An offer refers to a promise that one party makes in exchange for another party’s performance . In other words, it is an invitation to enter into a contract on certain terms. It can be expressed in many different ways, from a short and simple oral statement to a long and detailed written statement.
Which of the following is an offer?
Answer: The definition of an offer is an act of putting something forth for consideration, acceptance or rejection or something suggested or proposed . An example of offer is the act of putting in a bid on a house. An example of offer is the suggested sum of $30 per hour for tutoring.
Which of the following are types of offer?
- Express offer.
- Implied offer.
- General offer.
- Specific Offer.
- Cross Offer.
- Counter Offer.
- Standing Offer.
What are the 3 elements of an offer?
- (1) The offer must be Communicated.
- (2)Terms of the offer must be clear and definite.
- (3)Must create a legal relationship.
- (1) Must be unconditional and absolute.
- (2) Must be expressed in some usual and reasonable manner.
What is a general offer?
A general offer is one that is made to the public at large . It is not made any specified parties. So any member of the public can accept the offer and be entitled to the rewards/consideration.
What is an offer explain its types?
Implied Offer : – It is an offer conveyed through acting or signs. But if a party observes a silence over the offer then that offer cannot be valid. (iii). Specific Offer: -It is the offer made to a specific person or group of persons and can be accepted by the same, not anyone else.
Which of the following is an offer in law?
An offer refers to a promise that is dependent on a certain act, promise, or forbearance given in exchange for the initial promise . It is a demonstration of your willingness to enter into an agreement and an invitation to the other party to conclude the agreement by expressing assent.
Which of the following is an offer in business law?
An offer in business law is an express proposal to enter into a contract with another person . For an offer to be legally valid, it must meet several qualifications. An offer and acceptance of that offer are the building blocks of a contract.
Which of the following is considered as invitation to offer?
An invitation to offer means an intention of a person to invite other with a view to enter into an agreement .
How can classify the offer explain with suitable example?
It can be accepted by that individuals or that group of individual . Example : Sandhya offer to buy a car from Sona for Rs. 10 lakh. Thus, a specific offer is made to a specific person , and only Sona can accept the offer.
What must an offer include?
Elements of an offer include the offer and acceptance . All parties must be competent when it comes to giving and accepting the offer. The information discussed must be lawful and be rooted in mutuality of agreement and obligation. An offer entails a promise that’s conditional upon certain conditions.
What are the 4 items an offer should contain?
- The parties involved in the contract.
- The goods or services that will be the subject matter of the contract.
- The price the offeror is willing to pay to receive.
- The time required for the performance of the contract.
Who can make offer?
To form a contract, there must be an offer by one party, an acceptance by another party, and an exchange of consideration (something of value). The person who proposes the terms of an agreement makes an offer, and is called an “offeror” in contract law.
What meant by offer?
An offer is a conditional proposal made by a buyer or seller to buy or sell an asset, which becomes legally binding if accepted . An offer is also defined as the act of offering something for sale, or the submission of a bid to buy something.
