TYPES OF OFFER | CONTRACT LAW | OFFERS AND ACCEPTANCE | INDIAN CONTRACT ACT 1872 | தமிழ் | VETRI LAW

TYPES OF OFFER | CONTRACT LAW | OFFERS AND ACCEPTANCE | INDIAN CONTRACT ACT 1872 | தமிழ் | VETRI LAW TODAY
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Tags: Contract, Contract Act, Indian Contract Act, Offer, Types of Offer, Specific Offer, Cross Offer Example, General Offer Example, Standing Offer Example
In contract law, an offer is defined as a promise of money or an item of value from a promisor in exchange for performance by a promisee. An offer can be revoked, terminated, or negotiated.
Types of Contracts: Contracts can be classified into several types such as unilateral contracts, bilateral contracts, express contracts, implied contracts, and executed contracts. Valid, Void, and Voidable Contracts: A contract is valid when all its essential elements are present, and it can be enforced by law.
An offer is regarded as a standing offer if it is meant to remain open for a certain amount of time and can be accepted any time before the deadline. When a company needs a large quantity of products from time to time, it usually invites tenders for the supply of the products through an advertisement.
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