BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A preliminary negotiation is clearly distinguished from other offers in that it does not include any intent to form a contractual relationship. Instead, an invitation for an offer is sent. In many cases, these invitations are intended to increase awareness about a specific product or service.

Detailed explanation-2: -For a proposal to be turned into a binding contract by an acceptance, it must, as a general rule, be made in contemplation of legal conse-quences. When made with these intentions, it is a good offer; other-wise it becomes what is commonly called a preliminary negotiation.

Detailed explanation-3: -Preliminary negotiations are not binding. They represent a willingness to enter into a preliminary contract but are not considered a binding offer until both sides have an intention to move forward.

Detailed explanation-4: -A simple price quote is generally not regarded as an offer. While an advertisement may be considered an invitation to an offer, it is not an actual offer. However, if an advertisement promises to give out an award, it may constitute an offer.