BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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offer
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consideration
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genuine agreement
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express contract
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Detailed explanation-1: -In order for an offer to be valid, it must be clearly communicated, giving the offeree a chance to accept or reject it. Clear communication can include actions, oral communication, or in writing. A valid offer can be made to a group, a single person, or the public at large. Valid offers are definite in their substance.
Detailed explanation-2: -➢ genuine agreement (genuine assent or mutual assent)→exists when consent is not clouded by fraud, misrepresentation, duress, undue influence, or mistake.
Detailed explanation-3: -An offer must be definite and clear, without which a binding contract isn’t created. A contract of such kind is considered to be void. To state as provided in the respective legal provision, “Agreements, the meaning of which is not certain or capable of being certain are void.”
Detailed explanation-4: -A valid contract is an agreement, which is binding and enforceable. In a valid contract, all the parties are legally bound to perform the contract. The Indian Contract Act, 1872 defines and lists the essentials of a valid contract through interpretation through various judgments of the Indian judiciary.