Business Law

2

The Indian Contract Act, 1872: Offer and Acceptance of an Offer

Learning Objectives

After reading this chapter, you will be able to understand:

  • Offer and its essential elements
  • Kind of offer
  • Lapse of offer
  • Acceptance of an offer and its requirements
  • Rule of communication for an offer and acceptance

An offer is the first step in the formation of a contract. An offer is a proposal by one person to another to enter into a contract. The term offer is defined under Section 2(a) as under:

‘When one person signifies to another, his willingness to do or abstain from doing anything with a view to obtaining the assent of the other, to such an act or abstinence, he is said to make a proposal’.

2.1 ESSENTIAL ELEMENTS OF ...

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