Definition-of-valid-acceptance - Definition of `Acceptance'...

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Definition of ‘Acceptance’ All contracts are made by the process of a lawful offer by one party and the lawful acceptance of the other by the other party. X says to Y, “Will you buy my house for Rs. 50,000?” This is an offer. If Y says, “Yes”, the offer is accepted and contract is formed. Proposal An “offer “involves the making of a “proposal”. The term proposal is defined in the Contract Act as follows: “when one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal” Offer A proposal is also called an offer. The promisor or the person making the offer is called the offeror. The person to whom the offer is made is called the offeree. Promise and Acceptance “When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal when accepted becomes a promise.” Acceptance Who can accept? An offer can be accepted only by the person or persons for whom the offer is intended. An offer made to a particular person can only be accepted by him be cause his is the only person intended to accept. An offer made to a class of persons can be accepted by any member of that class. An offer made to the world at large can be accepted by ny person whatsoever. X sold his business to Y without disclosing the fact to his customers. Z sent an order for goods to
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This note was uploaded on 07/07/2011 for the course INT 335 taught by Professor Fici during the Spring '11 term at Southern New Hampshire University.

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Definition-of-valid-acceptance - Definition of `Acceptance'...

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