Agreement Acceptance By

A contract is binding only if it contains valuable considerations. In essence, reflection means that one party promises to give something valuable to the other party. It may be a cash payment, an act or something else that the parties consider valuable. Other types of agreements are listed below:- If an offer is rejected, the party who made the initial offer will no longer be responsible for that offer. The party who refused the offer must not allow the same offer and not later convert it into a contract by further acceptance. In this case, it is necessary to obtain the supplier`s approval for a contract to be concluded. The Indian Contract Act 1872 gives great importance to the « time » element to decide when the offer and acceptance are completed. > communication of offers: In the sense of section 4 of the law, « the communication of offer is complete when it comes to knowing the person to whom it is addressed. » This can be explained by an example. If « K » makes a proposal to the « I » in the mail to sell his house for 5,000,000 INR, and if the letter with the offer is published on March 10 and if that letter arrives on March 12 « I », the offer would have been communicated on March 12, when I received the letter. Thus, if a proposal is made by mail, its communication will be complete when the letter containing the proposal is sent to the person to whom it is addressed. The simple receipt of the letter is not enough, it must receive or read the message contained in the letter. He received the letter on March 12, but read it on March 15. In this case, the offer will be announced on March 15, not March 12.

>Communication of acceptance: there are two issues of discussion and agreement. They are: The modes of acceptance and when the acceptance is over. First, consider the modes of acceptance. Section 3 of the Act generally provides for two types of communication: if at least two parties voluntarily enter into an agreement between them, it is a contract. This document is legally binding if there are several rules dealing with the communication of acceptance: 1. A betting contract is an agreement whereby two persons who agree to express opposing opinions that touch on the issue of an uncertain future event agree that, according to the determination of that event, one wins from the other and that others are paid or remitted by it. , a sum of money or other transaction; None of the parties who have an interest other than the amount or bet they will earn or lose have no other consideration for the drafting of such a contract by either party.