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M offered on Monday to sell his property to N by a written proposal which stated "that this offer to be left open until Saturday 10 a.m." In the meantime on Wednesday, M enters into contract to sell property to O. N, who was sitting in next room, hears about deal between M and O. On Friday, N accepts the offer and delivers to M the letter of acceptance. Is N's acceptance valid?
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M offered on Monday to sell his property to N by a written proposal wh...
Validity of N's Acceptance in Property Sale
In the given scenario, M offered to sell his property to N by a written proposal on Monday, stating that the offer would be left open until Saturday 10 a.m. However, on Wednesday, M entered into a contract to sell the property to O. On Friday, N accepted the offer and delivered the letter of acceptance to M. The question is whether N's acceptance is valid or not.
Rule of Offer and Acceptance
Before analyzing the validity of N's acceptance, it is important to understand the rule of offer and acceptance in contract law. An offer is a proposal made by one party to another, indicating a willingness to enter into a contract on certain terms. The acceptance is the unequivocal expression of agreement to the terms of the offer. For a contract to be formed, there must be an offer, acceptance, and consideration (something of value exchanged between the parties).
Validity of N's Acceptance
In this case, M made an offer to N which was open until Saturday 10 a.m. N accepted the offer on Friday and delivered the letter of acceptance to M. However, M had already entered into a contract to sell the property to O on Wednesday. Therefore, the offer to N was no longer available for acceptance on Friday.
It is a well-established principle of contract law that an offer can be revoked at any time before acceptance. Once an offer is revoked, it cannot be accepted. In this case, M had revoked the offer by entering into a contract with O. Therefore, N's acceptance was no longer valid.
Conclusion
In conclusion, N's acceptance was not valid because the offer had already been revoked by M's contract with O. Therefore, there was no contract between M and N, and N cannot enforce the acceptance against M.
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M offered on Monday to sell his property to N by a written proposal which stated "that this offer to be left open until Saturday 10 a.m." In the meantime on Wednesday, M enters into contract to sell property to O. N, who was sitting in next room, hears about deal between M and O. On Friday, N accepts the offer and delivers to M the letter of acceptance. Is N's acceptance valid?
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M offered on Monday to sell his property to N by a written proposal which stated "that this offer to be left open until Saturday 10 a.m." In the meantime on Wednesday, M enters into contract to sell property to O. N, who was sitting in next room, hears about deal between M and O. On Friday, N accepts the offer and delivers to M the letter of acceptance. Is N's acceptance valid? 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 M offered on Monday to sell his property to N by a written proposal which stated "that this offer to be left open until Saturday 10 a.m." In the meantime on Wednesday, M enters into contract to sell property to O. N, who was sitting in next room, hears about deal between M and O. On Friday, N accepts the offer and delivers to M the letter of acceptance. Is N's acceptance valid? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for M offered on Monday to sell his property to N by a written proposal which stated "that this offer to be left open until Saturday 10 a.m." In the meantime on Wednesday, M enters into contract to sell property to O. N, who was sitting in next room, hears about deal between M and O. On Friday, N accepts the offer and delivers to M the letter of acceptance. Is N's acceptance valid?.
M offered on Monday to sell his property to N by a written proposal which stated "that this offer to be left open until Saturday 10 a.m." In the meantime on Wednesday, M enters into contract to sell property to O. N, who was sitting in next room, hears about deal between M and O. On Friday, N accepts the offer and delivers to M the letter of acceptance. Is N's acceptance valid? 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 M offered on Monday to sell his property to N by a written proposal which stated "that this offer to be left open until Saturday 10 a.m." In the meantime on Wednesday, M enters into contract to sell property to O. N, who was sitting in next room, hears about deal between M and O. On Friday, N accepts the offer and delivers to M the letter of acceptance. Is N's acceptance valid? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for M offered on Monday to sell his property to N by a written proposal which stated "that this offer to be left open until Saturday 10 a.m." In the meantime on Wednesday, M enters into contract to sell property to O. N, who was sitting in next room, hears about deal between M and O. On Friday, N accepts the offer and delivers to M the letter of acceptance. Is N's acceptance valid?.
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