BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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acceptance
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genuine agreement
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contract
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offer
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Detailed explanation-1: -contract. any agreement enforceable by law. offer. a proposal by one party to another intended to create a legally binding agreement.
Detailed explanation-2: -A contract is an agreement between parties, creating mutual obligations that are enforceable by law.
Detailed explanation-3: -Meaning of offer or proposal: – When one person signifies his willingness to do or to abstain from doing something with a view of obtaining the assent of others, he is said to make an offer or proposal. The term ‘Offer or Proposal’ has been defined in Section 2(a) of the Indian Contract Act, 1872.
Detailed explanation-4: -Although proposals can be converted into legally-binding contracts, the language of the proposal must be altered to contain all the elements of a contract. Once you instruct the party accepting the proposal to date, sign, make payment, and abide by the proposal terms, it becomes a legally-binding contract.