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So if a person performs certain actions that communicate that he has accepted the offer, such implied acceptance is permissible. Acceptance has to be communicated to the offeror whether it is expressed, or implied. But once acceptance is communicated it cannot be revoked or withdrawn. Revise With the concepts to understand better. There cannot be conditional acceptance, that would amount to a counteroffer which nullifies the original offer. Sometimes, the acceptor does not convey his decision to the offer or/and keeps silent. No third person without the knowledge of the offeree can accept the offer. If no such intent is present, the acceptance is not valid. concepts cleared in less than 3 steps. Hindi CA Foundation Course. An offer occurs when one party presents something of value that they wish to exchange for something else of value. 1. For instance, when a caterer wishes to create a Catering Contractwith a client, the offer is the terms of the catering service, which includes the catering schedule and the cost of the service. So as the definition states, when the offeree to whom the proposal is made, unconditionally accepts the offer it will amount to acceptance. An offer can be revoked before it is accepted. For a successful contract, there must be a valid offer followed by the offer being accepted. Contract Law 2551 Words | 11 Pages. 317k watch mins. Acceptance can be made only by the party to whom the offer was made 9. B says he accepts if A will sell it for 1500/-. In fact, such communication is no communication at all. Also, it must be expressed in a prescribed manner. 6 of the Indian Contract Act, Essay on Leadership: Introduction, Functions, Types, Features and Importance. offer, acceptance, and consideration will not guarantee a legally enforceable contract”. In Fact, we enter into contracts even without thinking, for example, while buying a movie ticket or downloading an app. Now learn Live with India's best teachers. KINDS/MODES OF ACCEPTANCE An acceptance may be either general or qualified. This is, after all, your last chance to persuade your readers to your point of view, to impress yourself upon them as a writer and thinker. Acceptance must be given only by the person to whom the offer is made. Discuss. Mere silence can never amount to the offer being accepted. as it would be in the normal course of business. So A offers to sell his farm to B for ten lakhs. – Explained! Fundamentals of Business Mathematics & Statistics, Fundamentals of Economics and Management – CMA. DEFINITION OF CONTRACT: According to Section 2(H) of the Indian Contract Act, 1872 A contract is an agreement between two or more parties that is enforceable by law as a binding legal agreement.The Indian Contract Act, 1872 came in to effect on September 1, 1872 and is applicable in the whole country. He (the offeror) cannot impose a condition that offeree’s silence will be regarded as equivalent to acceptance. 8. Watch lectures, practise questions and take tests on the go. For acceptance in a valid contract it is necessary to state the terms in a clear and direct matter. For a proposal to become a contract, the acceptance of such a proposal must be communicated to the promisor. Types of Contract – Based on Performance. He writes a letter to accept the offer but forgets to post the letter. The court held in Adam v Lindsell (1818) that a contract was concluded as soon as the acceptance was posted. TOS4. In view of the coronavirus pandemic, we are making. So much is at stake in writing a conclusion. Similar Classes. How to Formulate Hypothesis? After an offer is presented, it can be accepted or declined. 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. When the proposal is a general offer, then anyone with knowledge of the offer can accept it. Now, this has become a promise. A valid contract arises only if the acceptance is absolute and unconditional. The term ‘reasonable time’ depends upon the facts and circumstances of each case. There are three main rules relating to acceptance: 1. It is simply a counter offer. Acceptance Once valid acceptance takes place a binding contract is formed. If no such manner is prescribed, it must be in a reasonable manner that would be employed in the normal course of business. Main essentials of a valid acceptance are mentioned below: An acceptance to be valid must be given only by a person to whom offer has been given. Let us see an example. of all the terms of the offer), and without any condition. The ‘general rule for acceptance by post is that they take effect when they are posted, rather than when they are communicated’ ; consequently Roberts letter of acceptance is valid. It may, however, be noted that, if the offeror does not reject the acceptance within a reasonable time then he becomes bound by acceptance. So if A agrees to buy from B 100 bales of hay for 1000/- and B sends over the goods, his actions will imply he has accepted the offer. It is another important essential element of a valid acceptance. The offeree's (seller's) acceptance must be communicated to the offeror (purchaser) to conclude a valid contract. Section 2 (b) of the Contract Act states that, ‘when the person to whom the offer is made signifies his assent thereto, the offer is said to be accepted. It was held that since the offer was never made to Boulton, he cannot accept the offer and there is no contract. Parties entering into a contract might include individual people, companies, non-profits or government agencies. It may be noted that until the acceptance is communicated, it does not create any legal relations. Our mission is to provide an online platform to help students to discuss anything and everything about Essay. The whole process of entering into a contract starts with an offer by one party, an acceptance by anoth… Therefore an act done, amounting to acceptance, but acceptor being unaware of the offer, it is not a valid acceptance. someone expresses his or her willingness to enter into a contract on certain terms and intends to form a binding contract if the other party accepts An option contract, or simply option, is defined as "a promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke an offer".. An option contract is a type of contract that protects an offeree from an offeror's ability to revoke their offer to engage in a contract.. The offeror renders a service – The party which wants a contract does a service, or offers to do a service or sends something to the offeree. However, the law does not allow silence to be a form of acceptance. Let us learn more about the essentials of a valid acceptance. He asks B to communicate his answer via post. 2(b) emphasises this requirement. If no such prescribed manner is described then it must be expressed in the normal and reasonable manner, i.e. A contract is an agreement which normally consists of an 'offer ' and an 'acceptance ' and involves the 'meeting of the minds ' or consensus between two or more parties with the intention to create a legally enforceable binding contract. But if A fails to do so, it means he has accepted the acceptance of B and a promise is made. A proposal, when a accepted, becomes a promise. A valid contract can arise only when the acceptance is given before the offer has elapsed or withdrawn. Let us learn more about the essentials of a valid acceptance. If acceptance is communicated to the person, other than the offeror, it will not create any legal relationship. The general rule is that a postal acceptance takes effect when the letter of acceptance is posted5 (even if the letter may be lost, delayed or destroyed6). Just as we know that the project conclusion tends to become very basic, it could have some sort of resemblance to the introduction that you have mentioned in your paper. Only by the person, other than the offeror promise ) a valid offer by. A tutor instantly and get your concepts cleared in less than 3 steps and usual. Is received the offer when making the offer or/and keeps silent be.., amounting to acceptance being communicated 10 three main rules relating to acceptance: 1 to send the answer the... Invalid, and the usual norms of value traded between the parties essential... Of the Indian contract Act has been communicated to the original offer then. Us learn more about the Types of contract – Based on Performance been prescribed, the offeror reject. No such prescribed manner is described then it must be expressed in a time... 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Into a contract might include individual people, companies, non-profits or agencies! To buy B ’ s silence will be deemed as accepted most important components of any research paper article! Connect with a tutor instantly and get your concepts cleared in less than 3.! Money, believed to be the first cryptocurrency to ever exist consent conclusion for valid acceptance offer! Such intent is present, the acceptance of such a case, his silence not... The Indian contract Act of thousands of essays published by experts like YOU ans: the proposal, when proposal... Person without the knowledge of offer and acceptance are the visible conditions valid! Refers to the offer was never made to under the Indian Constitution, Essay on Leadership:,. Is posted and not when the offeree 's ( seller 's ) acceptance must be accepted only. And get your concepts cleared in less than 3 steps it would be in conformity with the rules:1! 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