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Offer sent by post -the offeree accepts and return the acceptance via postl but the offeror dies in the process- is the contract still binding?
Wiki User
∙ 11y ago
Well in a sentence....The contract is legitimately binding, however the contentious issue to be discussed, if the contract is enforeceable and if at all it is enforceable to whom would its effect be?
Wiki User
∙ 11y ago
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Parties to a contract must be competent to contract?
An acceptance is a response to the offeree that indicated that they approve of the terms of the offer. Once an offer is accepted, a legally binding contract is created. An acceptance must be intentionally made. The offeree must communicate to the offeror that they agree with the terms of the proposed contract. Both parties must be mentally competent for a contract to be legally binding. The contract also cannot contain anything unlawful; otherwise it is also not considered a valid contract. The communication of the acceptance of an offer can be bilateral or unilateral. http://sincerlysamski.blogspot.com/2011/09/writing-valid-contracts.html
What is the diference between an offer and invitation to treat?
An offer is a a clear indication of the offeror's willingness to enter into an agreement with the offeree, conditional on the offeree's acceptance. If accepted, it becomes a legal, binding contract. Though an Offer to Treat can appear to be an Offer, they are not Offers themselves. They invite another party to make an offer. Unlike Offers, acceptance of an Offer to Treat is actually making an offer and it does not create a binding contract.
In a contract containing an option period when it is the offerer not allow to withdraw is offer when before acceptance by the offeree?
If the contract has not been signed, then the contract can be withdrawn at any time because there has been no legally binding acceptance of the terms of the contract. Once the contract jas been signed by both parties it definitely cannot be withdrawn.
What is the difference between rejection and revocation?
Rejection is the rejection of an offer by the offeree. After an offeror has made an offer it can be rejected by the offeree. Revocation is the revoking of an offer by the offeror. An offeror may also revoke his offer at any time before acceptance by the offeree unless an option contract is created or is otherwise precluded from revoking the offer.
What are the requirements of an acceptance?
Actually, consideration has nothing to do with offer and acceptance. It's a totally unrelated concept. A valid offer is essentially a statement or action which unambiguously lays out the terms of the proposed agreement (e.g. "I will pay you $1,000 if you paint my house" - if the offeree accepts, there will be no question as to the obligations of each party - the offeree has to paint the house, at which point the offeror has to pay him $1,000). The statement must also clearly leave the offeree with the power of acceptance - it must be something which the offeree can clearly accept or reject. A valid acceptance unambiguously adopts the terms of the offer, indicating an intent to perform under those terms. ---- consideration
What is the importance of offer and acceptance in contract?
The importance of offer and acceptance in forming a contract is the main purpose of a contract. It is similar to the binding agreement when someone gives something and another person receives it. It signifies that both parties are making an agreement and that both agree to its terms.
What is Assumption Agreement?
Should be two person An agreement is composed of two elements - offer by party & acceptance by other party. {offeree & offeror}, when the offeree gives his assent to the offer, then he is "acceptor"Should be offer (proposal).Should be acceptance of offer.What is promise?According to section 2(b) of the Indian contract act, 1872 "a proposal when accepted, becomes a promise."Example:X offers to sell his car for Rs.100,000 to Y. Y accepts this offer. This offer after acceptance becomes promise and this promise is treated as an agreement between x and y.In other words, an agreement consists of an offers by on party an acceptance by the other. In the form of an equation, it can be shown as under.Agreement = Offer(proposal) + Acceptance of offer
Who is the offeree and offeror in a tender?
Any offer is a statement of intention to contracting normally it is directed to a specific party to whom the offeror want to contracting . Its any important Term because all contracts start with it if they're going to be legal binding . After any offer has been accepted no further discussion or negotiation will follow . Offeree is one to whom the offeror is directing the offer , simple that this is the party who will accept the offer . note : Offer is done by the Offeror to the Offeree if the Offeree accept the offer then the contract will be completed .
What is the effect of death or insanity of the offeror?
Death or insanity of the offeror automatically terminates the offer. This applies even though the offeree is not aware of the death or the insanity of the offeror and communicates an acceptance of the offer. Both parties must be alive and competent to contract at the moment the acceptance is properly communicated to the offeror.
If a signed contract is declared void ab initio due to administrative procedures not complid with by one of the parties is the precedent offer and acceptance for the same still an enforceable promise?
I'm not an attorney, but a contract goes into effect upon acceptance (plus, of course, proper notice to the offeror that the offeree has accepted the contract). Therefore, if a contract is declared void ab initio, that means it never existed (ergo, it rolls matters back to the point before acceptance). Thus, I would say it is not an enforceable promise. BUT I'm not an attorney... this is just my understanding of the law.
Define unilateral contract?
A contract in which only one party makes an express promise, or undertakes a performance without first securing a reciprocal agreement from the other party. In a unilateral, or one-sided, contract, one party, known as the offeror, makes a promise in exchange for an act (or abstention from acting) by another party, known as the offeree. If the offeree acts on the offeror's promise, the offeror is legally obligated to fulfill the contract, but an offeree cannot be forced to act (or not act), because no return promise has been made to the offeror. After an offeree has performed, only one enforceable promise exists, that of the offeror. A unilateral contract differs from a Bilateral Contract, in which the parties exchange mutual promises. Bilateral contracts are commonly used in business transactions; a sale of goods is a type of bilateral contract. Reward offers are usually unilateral contracts. The offeror (the party offering the reward) cannot impel anyone to fulfill the reward offer. An offeree can sue for breach of contract, however, if the offeror does not provide the reward after the offeree has fulfilled the contract's requirements
What is acceptance in business law?
The acceptance is an state act or proposition by manner that manifests agree to the term of an offer in a conduct required or invited by the offer so that a compulsory contract is formed. In other words, we can say that is the operate of a someone to whom something is offered by another. Where the offeree express through an act requested by the offer.
