implied offer Specific offer General offer Cross offer Counter offer Standing offer
Express Express offer another person either in writing or in oral. Implied Implied offer offer - -When offer is given to another person neither in writingnor in oral. Specific Specific offer offer - -When offer is given to a specific person. General General offer offer - -When offer is given to entire world at a large.(Carlill Vs. Carbolic smoke ball Co.,) offer - -When offer is given to
Cross Cross offer making identical offers to eachother in ignorance of other s offer. Counter Counter offer offer - -When both the persons are making offers to eachother which are not identical in ignorance of other s offer. Standing Standing offer offer - -An offer which remains continuously enforceable for a certain period of time. offer - -When both the persons are
LEGAL RULES FOR OFFER LEGAL RULES FOR OFFER Offer must be given with an intention to create a legal relationship.(Balfour Vs. Balfour) Offer Portington repairing house modern style) must be definite.(Taylor Vs. There is a clear cut difference between offer, invitation to offer, invitation to sale. (Harris Vs. Nickerson bidding time but no bidding)
Offer must be communicated. (Fitch Vs. Snedkar lost sun servant found can not claim) Mere statement of price is not an offer.(Harvey Vs. Facey 3 tele gram 1- pen 9oo 2- yes 3 no reply)
ACCEPTANCE According to sec.2(b), when a person made a proposal to another to whom proposal is made, if proposal is assented there to, it is called acceptance.
LEGAL RULES FOR ACCEPTANCE LEGAL RULES FOR ACCEPTANCE Acceptance must be given as per the mode prescribed by the offerer. Acceptance must be given before the lapse of time or within reasonable time. Acceptance must be unconditional. Acceptance may be given by any person in case of general offer.
Acceptance may be given by any specific person in case of specific offer. Acceptance (Bordgon Vs. Metropolitan Rly. Co.) must be communicated. Mental acceptance is no acceptance or acceptance must not be derived from silence. Acceptance must not be precedent to offer.
