What is acceptance in Indian Contract Act?
The Indian Contract Act 1872 defines acceptance in Section 2 (b) as “When the person to whom the proposal has been made signifies his assent thereto, the offer is said to be accepted. Thus the proposal when accepted becomes a promise.”
What is an offer and acceptance in contract?
An offer is a sign of their willingness to agree on certain terms from one person to another. If there is an express or implied agreement, a contract will then be formed. A contract is said to come into being when the acceptance of an offer has been told to the offeror by the offeree.
What is Section 2c of Indian Contract Act?
Promisor and Promisee 2(c): When the proposal is accepted, the person making the proposal is called as promisor and the person accepting the proposal is called as promisee.
What is Section 27 of Indian Contract Act?
Section 27 of Indian Contract Act 1872 : “Agreement in restraint of trade void” 27. Every agreement by which anyone is restrained from exercising a lawful profession, trade or business of any kind, is to that extent void. Saving of agreement not to carry on business of which goodwill is sold.
What is meant by offer?
An offer is a conditional proposal made by a buyer or seller to buy or sell an asset, which becomes legally binding if accepted. An offer is also defined as the act of offering something for sale, or the submission of a bid to buy something.
What are the rules of offer and acceptance?
Accepting an Offer to Form a Valid Contract
- The acceptance must be communicated.
- The offer must be accepted without modifications, otherwise it is a counter-offer.
- Until an offer is accepted it may be revoked.
- Only the person to whom the offer is made can accept.
- Acceptance will be judged by an objective standard.
What are the main rules of offer and acceptance?
What are the legal rules relating to offer and acceptance?
Rules of Acceptance There must be communication of acceptance from the offeree’s side. You can withdraw an offer any time before it’s accepted. Only the person to whom the offer is made can accept it. You are not bound by an acceptance made by someone else on behalf of the offeree without his authorization.
What is Section 3 of Indian Contract Act?
—The communication of proposals, the acceptance of proposals, and the revocation of proposals and acceptances, respectively, are deemed to be made by any act or omission of the party proposing, accepting or revoking, by which he intends to communicate such proposal, acceptance or revocation, or which has the effect of …
What is the law of acceptance of an offer in India?
The Indian Contract Act 1872 defines acceptance in Section 2 (b) as “When the person to whom the proposal is made signifies his assent thereto, the offer is said to be accepted. Thus the proposal when accepted becomes a promise.” An offer can be revoked before it is accepted.
What is Telephonic offer and acceptance under Indian Contract Act 1872?
Telephonic offer and acceptance under the Indian Contract Act, 1872. In this landmark judgement, the Supreme Court of India considered the aspect of telephonic conversation in the making of a contract.
What makes a contract valid under Indian law?
It must be absolute and unqualified Section 7 of the Indian Contract Act, 1872 requires that the acceptance must be absolute and unqualified. Thus, a valid contract arises only if the acceptance is absolute and unconditional.
When is an offer valid under Indian law?
An offer is valid if it is conveyed to the offeree. The communication can either be express or implied. It can be communicated by terms such as word of mouth, messenger, telegram, etc. Section 4 of the Indian Contract Act says that the communication of a proposal is complete when it comes to the awareness of the person to whom it is made.