BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -If the offeree gives the offeror something of value in return for a promise to keep the offer open, this agreement is called a counteroffer.

Detailed explanation-2: -A unilateral contract is a contract where the offeror makes a promise in exchange for an act. [5] An offeree accepts a unilateral contract by performing the requested act. A bilateral contract is where the offeror makes a promise in return for a promise to do something in the future.

Detailed explanation-3: -A proposal by an offeror to do something, provided the offeree does something in return. In making a counteroffer, the offeree says in legal effect, “I refuse your offer; here is my proposal.” The counteroffer terminates the original offer.

Detailed explanation-4: -If the offeror’s promise is answered with the offeree’s promise of acceptance. In other words, a bilateral contract is a “PROMISE for a PROMISE". This exchange of promises creates an enforceable contract. If the offeror’s offer can be accepted only by the performance of an act by the offeree.

Detailed explanation-5: -Same offer to one another-When the offeror makes an offer to the offeree and the offeree without prior knowledge makes the same offer to the offeror, then both the object and the party remain the same. Offer must be made in ignorance of each other-The two parties must make their offer in ignorance of each other.