Chartered Accountancy

CPT Course

Session 1, Section B
Mercantile Law

Lecture 2 Offer & Acceptance

1

What is Proposal ?

What is Proposal ?

A proposal or offer is said to have been accepted when the person to whom
the proposal is made signifies his assent to the proposal to do or not to do
something.

When a person signifies to another his willingness to do or to abstain from doing anything
with a view to obtaining
ning the assent of that other to such act or abstinence, he is said to
make a proposal

Classification of Offer

Quick Revision Notes

Rules as to Acceptance

1. General Offer: Offer made to Public in general . Anyone can accept and do the
desired act
2.Special Offer: Offer made to Definite person . can be accepted only by specified
person
i
3.Counter Offer: Qualified acceptance by offeree subject to modifications & verification in
terms of original offer . Amounts to rejection of original offer
4. Standing, Open or Continuing Offer: Open for acceptance over a period of time
Rules as to Offer

6
Communication of Offer
Complete when it comes to the knowledge of the person to whom it is made.
Made by Post When the letter reaches
.
Communication of Acceptance
Against Proposer When put in course of transmission to him.
Against Acceptor When it comes to knwoledge of the proposer.