Offer , Acceptance And Revocation Flashcards
Define offer ?
A person makes an offer when he shows his willingness to do or not to do something, to obtain the consent of other person .
Define OFFEROR and OFFEREE ?
The person making the offer is called OFFEROR.
The person to whom offer is made is called OFFEREE .
Define Acceptance?
When the offeree shows his consent to offer , it is called Acceptance.
A proposal when accepted, becomes promise.
Define PROMISOR and PROMISEE ?
After acceptance , Offeror is called PROMISOR and Offeree is called PROMISEE .
Define Agreement ?
Promises forming consideration for each other, is called Agreement.
What is contract ?
Contract is an agreement which is enforceable by law.
Every contract is an agreement but every agreement is not contract.
Define Enforceability by law ?
A contract becomes enforceable by law when it creates legal obligations for parties.
Commercial or business agreement always create legal obligations . While Social , domestic or religious agreements don’t have intentions to create legal obligations ( unless agreed by parties )
What are the types of offer ?
1: Specific offer
2: General offer
3: Counter offer
What is Specific Offer?
An specific offer is an offer when it is made to a definite persons ( or persons ) . Such offer is accepted only by the specific person ( or persons ) to whom it is made .
What is General Offer ?
An offer is general when it is made to the world at large or public in general. Any person can accept such offer by acting on conditions of the offer.
What is Counter Offer ?
An offer made by the other party in response to a previous offer. Counter Offer cancels the original offer.
What are the essentials of an offer?
Following are the essentials of an offer
1: Two Persons
2: Intentions to create legal obligations
3: Certain and Definite
4: Offer must be communicated
5: Conditional offer
6: An invitation to offer is not an offer.
Write any four examples of An Invitation To Offer Isn’t an Offer?
1: An advertisment for sale of goods by auction
2: Display of goods with price tags in departmental stores
3: Circulation of information ( e.g price list of items )
4: A notice that good will be sold/purchased by tender.
List down the manners of Revocation/Lapse of an Offer ?
1: Rejection by offeree
2: Non fulfilment of conditions
3: Passing of stipulated or reasonable time
4: Death or Insanity of either party before acceptance
5: Counter offer
6: Subsequent illegality or destruction of subject matter
7: Rejection by offeror.
What are the essentials of Acceptance?
Following are the essentials of Acceptance
1: Acceptance must be absolute and unconditional
2: must be within stipulated or reasonable time
3: must be within stipulated or reasonable manner
4: must be given only by the person to whom it is made
5: Acceptance can’t precede an offer
6: Rejected offer can’t be accepted unless renewed
7: must not be in negative confirmation
8: Acceptance of Consideration or Performance of a condition
9: Acceptance must be communicated
