Offer And Acceptance

Both the acceptor and the offeror become legally bound by the contract. The acceptor is bound because they have accepted the offer, indicating their agreement to the terms of the contract. The offeror is bound because their terms have been accepted by the acceptor. This mutual acceptance creates a legally binding agreement between both parties.

The correct answer is "Within reasonable time which depends upon the facts and circumstances of the case." In cases where no time is specified for the acceptance of an offer, the offer can be accepted within a reasonable time. The determination of what constitutes a reasonable time will depend on the specific facts and circumstances of each case. There is no fixed time limit, such as one or three years, and seeking permission from the court is not necessary unless specified by law or agreement.

Under the English Law, the concept of "postal rule" states that when a letter of acceptance is posted, it is considered as a valid acceptance and both the offeror and the acceptor become bound by the contract. This means that even if the letter of acceptance is lost or delayed in the mail, the contract is still considered to be formed at the moment the letter was posted. Therefore, the statement "Under the English Law, both the offeror and the acceptor become bound by the contract when the letter of acceptance is posted" is true.

When the time is fixed for acceptance of an offer and it is not accepted within the specified time, the offer automatically becomes invalid and no longer available for acceptance. There is no need for any further action or penalty to be paid. The offeree does not lose their right to enter into future contracts, and there is no requirement for court permission for the offer to lapse.

In this scenario, B's letter stating that he is prepared to buy the car for Rs.60,000 is considered a counter offer, not an acceptance. A counter offer is a rejection of the original offer and creates a new offer. Therefore, there is no valid contract concluded between A and B as B's letter does not constitute acceptance of A's offer. If B wants to buy the car, he should accept the original offer of Rs.70,000.

When an offeree dies before accepting an offer, the offer automatically comes to an end. This is because the death of the offeree terminates their ability to accept or reject the offer. This principle is known as the lapse of offer by operation of law.

The correct answer is "Ascertained person." This means that the specific offer is made to a particular individual or group of individuals who are identified or specified. It is not made to the public at large, relatives only, or males only.

The given answer is true because it accurately states that when a person accepts a proposal, it becomes a promise. This is in accordance with the legal definition of acceptance given in Section 2(b).

A valid offer must have its terms definite and clear, meaning that the offer must clearly state the terms and conditions of the agreement. Additionally, it must be capable of creating a legal relationship, meaning that the offer must be serious and intended to create a legal obligation between the parties involved. Therefore, the correct answer is both (a) and (b).

A general offer is one that is made to the public at large. This means that the offer is not specific to any particular person or group of people, but rather is open to anyone who meets the specified conditions or requirements of the offer. The offer is available to anyone who chooses to accept it, regardless of their relationship to the offeror or any other factors.

The correct answer is "acceptor". In contract law, the person to whom an offer is made is known as the offeree or promisee. Once the offeree accepts the offer, they become the acceptor. The acceptor is legally bound to fulfill the terms of the contract and is responsible for carrying out the obligations outlined in the agreement.

This statement is true because in order for a contract to be valid and enforceable, all the terms and conditions must be agreed upon and finalized at the time of making the contract. An agreement to agree in the future lacks the necessary specificity and certainty required for a valid contract. Therefore, it cannot be enforced in a court of law.

This answer is correct because in order for an offer to be validly accepted, the acceptor must have knowledge of the offer. Without knowledge of the offer, there can be no acceptance and therefore no legal rights conferred on the acceptor.

The given answer is true because the offer made by A to buy a horse from B is vague and uncertain. A promised to buy the horse only if it proved lucky, which is not a clear and definite condition. This makes the offer uncertain and not legally binding.

An acceptance must be given within a prescribed or reasonable time. This means that the person accepting the offer should do so within a timeframe that is either specified in the offer or within a reasonable timeframe based on the circumstances. An acceptance must be given before the lapse of the offer. This means that the acceptance must be communicated to the person making the offer before the offer expires or is revoked. An acceptance may be express or implied. This means that the acceptance can be communicated explicitly or can be inferred from the actions or behavior of the person accepting the offer. Therefore, the correct answer is "All of these" because all of these statements are true regarding the legal rule of a valid acceptance.

When a proposal is accepted, it becomes a promise. A proposal is an offer or a suggestion made by one party to another, and when the receiving party accepts the proposal, it indicates their agreement and commitment to fulfill the terms of the proposal, thus turning it into a promise.

The correct answer is "Offeree or promise". In contract law, the person to whom an offer is made is known as the offeree or promise. They have the option to accept or reject the offer.

A valid acceptance must be communicated, absolute and unconditional, and accepted by a person with the authority to accept. However, it does not need to be presumed from silence if not communicated within a specified time. This means that silence cannot be considered as acceptance in the absence of communication within a specified time.

The correct answer is "No binding contract comes into existence as B's letter is nearly a cross offer." This is because B's letter is not a clear acceptance of A's offer. Instead, it is a counter-offer, as B is offering to buy the motorcycle for the same price that A is offering to sell it. In order for a contract to be formed, there must be a clear acceptance of the original offer, without any additional terms or conditions. Since B's letter does not meet this requirement, there is no binding contract.

By offering Rs. 95,000, B has rejected the original offer of Rs. 1,00,000 made by A. When B later offers to purchase the car for Rs. 1,00,000, it is considered a new offer. A is not bound to accept this new offer as B had already rejected the original offer. Therefore, no contract comes into existence between A and B.

The correct answer is "An invitation to receive offer at printed/listed price." This is because a shopkeeper's catalog with a price list attached is not considered a valid offer to sell at the printed/listed price. It is merely an invitation for customers to make an offer based on the listed prices. The shopkeeper has the discretion to accept or reject these offers.

B is not entitled to the reward because he did not know about the offer when he found the missing boy. The offer to pay the reward was not communicated to him, so he cannot claim it.

An offer may be revoked by the offeror at any time before the letter of acceptance is posted by the acceptor. This means that the offeror can change their mind and withdraw the offer as long as the acceptance letter has not been sent through the mail. Once the acceptance letter is posted, it is considered to be in transit and the offer cannot be revoked.

A general offer of a continuing nature means that the offer is open to acceptance by multiple individuals over a period of time. The correct answer, "Any number of persons until it is retraced," implies that the offer can be accepted by any number of people until someone retracts or withdraws their acceptance. This suggests that the offer remains open until someone decides to no longer accept it, regardless of the number of people who have already accepted it.

The correct answer is "No valid contract is concluded as the acceptance was not communicated." In order for a contract to be valid, acceptance of the proposal must be communicated to the other party. In this case, B approved the draft agreement but did not communicate this acceptance to A. Therefore, there was no valid contract concluded between the parties.

In this scenario, B's letter offering to buy the TV for Rs. 10,000 is considered a cross offer. A cross offer occurs when both parties make identical offers to each other without knowledge of the other's offer. In this case, B's letter is not considered an acceptance of A's offer, but rather a new offer. Therefore, there is no binding contract that comes into existence between A and B.

Both statement (a) and (b) are correct. The revocation of acceptance is effective when it reaches the offeror before he receives the acceptance. Additionally, the acceptor may revoke his acceptance by a speedier mode of communication which reaches earlier than the acceptance itself.

The mode of lapse of offer refers to the ways in which an offer can come to an end. In this case, all of the options mentioned - counter offer by the offeree, rejection of offer by the offeree, and change in law - can result in the lapse of an offer. A counter offer by the offeree indicates a rejection of the original offer and the presentation of a new offer. Similarly, the rejection of an offer by the offeree outright terminates the offer. Finally, if there is a change in law that renders the offer illegal or impossible to fulfill, the offer will also lapse. Therefore, all of the options listed are valid modes of lapse of offer.

The telegram sent by B stating the lowest cash price for Bumber Hall can be considered as an offer because it includes a specific price and it is made with the intention to sell the property. However, it is not a valid offer because it is simply an answer to a question posed by A. In order for a valid contract to be formed, there must be a clear offer and acceptance, and in this case, B's telegram does not meet the requirements of a valid offer. Therefore, B is not bound to sell the Bumber Hall for Rs.50 lakh.

The principle of an offer to the public at large was recognized in the case of Carlill v. Carbolic Smoke Ball Co. In this case, the defendant company advertised a product that they claimed would prevent influenza and offered a reward to anyone who contracted influenza after using their product. The court held that the advertisement constituted a unilateral offer to the public at large, and the plaintiff, who had contracted influenza after using the product, was entitled to claim the reward. This case established the principle that an offer can be made to the public at large and can be accepted by anyone who meets the specified conditions.

Once B posts his acceptance on 20th March, the acceptance becomes effective and the contract is formed. A cannot revoke his offer after the acceptance has been posted, as he has become bound by the acceptance. The fact that A receives the acceptance letter on 22nd March is irrelevant, as the contract is already valid from the moment B posted his acceptance.

Both statement (a) and (b) are correct. This is because the revocation of an offer is effective when it reaches the offeree before they mail their acceptance. Additionally, the offeror has the right to revoke their offer by using a faster mode of communication that reaches the acceptor before they post their acceptance. Therefore, both statements accurately describe the correct conditions for the revocation of an offer.

Both statement (a) and (b) are correct because they state that there is an implied offer in both situations that is valid and recognized under the law. In an auction, when someone places a bid, it is considered an implied offer to buy the item being auctioned. Similarly, in a self-service restaurant, when someone consumes food, there is an implied promise to pay for it. Both of these actions are legally binding and enforceable.

Acceptance cannot be presumed from the acceptor's silence. In order for acceptance to be valid, it must be communicated to the offeror. Silence does not constitute acceptance unless there is an established agreement or custom between the parties that silence will be considered as acceptance.

An offer must be definite and certain in order to be valid. This means that the terms and conditions of the offer must be clear and specific, leaving no room for ambiguity or misunderstanding. The offeror's intention to be bound by the offer must also be expressed, indicating that they are serious about entering into a contractual agreement. Additionally, the offer must be made to a specific person or group of individuals, rather than being a general offer made to the public at large. Finally, the offer may be in the form of an invitation to receive offers, indicating that the offeror is open to negotiating and receiving counteroffers.

A general offer is a type of offer that is made to the public at large. This means that the offer is not specific to a particular group or individual, but rather open to anyone who meets the conditions of the offer. It is a broad and inclusive offer that is accessible to a wide range of people.

The correct answer is that the offer must be made to a specific person and not to the public at large. This means that the offer must be directed towards a particular individual or group of individuals, rather than being open to anyone who may come across it. This requirement ensures that there is a clear intention to enter into a contract with a specific party, and allows the offeree to understand that the offer is meant specifically for them.

The correct answer is "Posted by the acceptor" because according to the given information, an offer can be revoked by the offeror before the letter of acceptance is received. Therefore, if the acceptance letter has been posted by the acceptor, it means that the offeror has not yet received it, and thus the offer can still be revoked.

This statement is incorrect because an offer, even if valid, is not sufficient to create a legal relationship without any response from the other party. In order for a contract to be formed, there must be acceptance of the offer by the other party. Both parties must agree to the terms of the offer in order for a legally binding agreement to be created.

In a contract through post, the Offeror becomes bound by the contract when the letter of acceptor's acceptance is posted to the offeror. This means that once the acceptor puts the acceptance letter in the mail and it is sent, the offeror is legally bound by the contract. The actual receipt of the letter by the offeror is not necessary for the contract to be valid.

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The correct answer is "Obtain the assent of that other person the proposed act or abstinence." This means that when a person makes a proposal, they are seeking the agreement or approval of the other person for the suggested action or decision. The proposal is made with the intention of obtaining the consent or agreement of the other person.

The correct answer is "It is uncertain as there is nothing to show what kind of oil is intended to be sold." This is because the offer does not specify the type of oil that is being sold, leaving it unclear and ambiguous. Without this crucial information, B cannot fully understand or assess the offer, making it invalid.

A can revoke his offer before 20th March because an offer can be revoked at any time before it is accepted. In this case, A's offer reached B on 17th March, but B's acceptance was not posted until 20th March. Therefore, A still had the opportunity to revoke the offer before receiving B's acceptance on 22nd March.

When a general offer is made to the public, it is considered valid and binding if a person with knowledge of the offer comes forward and acts accordingly. This means that the person accepts the offer by taking the necessary actions or steps as outlined in the offer. By doing so, they demonstrate their acceptance of the offer and create a legally binding contract with the offeror.

When the offer and acceptance are made by letters, the contract is complete at the place where the letter of acceptance is posted. This means that once the letter of acceptance is put in the mail, the contract is considered complete and legally binding. This is because the act of posting the letter indicates the intention to accept the offer, and it is considered effective communication of acceptance. The actual receipt of the letter by the offeror is not necessary for the contract to be complete.

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B can revoke his acceptance before 22nd March because according to the postal rule, acceptance is considered effective when it is posted. Since B's acceptance was posted on 20th March, it means that B had the opportunity to revoke his acceptance until it reached A on 22nd March.

The correct answer is "Case against the offeror." This is because a case against the offeror does not result in the lapse of an offer. Lapse of time, death or insanity of the offeror, and failure to accept a condition precedent can all lead to the lapse of an offer. However, a case against the offeror refers to a legal action taken against the offeror and does not directly result in the offer lapsing.

The incorrect statement is "An offer must be made to a specific person." This is incorrect because an offer can be made to the world at large, meaning it is open to anyone who meets the specified conditions. An offer can also be made to a specific group or category of people.