CA Foundation Exam > CA Foundation Questions > On the acceptance of an offer by a offeree,a)...
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On the acceptance of an offer by a offeree,
- a)Only the acceptor becomes bound by accepting the offer.
- b)Only the offeror becomes bound as his terms are accepted.
- c)Both the acceptor and offeree becomes bound by the contract.
- d)None of these.
Correct answer is option 'C'. Can you explain this answer?
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On the acceptance of an offer by a offeree,a)Only the acceptor becomes...
Acceptance of an offer
Acceptance is a crucial element in the formation of a contract. It occurs when the offeree agrees to the terms of the offer made by the offeror. Upon acceptance, a legally binding contract is formed between the parties involved. In the given scenario, the correct answer is option 'C', which means that both the acceptor and the offeree become bound by the contract.
Explanation:
1. The acceptor becomes bound by accepting the offer
When the offeree accepts the offer, they become the acceptor. By accepting the offer, the acceptor agrees to be bound by the terms and conditions stated in the offer. Acceptance signifies the offeree's willingness to enter into a contract, and once accepted, the acceptor is legally obligated to fulfill their obligations as outlined in the contract.
2. The offeror becomes bound as his terms are accepted
The offeror is the party who makes the offer to the offeree. When the offeree accepts the offer, it means that they have agreed to the terms proposed by the offeror. Acceptance of the offer by the offeree indicates that the offeror's terms have been accepted, and therefore, the offeror becomes bound by the terms of the contract as well.
3. Both the acceptor and offeree become bound by the contract
Option 'C' states that both the acceptor and the offeree become bound by the contract upon acceptance. This is the correct answer because acceptance by the offeree creates a legally binding agreement between both parties. Both the acceptor and the offeree have rights and responsibilities outlined in the contract, and they are obligated to fulfill the terms and conditions set forth in the agreement.
In conclusion, upon acceptance of an offer, both the acceptor and the offeree become bound by the contract. It is important for both parties to fully understand the terms of the offer and the implications of acceptance before entering into a legally binding agreement.
Acceptance is a crucial element in the formation of a contract. It occurs when the offeree agrees to the terms of the offer made by the offeror. Upon acceptance, a legally binding contract is formed between the parties involved. In the given scenario, the correct answer is option 'C', which means that both the acceptor and the offeree become bound by the contract.
Explanation:
1. The acceptor becomes bound by accepting the offer
When the offeree accepts the offer, they become the acceptor. By accepting the offer, the acceptor agrees to be bound by the terms and conditions stated in the offer. Acceptance signifies the offeree's willingness to enter into a contract, and once accepted, the acceptor is legally obligated to fulfill their obligations as outlined in the contract.
2. The offeror becomes bound as his terms are accepted
The offeror is the party who makes the offer to the offeree. When the offeree accepts the offer, it means that they have agreed to the terms proposed by the offeror. Acceptance of the offer by the offeree indicates that the offeror's terms have been accepted, and therefore, the offeror becomes bound by the terms of the contract as well.
3. Both the acceptor and offeree become bound by the contract
Option 'C' states that both the acceptor and the offeree become bound by the contract upon acceptance. This is the correct answer because acceptance by the offeree creates a legally binding agreement between both parties. Both the acceptor and the offeree have rights and responsibilities outlined in the contract, and they are obligated to fulfill the terms and conditions set forth in the agreement.
In conclusion, upon acceptance of an offer, both the acceptor and the offeree become bound by the contract. It is important for both parties to fully understand the terms of the offer and the implications of acceptance before entering into a legally binding agreement.
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On the acceptance of an offer by a offeree,a)Only the acceptor becomes bound by accepting the offer.b)Only the offeror becomes bound as his terms are accepted.c)Both the acceptor and offeree becomes bound by the contract.d)None of these.Correct answer is option 'C'. Can you explain this answer?
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