seminar on Mercantile law

seminar onoffer (Mercantile law)Presented by:- VINAYAK GUPTA B.COM (HONS.)1

1Mercantile law seminar

MEANING,PROVISIONS & TYPES OF OFFER TOPIC2

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3INTRODUCTION

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In contract law , an offer is a promise in exchange for performance by another party.

WHAT IS OFFER?5

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According to sec 2(a) of the Indian contract act, 1872, 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, he is said to make a proposal or offer . LEGAL DEFINATION6

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1. Two person or parties. 2. Willingness to do or not to do something. 3. Proposal must be communicated. 4. Proposal must be made with intention to create legal relations. 5. Offer should be given to get consent of the other person to such act.

ESSENTIALS OF OFFER 7

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8PROVISIONS REGARDING OFFER

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1. An offer must be made with an intention to create legal relationship.

2. The terms of the offer should not be impossible to perform.

3. An offer should be clear and not ambiguous or vague.

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4. An offer must be communicated to the other party.

5. An offer & invitation to offer must be distinguished from each other.

6. An offer must be in form of request and not as an offer. 10

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7. An offer must be made with the intention to get the assent of the offeree.

8. An offer may be positive or negative.

9. Communication of special condition is necessary

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12TYPES OF OFFERS

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1. Specific Offer

A specific offer is one which is made to a definite person or particular group of persons. A specific offer can be accepted only by that definite person or that particular group of persons to whom it has been made

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2. General Offer

A general offer is one which is not made to a definite person, but to the world at large or public in general. A general offer can be accepted by any person by fulfilling the terms of the offer. In case of general offer, the contract is made with person who having the knowledge of the offer comes forward and acts according to the conditions of the offer.

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3. Cross Offer

Two offers which are similar in all respects made by two parties to each other, in ignorance of each others offer are known as `cross offers

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4. Standing Offer

It is an offer which opens for acceptance over a period of time. This is also known as continuing or open offer.17

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5.Implied offer

Such an offer is inferred from conduct or behavior of parties or circumstances of the case. Under section 9 of the Indian Contract Act, 1872,In so far as the proposal is made otherwise than in words, the offer is said to be implied.

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6.Express offer

An offer made in words, written or spoken, is called as an express offer.Example:- Mr.X says to Y,I am willing to purchase your car for Rupees 5000.

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7.Counter offer

Conditional acceptance is called counter offer . When an offer is accepted on term and condition other than set out by offerer is called counter offer.

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1) Business Regulatory Framework (P.D. SAINI)

2) www.ucas.com

3) www.4law school.com

4) www.study.com

21REFERENCES

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22THANK YOU

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