Offer and Acceptance

In: Social Issues

Submitted By rdbajwa
Words 3140
Pages 13

OFFER When one party expresses interest to buy or sell an asset from another party. The offering price is often the highest the buyer will pay to purchase an asset, and the lowest that the seller will accept. The person that makes offer is called "offeror or promiser".The person to whom offer is made is called "offeree". Offer can also be called a "Proposal".
1) Ali offers to sell his watch to Ashraf , here Ali is making an offer to Ashraf. 2) When purchasing a house, prospective buyers will make an offer to the seller, and will often list the highest price he or she is willing to pay. However, if another prospective buyer enters the scene and a bidding war ensues, each buyer will continue to bid until his or her maximum price level is attained
OFFER and its types :
Express Offer: An offer may be made by express words, spoken or written. Suchan offer is known as an express offer.
Implied Offer: An offer may also be implied from the conduct of the parties or thecircumstances of the case. This is known as implied offer.For example, An offer by the Transport Co. to carry passengers for a certain fare.
Specific Offer: When an offer is made to a definite person, it is called specific offer.
General Offer: When an offer is made to the world at large, it is called as generaloffer.

A mere making of an offer does not become a contract. Ordinarily it is theacceptance of the offer and intimation of that acceptance which results in a contract.
Breif Introduction Of "OFFER"
Offer is an important element of "Contract"
Whether two parties have an agreement or a valid offer is an issue which is determined by the court using the Objective test (Smith v. Hughes). Therefore the "intention" referred to in the…...

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