A presentation on ‘Offer’ as described

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A presentation on ‘Offer’ as described in The Indian Contract Act, 1872. Presented By : Amit Shukla :

A presentation on ‘Offer’ as described in The Indian Contract Act, 1872. Presented By : Amit Shukla

Some important definitions in the IndianContract act, 1872 :

Some important definitions in the IndianContract act, 1872 PROMISE - According to sec.2(b), when a person made a proposal to another to whom proposal is made, if proposal is assented there to. AGREEMENT – According to sec.2(e), every promise or set of promises forming consideration for each other. Essentials of an Agreement = Lawful Offer + Legal Acceptance. CONTRACT – According to sec.2(h), a contract is defined as an agreement enforceable before the law. “All agreements are contracts but all contracts are not agreements” CONTRACT = AGREEMENT + ENFORCIBILITY BY LAW .

Offer::

Offer: According to Sec.2(a), when a person made a proposal, when he signifies to another his willingness to do or to abstain from doing something. Two parties are involved in an offer: 1) Offeror (One who makes an offer). 2) Offeree (One who accepts the offer). An offer must have an intent to contract: Not just an inquiry. More than negotiation. Must have an objective

Types of Offer : 1)Express offer - When offer is given to another person either in writing or in oral. 2)Implied offer - When offer is given to another person neither in writing nor in oral. 3)Specific offer - When offer is given to a specific person. 4)General offer - When offer is given to entire world at a large.(Carlill Vs. Carbolic smoke ball Co.,) 5)Cross offer - When both the persons are making identical offers to eachother in ignorance of other’s offer. 6)Counter offer - When both the persons are making offers to eachother which are not identical in ignorance of other’s offer. 7)Standing offer - An offer which remains continuously enforceable for a certain period of time. :

Types of Offer : 1)Express offer - When offer is given to another person either in writing or in oral. 2) Implied offer - When offer is given to another person neither in writing nor in oral. 3) Specific offer - When offer is given to a specific person. 4) General offer - When offer is given to entire world at a large.( Carlill Vs. Carbolic smoke ball Co.,) 5)Cross offer - When both the persons are making identical offers to eachother in ignorance of other’s offer. 6) Counter offer - When both the persons are making offers to eachother which are not identical in ignorance of other’s offer. 7) Standing offer - An offer which remains continuously enforceable for a certain period of time.

Essentials of an Offer ::

Essentials of an Offer : An offer must be lawful. An offer is not request for information or invitation to treat. For eg : Advertisements & circulars. 2.The offer must be communicated to the offeree . “‘ overheard’ offer or unintended communication is not an offer”. 3.The offer may be made to one person , a class of persons , or the whole world. 4.The offer must contain enough information ( certainty ) to allow a binding contract to come into existence. All an offer needs is a “yes” to make a contract

Termination of an Offer ::

Termination of an Offer :

PowerPoint Presentation:

Acceptance Once an offer gets accepted by offeree it terminates. Refusal An offeree may refuse an offer. Counter-offer A new proposal or counter offer comes in form of reply by the offeree , if the offeree is not satisfied with one or more terms and makes changes accordingly. A counter offer is different from a request for further information: A counter-offer terminates the original offer. A request for further information leaves the original offer open until withdrawn by the offeror . Death The death of an offeror will obviously, in some circumstances, mean that a contract becomes impossible to complete.

PowerPoint Presentation:

Failure of a precondition If a main term of an offer, which is vital to the contract, is not fulfilled or is substantially altered, then the offer is no longer capable of acceptance. Revocation An offer can be revoked, or withdrawn, by the offeror at any time before it is accepted. This must be communicated to the offeree before acceptance takes place. The offeror has taken the responsibility of starting the negotiations, and cannot simply change his mind. Lapse of time An offer may lapse due to the passing of time. This can occur when: a)      It is stated in the offer that it is open for a specific time b)      No specific time limit is stated in the offer. In this case the offer is open for a ‘reasonable time’.

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