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Examine what is the legal position, as to the following: (i) M offered to sell his land to N for Rs. 28,000/-. N replied purporting to accept the offer and enclosed a cheque for Rs. 8,000/-. He also promised to pay the balance of Rs. 20,000/- in monthly installments of Rs. 5,000/- each.?
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Examine what is the legal position, as to the following: (i) M offered...
Legal Position in the given scenario
Offer and Acceptance:
M offered to sell his land to N for Rs. 28,000/-. N replied purporting to accept the offer and enclosed a cheque for Rs. 8,000/-. This amounts to a counter-offer, which is a rejection of the original offer. Therefore, there is no valid contract between M and N as the offer was not accepted as per the terms of the original offer.
Consideration:
In this scenario, N has only paid Rs. 8,000/- as a part payment for the land, whereas the agreed price was Rs. 28,000/-. This payment is not sufficient consideration for the sale of the land. Therefore, there is no valid contract between M and N.
Mode of Payment:
N promised to pay the balance of Rs. 20,000/- in monthly installments of Rs. 5,000/- each. However, there is no agreement between M and N as to the mode of payment. The mode of payment is an essential term of the contract and needs to be agreed upon by both parties. Therefore, there is no valid contract between M and N.
Conclusion:
In conclusion, there is no valid contract between M and N as there was no valid acceptance of the original offer, insufficient consideration, and no agreement as to the mode of payment.
Offer and Acceptance:
M offered to sell his land to N for Rs. 28,000/-. N replied purporting to accept the offer and enclosed a cheque for Rs. 8,000/-. This amounts to a counter-offer, which is a rejection of the original offer. Therefore, there is no valid contract between M and N as the offer was not accepted as per the terms of the original offer.
Consideration:
In this scenario, N has only paid Rs. 8,000/- as a part payment for the land, whereas the agreed price was Rs. 28,000/-. This payment is not sufficient consideration for the sale of the land. Therefore, there is no valid contract between M and N.
Mode of Payment:
N promised to pay the balance of Rs. 20,000/- in monthly installments of Rs. 5,000/- each. However, there is no agreement between M and N as to the mode of payment. The mode of payment is an essential term of the contract and needs to be agreed upon by both parties. Therefore, there is no valid contract between M and N.
Conclusion:
In conclusion, there is no valid contract between M and N as there was no valid acceptance of the original offer, insufficient consideration, and no agreement as to the mode of payment.
Community Answer
Examine what is the legal position, as to the following: (i) M offered...
Counter offer
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Examine what is the legal position, as to the following: (i) M offered to sell his land to N for Rs. 28,000/-. N replied purporting to accept the offer and enclosed a cheque for Rs. 8,000/-. He also promised to pay the balance of Rs. 20,000/- in monthly installments of Rs. 5,000/- each.?
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Examine what is the legal position, as to the following: (i) M offered to sell his land to N for Rs. 28,000/-. N replied purporting to accept the offer and enclosed a cheque for Rs. 8,000/-. He also promised to pay the balance of Rs. 20,000/- in monthly installments of Rs. 5,000/- each.? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Examine what is the legal position, as to the following: (i) M offered to sell his land to N for Rs. 28,000/-. N replied purporting to accept the offer and enclosed a cheque for Rs. 8,000/-. He also promised to pay the balance of Rs. 20,000/- in monthly installments of Rs. 5,000/- each.? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Examine what is the legal position, as to the following: (i) M offered to sell his land to N for Rs. 28,000/-. N replied purporting to accept the offer and enclosed a cheque for Rs. 8,000/-. He also promised to pay the balance of Rs. 20,000/- in monthly installments of Rs. 5,000/- each.?.
Examine what is the legal position, as to the following: (i) M offered to sell his land to N for Rs. 28,000/-. N replied purporting to accept the offer and enclosed a cheque for Rs. 8,000/-. He also promised to pay the balance of Rs. 20,000/- in monthly installments of Rs. 5,000/- each.? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Examine what is the legal position, as to the following: (i) M offered to sell his land to N for Rs. 28,000/-. N replied purporting to accept the offer and enclosed a cheque for Rs. 8,000/-. He also promised to pay the balance of Rs. 20,000/- in monthly installments of Rs. 5,000/- each.? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Examine what is the legal position, as to the following: (i) M offered to sell his land to N for Rs. 28,000/-. N replied purporting to accept the offer and enclosed a cheque for Rs. 8,000/-. He also promised to pay the balance of Rs. 20,000/- in monthly installments of Rs. 5,000/- each.?.
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Examine what is the legal position, as to the following: (i) M offered to sell his land to N for Rs. 28,000/-. N replied purporting to accept the offer and enclosed a cheque for Rs. 8,000/-. He also promised to pay the balance of Rs. 20,000/- in monthly installments of Rs. 5,000/- each.?, a detailed solution for Examine what is the legal position, as to the following: (i) M offered to sell his land to N for Rs. 28,000/-. N replied purporting to accept the offer and enclosed a cheque for Rs. 8,000/-. He also promised to pay the balance of Rs. 20,000/- in monthly installments of Rs. 5,000/- each.? has been provided alongside types of Examine what is the legal position, as to the following: (i) M offered to sell his land to N for Rs. 28,000/-. N replied purporting to accept the offer and enclosed a cheque for Rs. 8,000/-. He also promised to pay the balance of Rs. 20,000/- in monthly installments of Rs. 5,000/- each.? theory, EduRev gives you an
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