Offer
Proposal is defined under section 2(a) of the Indian contract Act, 1872 as "when one person signifies to another his willingness to do or to abstain from doing anything with a view to obtain the assent of that other to such act or abstinence, he is said to make a proposal/offer". Thus, for a valid offer,the party making it must express his willingness to do or not to do something. But mere expression of willingness does not constitute an offer. An offer should be made to obtain the assent of the other. The offer should be communicated to the offeree and it should not contain a term the non compliance of which would amount to acceptance.
Classification of Offer
1. General Offer: Which is made to public in general.
2. Special Offer: Which is made to a definite person.
3. Cross Offer: Exchange of identical offer in ignorance of each other.
4. Counter Offer: Modification and Variation of Original offer.
5. Standing, Open or Continuing Offer: Which is open for a specific period of time. The offer must be distinguished from an invitation to offer. Invitation to offer "An invitation to offer" is only a circulation of an invitation to make an offer, it is an attempt to induce offers and precedes a definite offer. Acceptance of an invitation to an offer does not result in formation of a contract and only an offer emerges in the process of negotiation. A statement made by a person who does not intend to bound by it but, intends to further act, is an invitation to offer.
Read more about this topic: Indian Contract Act 1872
Famous quotes containing the word offer:
“I offer to love’s play
My dark declivities.”
—William Butler Yeats (1865–1939)
“The good husbands understand and offer to help. “All you have to do is ask” they say. But even helpful husbands have to be thanked, their contributions acknowledged, credit given. All those pleases and thank yous. Being grateful takes time and energy. It’s often easier to do it yourself.”
—Bettina Arndt (20th century)
“To each they offer gifts after his will,”
—Ralph Waldo Emerson (1803–1882)