Offer And Acceptance Analysis In Contract Law
Offer and acceptance analysis is a traditional approach in contract law used to determine whether an agreement exists between two parties. An offer is an indication by one person to another of their willingness to contract on certain terms without further negotiations. A contract is then formed if there is express or implied agreement. A contract is said to come into existence when acceptance of an offer has been communicated to the offeror by the offeree. In modern contract law, a formation doctrine that depends more directly on the timing and possibility of performance preparations, promise reliance, and speculation comports better both with morality and with efficiency.
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To form an agreement, there must be at least two elements – one offer and the other acceptance . Thus offer is the foundation of any agreement. The person who makes an offer is called Offeror or Promisor and the person to whom the offer is made is called the Offeree or Promisee. Example: Mr. A says to Mr. B, “Will you purchase my car for Rs.100000?” In this case, Mr. A is making an offer to Mr. B. Here A is the offeror and B is the offeree. Essentials elements of an offer (1) There must be two parties. (2) The offer must be communicated to the
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