MBAL-105: Legal Aspects in Business – Unit 2
Objectives: explain the meaning of offer and acceptance; describe the legal rules for a valid offer and acceptance; distinguish offer from tender and cross offer; describe the rules regarding communication & revocation of offer and acceptance; and explain when an offer lapses.
Materials:
The relevant material is available here.
Questions:
- What is an offer?
- Define the term “proposal”. Discuss the essentials of a valid offer.
- What is acceptance? How can an offer be accepted? Who can accept an offer?
- When does an offer come to an end?
- Explain the following terms with examples:
(a) Cross Offer
(b) Counter Offer
(c) General Offer
(d) Implied Offer
(e) Invitation to Offer