B Com Exam > B Com Videos > Business Law > Offer & Acceptance - Contract, Business Law
Offer & Acceptance - Contract, Business Law Video Lecture | Business Law - B Com
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33 videos|59 docs|18 tests
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FAQs on Offer & Acceptance - Contract, Business Law Video Lecture - Business Law - B Com
| 1. What is Offer and Acceptance in business law? |  |
Ans. Offer and Acceptance is a fundamental principle of contract law, which states that a contract is formed when one party makes an offer to another party, and the other party accepts the offer. An offer is a proposal made by one party to another, expressing their willingness to enter into a contract on certain terms. Acceptance is the unconditional agreement by the other party to the terms of the offer.
| 2. Can an offer be revoked after it has been made? | |
Ans. Yes, an offer can be revoked after it has been made, but only before it has been accepted. A revocation is effective when the offeree receives it. Additionally, an offer can be revoked by the death or incapacity of the offeror or offeree, or by the destruction of the subject matter of the contract.
| 3. What is the difference between an offer and an invitation to treat? | |
Ans. An offer is a definite proposal made by one party to another, indicating their willingness to enter into a contract on certain terms. An invitation to treat, on the other hand, is an invitation to negotiate or make an offer. For example, a price tag on a product is an invitation to treat, not an offer. The customer makes an offer to purchase the product, and the seller can either accept or reject the offer.
| 4. Can acceptance be conditional? | |
Ans. Yes, acceptance can be conditional, but only if the conditions are communicated to the offeror before acceptance. If the offeror agrees to the conditions, then a contract is formed. If the offeror does not agree to the conditions, then there is no contract.
| 5. Can silence be considered as acceptance? | |
Ans. In general, silence cannot be considered as acceptance. The offeree must communicate their acceptance to the offeror in some way, either verbally or in writing. However, in some cases, silence can be considered as acceptance if there is a previous course of dealing or if the offeror has indicated that silence will be considered as acceptance.
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Nov 15, 2024 Last updated |
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