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Session 2-LAB

The document discusses key concepts around offer, acceptance, and parties in Indian contract law. It defines an offer as one person indicating their willingness to do or abstain from doing something to another with the goal of getting the other's agreement. Acceptance is defined as when the person receiving the proposal signals their assent to it. For a valid offer and acceptance, there must be clear intent, terms, communication within any timelines, and acceptance must be unconditional. An offer can be revoked before acceptance communication is complete, and acceptance can be revoked before communication is complete to the offeror. Parties must also have capacity such as being a major and of sound mind.

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Shubham Jain
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33 views

Session 2-LAB

The document discusses key concepts around offer, acceptance, and parties in Indian contract law. It defines an offer as one person indicating their willingness to do or abstain from doing something to another with the goal of getting the other's agreement. Acceptance is defined as when the person receiving the proposal signals their assent to it. For a valid offer and acceptance, there must be clear intent, terms, communication within any timelines, and acceptance must be unconditional. An offer can be revoked before acceptance communication is complete, and acceptance can be revoked before communication is complete to the offeror. Parties must also have capacity such as being a major and of sound mind.

Uploaded by

Shubham Jain
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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SESSION 2

INDIAN CONTRACT ACT, 1872

OFFER, ACCEPTANCE &


PARTIES
OFFER (PROPOSAL)

• Section 2(a) of the Contract Act defines ‘offer’ as follows:

“When one person signifies to another his willingness to do or to


abstain from doing anything, with a view to obtaining the assent of that
other to such act or abstinence, he is said to make a proposal; ”

• Promisor & Promisee


OFFER (PROPOSAL) Cont.

• Essentials of a Valid Offer


Intent of Seeking Acceptance
Intent of creating legal rights/obligations
Terms to be Clear, Certain, Unambiguous and Uncertain
Offer v. Invitation to Offer
Due Communication
ACCEPTANCE

• Section 2(a) of the Contract Act describes ‘acceptance’ and


‘promise’ as follows:

“When the person to whom the proposal is made signifies his assent
thereto, the proposal is said to be accepted. A proposal, when accepted,
becomes a promise; ”
ACCEPTANCE Contd.

• Essentials of a Valid Acceptance


Unconditional & Absolute
To be done in the method and manner, if any, specified
To be done within the time period, if any, specified
Due Communication
To be done before revocation of the offer
COMMUNICATION

• Communication of an offer is complete once it comes to the


knowledge of the offeree

• Communication of acceptance is complete:


As against the offerer when it is put in transmission beyond
the control of the acceptor
As against the acceptor once it comes to knowledge of the
offeror.
REVOCATION

• An offer may be revoked anytime before the communication of


an offer is complete as against the offerer.

• An acceptance can be revoked anytime before the


communication of acceptance is complete as against the
acceptor.
CAPACITY OF PARTIES

• Majority

• Soundness of Mind

• No other incapacity/ restriction – enemies, insolvents etc.


Thank You!

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