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Business Regulatory Framework by Purnakam Dash

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2

Offer and Acceptance

CHAPTER OBJECTIVES

After carefully reading this chapter, you will be able:

  • To understand the meaning of offer and acceptance.
  • To explain the rules regarding offer and acceptance.
  • To distinguish between an express offer and an implied offer.
  • To get a clear idea about, revocation of offer and acceptance.
  • To describe the rules regarding communication of an offer and an acceptance.
MEANING AND DEFINITION OF OFFER

An offer means a proposal made by one party to another to enter into a binding contract. Sec. 2(a) of the contract act has defined an offer as, ‘A person is said to have made a proposal, when he signifies to another his willingness to do or abstain from doing anything, with a view to obtain his assent to such ...

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