LAB - Assignment -2019.docx - TERM \u2013 3 ASSIGNMENT LEGAL ASPECTS OF BUSINESS(LAB CODE \u2013 MGT 412 Submitted To Prof Mohanasundaram K Submitted By

LAB - Assignment -2019.docx - TERM – 3 ASSIGNMENT LEGAL...

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TERM – 3 - ASSIGNMENT LEGAL ASPECTS OF BUSINESS (LAB) CODE – MGT 412 Submitted To : Prof. Mohanasundaram K. Submitted By : Buddhadev Bhat S G Reg No. 190101611081 Date of Submission : 03 August 2019
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What is an “offer”? When is it complete? State the rules of a valid offer. In order to create a valid contract, one party must make an offer, another party must accept the offer, and consideration must be exchanged. The one who makes the offer is known as the “offerer,” while the person who receives the offer is called the “offeree.” Although you can make an offer with just a single-sentence verbal statement, you and the other party will generally benefit from a detailed written description of the offer and its terms. 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 demonstration of your willingness to enter into an agreement and an invitation to the other party to conclude the agreement by expressing assent. Determining whether a party has actually made an offer is a common challenge in a contract case. As a rule of thumb, the offer must be definite and reasonable enough for the receiving party to believe that it is indeed an offer. If your offer includes terms such as quantity, price, quality, and place and time of delivery, the court may find that you have indeed made an offer. A simple price quote is generally not regarded as an offer. While an advertisement may be considered an invitation to an offer, it is not an actual offer. However, if an advertisement promises to give out an award, it may constitute an offer. A verbal offer is not enforceable against the offerer for contracts involving real estate, the sale of goods worth $500 or more, or transactions that require more than a year to complete. Such contracts must be written in order to be enforceable. Essentials of a Valid Offer There are two types of offer: general offer and specific offer. A general offer is made to a group of people, while a specific offer is specifically made to one person. In order for an offer to be considered valid, it must meet the following requirements: 1. Offer may be express or implied: An offer may be express or may be implied from the conduct of the parties or circumstances of the case. Express Offer: An express offer is made by words spoken or written. Examples: A says to B, “Will you purchase may car for Rs. 15,000? It is an oral offer. A, through a letter asks B to buy his car for Rs. 15,000. It is a written offer. Implied Offer : An implied offer is not made by words spoken or written. It is implied from the conduct of the parties or from the circumstances. Example: Public Transport, like, Railways. DTC in Delhi or MEST in Mumbai offer to carry passengers for a certain fare on a particular route.
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