Acceptance refers to accepting the offer that is received from another party.

Acceptance is defined as
assent to the terms of the offer.

For an offer to be valid, essential requirements are need to needed to be followed. Conditions are
required in order to make the offer valued. These conditions are:

1. Offers must be made with a view to obtain acceptance from the received party. For example:
Proposing terms and conditions which are both favorable and beneficial for both parties.

2. Offer must be made with intention of creating legal relations. For example: Both parties are required
to sign agreements so they can be held accountable to each other.

3. The terms of the offer must be clear instead of being loose. For example: Company A has only offered
to promote the makeup products of Company B. Company A cannot promote other products without
the permission of Company B.

4. Offer should be communicable. For example: Both parties should communicate with each other to
understand the terms and conditions of the offer.

Difference between Co-operative Business and Partnership Business are given below:

1. In Co-operative business, individuals voluntarily creates a group for their mutual benefit. But a
Partnership business is formed by members for conducting business and sharing profits and losses.

2. Co-operative business has a minimum of 10 members and unlimited maximum members. But a
Partnership business requires a minimum of 2 members and a maximum of 20 members.

3. The main objective of a Co-operative business is to serve its members. But the main objective of a
Partnership business is to earn profits.

4. Co-operative business has no legal bound. But a Partnership business has legal bound.

General requirements of setting up a co-operative society are given below:

Bye-laws and deed of Co-operative society. For example: To form a Co-operative society, rules and
regulations are required to follow.

Application in the prescribed form to the Registrar of Co-operative Societies. For example: Details and
documents are required to submit in order to form a Co-operative society.

The registration of a co-operative society is subject to satisfaction of the Registrar of the Cooperative
Societies (RCS).
Mr. Y is the trustee of Mr. X. Here Mr. X is the beneficiary of Mr. Y. As Mr. Y broke the agreement
between them, Mr. Y can be punished according to the Trust act of 1882 as he has performed “Breach of
Trust”. According to the Trust act 1882, the person who declares confidence of vote is known as “Author
of Trust” and the person who accepts the condition is known as “Trustee”. Here the trustee is liable to
the author of trust. If the trustee breaks the contract then he can be punished under the law. Mr. Y can
be sued by Mr. X. As Mr. X is the beneficiary of Mr. Y who broke the agreement between them, Mr. Y is
liable to Mr. X. Mr. X can sue him for breaking their trust. Mr. Y is also making a resort by using the
money he stole from Mr. X. If Mr. Y is unable to give the stolen money back, then Mr. X can stake claim
on the resort as it is being made by Mr. X’s money. Mr. Y will be punished according to the conditions
set by agreement.