Offer And Acceptance In Contract Law Cases In Franklin
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The rules of contracts by post (postal rules) include the following: An offer made by post/letter is not effective until received by the offeree. Acceptance is effective as soon as it is posted. For revocation to be effective, it must be received by the offeree before they post their letter of acceptance.
A contract is an agreement between parties , creating mutual obligations that are enforceable by law . The basic elements required for the agreement to be a legally enforceable contract are: mutual assent , expressed by a valid offer and acceptance ; adequate consideration ; capacity ; and legality .
Unconditional Agreement: Acceptance must mirror the offer exactly, without any changes. Communication: Must be effectively communicated to the offeror, either orally, in writing, or through action. Intent: Parties must genuinely intend to accept and be bound by the offer.
It explains that an offer is an indication of one party's willingness to enter into a contract with the party to whom it is addressed as soon as the latter accepts its terms while an acceptance is an agreement to the terms of the offer.
The offeror, or person making the offer, must have the intention to be bound by what they are offering. The offeree, or person receiving the offer, must know about the offer and accept it for it to be accepted. This type of contract is only valid if a mutual agreement between both parties is involved.
Requirements for a valid Offer: The offer must be FIRM. Must be made with animo contrahendi – the intention that its acceptance will. call into being a binding contract. The offer must be complete. All the material terms should be set out in the offer. The offer must be clear and certain.
1) An offer must be clear enough to identify the nature of the goods or services being offered. 2) The offeree has to accept the offer within a reasonable period. 3) The offeree must not have agreed to any other agreements that would conflict with this agreement.
In Short. A valid offer must be clear, communicated and made with the intention of creating legal relations. Acceptance must be unconditional, timely and communicated. Duress, capacity and mutual conduct can affect contract validity. Silence may count as acceptance in specific situations.
An Offer is an expression of willingness to contract on certain terms. It is made with the intention that it will become binding, once it has been accepted. Offers can be specific or general. Specific offers are made to individuals or groups of people and the offer can only be accepted by that group.
Say for example A offers to buy B's car for rupees two lacs and B accepts such an offer. Now, this has become a promise. When the proposal is accepted and it becomes a proposal it also becomes irrevocable. An offer does not create any legal obligations, but after the offer is accepted it becomes a promise.