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OFFER IN A CONTRACT by Alice Ken
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OFFER IN A CONTRACT |
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Education,Law,Writing
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OFFER IN A CONTRACT In any contract there must be two parties where one party has an offer while the other party accepts the offer. An offer in a contractis made by a person who proposes the terms of an agreement. Offer is a communication that normally gives the party power to close the contract. A person to whom the offer is made is known as an offeree. Offer is the element of the contract and it is normally the first step. An offer in a contract can be signified by the gestures, words or actions. Offer can come in form of letter, website, newspaper, fax, and email. To make an obligation of both parties, the parties must understand and adhere to the terms and conditions of the offer. Then offer binds the offerer to the terms of the offer if at all the recipient responds by accepting the offer. The deal becomes struck when an offerer accepts the offer. There are two types of offers, namely written offer an oral offer. The oral offer cannot be enforced against the agreements for real estate, contracts for the sale of goods and the transactions that cannot be completed within one year. Offer can be anything of value in exchange for the performance. The offer can be terminated in situations like the death of one party, the insanity of the party and destruction of thing required to do the contract terms. The offer cannot be accepted if it reaches the expiry time. The irrevocable offer is the one that cannot be revoked by the offerer but terminates only upon the passage of expiry date or rejection by the recipient.
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