BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -An offer is a sign of their willingness to agree on certain terms from one person to another. If there is an express or implied agreement, a contract will then be formed. A contract is said to come into being when the acceptance of an offer has been told to the offeror by the offeree.

Detailed explanation-2: -(2) Acceptance [4308]: A voluntary act by the offeree-either in the form of words or of conduct–that indicates agreement to the terms of the offer.

Detailed explanation-3: -The meaning of offer and acceptance is the basis of a contract. To form a contract, there must be an offer made by one party which is, in turn, accepted by another party, and then, in most cases goods and/or services must be exchanged between the two.

Detailed explanation-4: -An offer must be accepted to create a valid contract. If an offer is made by the offeror (the party making the offer) and it is rejected by the offeree (the party responding to the offer), there is no contract. Acceptance is a ‘meeting of the minds’ where the parties agree to shared terms of a contract.

Detailed explanation-5: -A conditional or qualified acceptance is an acceptance that adds to, or changes, the terms of the original offer. This is essentially a counteroffer. A conditional or qualified acceptance generally terminates the offeree’s power of acceptance.