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When two parties exchange identical offers in ignorance at the time of each other offer, the offers are called:
- a)Counter offer
- b)Cross offer
- c)General offer
- d)Special offer
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
When two parties exchange identical offers in ignorance at the time of...
Two offers which are similar in all respects made by two parties to each other, in ignorance of each other's offer are known as cross offers. Cross offer donot amount to acceptance of one's offer by the other. Hence, no contract is entered into cross offers.
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When two parties exchange identical offers in ignorance at the time of...
Cross Offer
A cross offer is a type of offer made by two parties, where both parties make identical offers to each other, without knowledge of the other's offer. In other words, both parties are offering the same terms in their respective offers, and both offers are made at the same time.
Features of Cross Offer
- Cross offers are identical offers made by two parties to each other.
- Both parties are unaware of the other's offer.
- Cross offers are made simultaneously.
Example
Suppose Person A wants to sell his car for $10,000 and sends an offer to Person B. At the same time, Person B wants to buy a car for $10,000 and sends an offer to Person A. Both offers are identical, but neither party knows about the other's offer. This is a cross offer situation.
Difference between Cross Offer and Counter Offer
- A cross offer is made when both parties offer the same terms to each other, without knowledge of the other's offer. A counter offer is made when one party responds to an offer with different terms.
- In a cross offer, both parties are offering the same terms, whereas in a counter offer, one party is changing the terms of the original offer.
Conclusion
Cross offers are a rare occurrence in business transactions, but they can happen. It is important to understand the difference between a cross offer and a counter offer to avoid confusion and potential legal issues.
A cross offer is a type of offer made by two parties, where both parties make identical offers to each other, without knowledge of the other's offer. In other words, both parties are offering the same terms in their respective offers, and both offers are made at the same time.
Features of Cross Offer
- Cross offers are identical offers made by two parties to each other.
- Both parties are unaware of the other's offer.
- Cross offers are made simultaneously.
Example
Suppose Person A wants to sell his car for $10,000 and sends an offer to Person B. At the same time, Person B wants to buy a car for $10,000 and sends an offer to Person A. Both offers are identical, but neither party knows about the other's offer. This is a cross offer situation.
Difference between Cross Offer and Counter Offer
- A cross offer is made when both parties offer the same terms to each other, without knowledge of the other's offer. A counter offer is made when one party responds to an offer with different terms.
- In a cross offer, both parties are offering the same terms, whereas in a counter offer, one party is changing the terms of the original offer.
Conclusion
Cross offers are a rare occurrence in business transactions, but they can happen. It is important to understand the difference between a cross offer and a counter offer to avoid confusion and potential legal issues.
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When two parties exchange identical offers in ignorance at the time of each other offer, the offers are called:a)Counter offerb)Cross offerc)General offerd)Special offerCorrect answer is option 'B'. Can you explain this answer?
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When two parties exchange identical offers in ignorance at the time of each other offer, the offers are called:a)Counter offerb)Cross offerc)General offerd)Special offerCorrect answer is option 'B'. Can you explain this answer? 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 When two parties exchange identical offers in ignorance at the time of each other offer, the offers are called:a)Counter offerb)Cross offerc)General offerd)Special offerCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for When two parties exchange identical offers in ignorance at the time of each other offer, the offers are called:a)Counter offerb)Cross offerc)General offerd)Special offerCorrect answer is option 'B'. Can you explain this answer?.
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