BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The person making the offer/proposal is referred to as the “promiser” or the “offeror”. And the person who accepts an offer is referred to as “promisee” or the “acceptor”. The offeror must express his willingness to do or abstain from doing an act. Only willingness is not adequate.

Detailed explanation-2: -The party making the offer is known as the offeror and the party to whom the offer is made is known as offeree. An offer may be made orally, in writing or by conduct to a definite person or group of persons or to the whole world and it must be communicated to the offeree.

Detailed explanation-3: -The offeror is the party who makes the offer. The offeree is the person who either accepts or does not accept the offer. So, for there to be an agreement, there must be three things: an offeror, an offeree, and of course, an offer! Now, how exactly do you make an offer?

Detailed explanation-4: -To form a contract, there must be an offer by one party, an acceptance by another party, and an exchange of consideration (something of value). The person who proposes the terms of an agreement makes an offer, and is called an “offeror” in contract law.

Detailed explanation-5: -The offeror, as the master of the offer, has the power to specify the precise time, place, and manner in which acceptance must be communicated. This is called stipulation. If the offeror stipulates a particular manner of acceptance, the offeree must respond in this way to form a valid acceptance.