Law of Contract
A proposal is also called an offer; the term proposal is define in the section 2 sub-section “a” of the contract act 1872 says that …..
“When one person signifies to another his willingness to do or to abstain form doing something with a view to obtaining the assent of that other to such act or abstinence he is said to make a proposal.”
The person making the offer is called the offerer and the person to home the offer is made is called offeree.
Rules relating to offer
- An offer may be express or implied.
- It must be specific.
- It may be made to a define person or a class of person or for all.
- It must be one which is capable of creating a legal relationship and obligation.
- The terms of it must be certain, define, unambiguous and not vague.
- A mere statement of intention is not offer.
- It must be communicated to the offeree.
- It may be conditional.
- Primary negotiation is not an offer.
- Counter offer destroy the main offer and create a new offer.
- Ignorance of offer no creates any contractual right.
- An offer may be revoked before acceptance.
- An offer stands till a regional time.
- Standing offer is open for all time.
Revocation of offer
An offer may be revoked by the any one of the flowing ways ……..
- An offer may be revoked by the offerer before acceptance.
- After expiration of the satisfied time mention in the offer.
- In absence of any specified time minting in the offer, after expiration of a reasonable time.
- If the offerer died before acceptance.
- If the offerer fail to fulfill any pre-requirement condition of the offer.
- If the offer is not accepted by the offeree.