Question

Every bussiness transaction is backed by a contract that specifies the mutual rights and liabilities of the parties. Breifly Explain The essential of a valid contract under the contract act 1872.​

Answer 1

Answer:

For a contract to be legally binding it must contain four essential elements:

an offer.

an acceptance.

an intention to create a legal relationship.

a consideration (usually money

Answer 2

Offeree” / “proposee”.

Chitty on Contracts, defines an offer as an expression of willingness to contract made with an intention that is to become binding on the person making it as soon as it is accepted by the person to whom it is addressed.

According to section2 (a) of the Contract act, an offer/proposal is:

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.”

An offer simply means willingness, to do something (a positive act) or to not do something (a negative act). It must be noted that if an offer is not made, to get the acceptance of the other party, then it cannot be construed as an offer under the Contract Act. An offer must be made with the object of getting a favourable response from the intended acceptor. Thus, there may be ‘positive’ or ‘negative’ acts which the proposer may be willing to do.

Pointers on Offer

Offer must be communicated to the offeree. Mode of communication could be any but should be reasonable. An offer must be clear, specific and capable of being understood.

An offer should be lawful and not to do something illegal.

Offer can be express or implied[v]. An express offer is one which is made in words, whereas an implied offer is inferred from the conduct of the offeror. In implied offer what matters is whether the offeror had any intention to make an offer or not.

An offer can be revoked at any time before it’s acceptance by the intended acceptor.

An offer must be made with an intention to get acceptance thereto.

A promise consists of an offer and an acceptance of that offer. Once these two conditions are satisfied there is a promise and when both parties have to perform their respective promises, it becomes a situation of reciprocal promise.]

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