BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The Indian Contract Act 1872 defines acceptance in Section 2 (b) as “When the person to whom the proposal has been made signifies his assent thereto, the offer is said to be accepted. Thus the proposal when accepted becomes a promise.”

Detailed explanation-2: -The one who makes the offer is known as the “offerer, ” while the person who receives the offer is called the “offeree.” Although you can make an offer with just a single-sentence verbal statement, you and the other party will generally benefit from a detailed written description of the offer and its terms.

Detailed explanation-3: -The party making the offer is known as the offeror and the party to whom the offer is made is known as offeree. An offer may be made orally, in writing or by conduct to a definite person or group of persons or to the whole world and it must be communicated to the offeree.

Detailed explanation-4: -Promise-Section 2(b) of the Indian Contract Act, 1872 defines a promise as: ‘when the person to whom the proposal is made signifies his assent thereto, the proposal becomes an accepted proposal. A proposal when accepted, becomes a promise’.

Detailed explanation-5: -The person who makes an offer is called the “offeror” and the person who accepts it is called the “offeree.” The communication of an offer can be done verbally, in writing, electronically, or by any other means.