BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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of legality
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to negotiate
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to make a counteroffer
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for consideration
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Detailed explanation-1: -Purpose: An offer is a clear and specific proposal made by one party to another party to enter into a legally binding contract, while an invitation to offer, also known as an invitation to treat, is an expression of willingness to negotiate or enter into a contract.
Detailed explanation-2: -An invitation to negotiate is not an offer. An invitation to negotiate is merely a preliminary discussion or an invitation by one party to the other to negotiate or make an offer.
Detailed explanation-3: -An Invitation to Negotiate (ITN) is a flexible procurement process that is used for highly specialized, variable services and/or commodities.
Detailed explanation-4: -An invitation to offer means an intention of a person to invite other with a view to enter into an agreement.
Detailed explanation-5: -Offer and invitation to offer are two different terms having separate meanings. An offer is a proposal and invitation of offer is to invite some body to make a proposal. Offer leads to enter into contract while invitation of offer leads to offer.