Define the term offer. Also explain the essentials of a valid offer.
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 sign of their willingness to agree on certain terms from one person to another.
A offer called valid offer when offeror's offer's intention should be to create a legal relationship.
Essentials of a valid offer:
1.Intention to create legal relationship 2.Offer must be communicated 3.Offer must be distinguished from Invitation to offer 4.Offer may be conditional
Explanation:
Intention to create legal relationship: The intention offeror should be to create a legal relationship. Once the acceptor accepts the offer, such acceptance will become a promise which is the foundation of an agreement.
Offer must be communicated: The definition offer says that a valid offer must be communicated to the other person. Infact the process of making the offer gets completed only on its communication to the other parsons or party.
Offer must be distinguished from Invitation to offer: A person may ask for some information or may supply some information and then invite the others to make an offer. As a example, Display of goods for sale in shop window.
Offer may be conditional: An offer can be made conditional by attaching their a condition. The acceptor has to fulfil the conditions of the offeror for accepting the same.
A offer called valid offer when offeror's offer's intention should be to create a legal relationship.
Essentials of a valid offer:
1.Intention to create legal relationship 2.Offer must be communicated 3.Offer must be distinguished from Invitation to offer 4.Offer may be conditional
Explanation:
Intention to create legal relationship: The intention offeror should be to create a legal relationship. Once the acceptor accepts the offer, such acceptance will become a promise which is the foundation of an agreement.
Offer must be communicated: The definition offer says that a valid offer must be communicated to the other person. Infact the process of making the offer gets completed only on its communication to the other parsons or party.
Offer must be distinguished from Invitation to offer: A person may ask for some information or may supply some information and then invite the others to make an offer. As a example, Display of goods for sale in shop window.
Offer may be conditional: An offer can be made conditional by attaching their a condition. The acceptor has to fulfil the conditions of the offeror for accepting the same.