Question

The requirements for a valid offer and a valid acceptance in a bilateral agreement.

Answer 1

An offer is an indication of a willingness to contract on particular terms, made with the intention of being binding as soon as the person to whom it is addressed accepts it. A binding contract is concluded upon unconditional acceptance of an bid.

A bilateral offer is a two-sided deal where all parties are committed to the agreement and have a contractual obligation to meet their respective pledges. They are usually considered invitations to handle on the grounds that they could contribute to further negotiation. They are generally applicable to more specific and general contract law. To name but a few, these general rules related here are ads of a bilateral nature that are usually invitations to treat only, approval must be communicated to the offeror.

Communicated- The offeror must convey his offer to a person who can then choose to accept or reject the offer (the offerer). This is also not a serious problem to be discussed, as the offeror is free to communicate his offer in any way, whether oral (spoken) or in writing.

Committed- If the offeror is engaged requires an examination of whether the offeror was supposed to be bound by the offer in its negotiation of the offer. The desire to be bound may emerge in the course of actions, such as expressly saying "This is my final offer." Whether the supposed offer is an actual offer or simply an invitation to accept offers might be a concern. Auctions are a growing example of bid invitations, rather than a formal bid in itself.

Definite Terms- All deals have to be precise and definitive in terms of words. It is important to state the critical terms of the contract, such as size, method of acceptance and timing. An example is "For $200, I give you antique watch for my grandfather. You have to tell me you accept this offer in writing and I have to obtain it by 2 p.m. Or I'll give it to my brother on Tuesday.