BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An offer is an expression of willingness to negotiate and agree specific terms that will be accepted by the other party.
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An offer is an invitation to enter a contract upon negotiated terms that will be accepted by the other party.
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An offer is an expression of willingness to enter into a contract upon specified terms if accepted by the other party.
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An offer is an expression of willingness to enter into a contract upon reasonable terms if accepted by the other party.
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Detailed explanation-1: -So, silence cannot constitute a valid acceptance.
Detailed explanation-2: -The term offer is defined under Section 2(a) as under: ‘When one person signifies to another, his willingness to do or abstain from doing anything with a view to obtaining the assent of the other, to such an act or abstinence, he is said to make a proposal’.
Detailed explanation-3: -Consideration Simply put, consideration is the exchange of one thing for another. Both parties of a contract must provide something of value that makes the other want to agree to it.
Detailed explanation-4: -Treitel defines an offer as “an expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed", the “offeree". An offer is a statement of the terms on which the offeror is willing to be bound.