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An offer, when accepted, becomes a/an
a)promise
b)
a)promise
b)
co
ntract
c)acceptance
d)agreement
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
An offer, when accepted, becomes a/ana)promiseb)contractc)acceptanced)...
A proposal, when accepted, becomes a promise. Offer is an open invitation by the promisor for the acceptance of the terms and conditions of the undertaking, which when accepted by the promisee becomes binding on both parties and the proposal becomes a promise.
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Most Upvoted Answer
An offer, when accepted, becomes a/ana)promiseb)contractc)acceptanced)...
Explanation:
When one party makes an offer to another party, and the second party agrees to the terms of the offer, it becomes a promise. The second party may now be legally obligated to fulfill their promise, depending on the circumstances surrounding the agreement. However, a promise is not yet a binding contract. Both parties must exchange consideration, or something of value, in order for the agreement to become a binding contract.
To summarize:
- An offer is a proposal made by one party to another.
- When the second party agrees to the terms of the offer, it becomes a promise.
- A promise is not yet a binding contract.
- Both parties must exchange consideration in order for the agreement to become a binding contract.
When one party makes an offer to another party, and the second party agrees to the terms of the offer, it becomes a promise. The second party may now be legally obligated to fulfill their promise, depending on the circumstances surrounding the agreement. However, a promise is not yet a binding contract. Both parties must exchange consideration, or something of value, in order for the agreement to become a binding contract.
To summarize:
- An offer is a proposal made by one party to another.
- When the second party agrees to the terms of the offer, it becomes a promise.
- A promise is not yet a binding contract.
- Both parties must exchange consideration in order for the agreement to become a binding contract.
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Community Answer
An offer, when accepted, becomes a/ana)promiseb)contractc)acceptanced)...
Yes, we know that offer+acceptance=agreement and when this agreement is enforced by law then it becomes a contact
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An offer, when accepted, becomes a/ana)promiseb)contractc)acceptanced)agreementCorrect answer is option 'A'. Can you explain this answer?
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An offer, when accepted, becomes a/ana)promiseb)contractc)acceptanced)agreementCorrect answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about An offer, when accepted, becomes a/ana)promiseb)contractc)acceptanced)agreementCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for An offer, when accepted, becomes a/ana)promiseb)contractc)acceptanced)agreementCorrect answer is option 'A'. Can you explain this answer?.
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