...for any price is a valid offer. One of the requirements of a valid offer is that the offer must be clear in meaning. Section 30 of the Contracts Act 1950 also provides that agreements are void if there is uncertainty in the meaning or when the meaning is capable of being made certain. In Ahmed Meah & Anor v Nacodah Merican, the defendant promised to build a ‘suitable house’ upon the marriage between plaintiff and the defendant’s daughter as a gift to them. The plaintiff sought for specific performance of the agreement but it was held that the agreement cannot be enforced as the promise is void for uncertainty. This is because the ‘suitability of the house’ was uncertain to the nature as well as the value of the house to be built. In the present case, Shaggy’s statement that he is willing to pay any price for the display case is too vague to be constituted as an offer. What is the range of value represented by the term ‘any price’? Would RM 1.00 suffice? What if the price is beyond his financial capability? An offer has to be unequivocal and clear. It could then be deduced that his statement was to induce Freddie to offer him the display case as well as to show Shaggy’s mere expression of willingness to enter into negotiations. Subsequently, Freddie was the one who actually offered to sell to Shaggy the display case at the price of RM 160,000.00. The second issue in this case is whether Shaggy’s silence can amount to an acceptance of Freddie’s offer of the display case, hence...
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...represents an invitation to treat and each tender submitted amounts to an offer unless the request specifies that it will accept the lowest or highest tender or other condition. If the request contains such a condition this will amount to an offer of a unilateral contract where acceptance takes place on performing the condition: Spencer v. Harding Law Rep. 5 C. P. 561 Case summary Auctions Where an auction takes place with reserve, each bid is an offer which is then accepted by the auctioneer. Where the auction takes place without reserve, the auctioneer makes a unilateral offer which is accepted by the placing of the highest bid: Heathcote Ball v Barry [2000] EWCA Civ 235 Case summary Machines The machine represents the offer, the acceptance is inserting the money: Thornton v Shoe Lane Parking [1971] 2 WLR 585 Case summary Termination of offers An offer may be terminated by: 1. Death of offeror or offeree 2. Lapse of time An offer will terminate after a reasonable lapse of time. What amounts to a reasonable period will depend on the circumstances. Ramsgate Victoria Hotel v Montefiore (1866) LR 1 Ex 109 Case summary 3. Revocation An offeror may revoke an offer at any time before acceptance takes place: Dickinson v Dodds (1876) 2 Ch. D. 463 Case summary This may not apply in unilateral offers where acceptance requires full performance: Errington v Errington Wood...
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...International Business Case: An Extreme Counter Offer Dr. Ling, SingCast Cable's V.P. of Products, was in full control of the meeting. He sensed it was time to push for more concessions from CyberWave's negotiating team. CyberWave, the four year incumbent e-mail platform provider, had been very uncooperative in renegotiating the current contract. But with eWeb's (a Singapore start-up company) competitive offer on the table, Dr. Ling had a real opportunity to significantly cut his growing e-mail operational costs. Dr. Ling looked directly at Mr. Hua, CyberWave's Sales Director, and stated in a quiet, gentle tone "Mr. Hua, we cannot afford any longer to supplement CyberWave's licensing fees for subscribers who sign up for free accounts. As you will see in the counter-proposal in front of you, we expect your company to charge nothing for these subscribers going forward, but of course we will pay for those subscribers who opt for a 'for fee' package." Trying to mask his displeasure, Mr. Hua interjected "Dr. Ling, this is most difficult to comprehend." Barely pausing, Dr. Ling did not respond and continued, "We are also leaning towards outsourcing the entire e-mail hosting operations to the selected vendor. We expect 'all' operational and technical costs to be included: hardware and software, telecommunications bandwidth, and any direct or indirect costs associated with the migration of the subscribers to the selected vendor's facility. Furthermore, we we will go through a formal...
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...OFFER AND ACCEPTANCE OFFER When one party expresses interest to buy or sell an asset from another party. The offering price is often the highest the buyer will pay to purchase an asset, and the lowest that the seller will accept. The person that makes offer is called "offeror or promiser".The person to whom offer is made is called "offeree". Offer can also be called a "Proposal". EXAMPLE: 1) Ali offers to sell his watch to Ashraf , here Ali is making an offer to Ashraf. 2) When purchasing a house, prospective buyers will make an offer to the seller, and will often list the highest price he or she is willing to pay. However, if another prospective buyer enters the scene and a bidding war ensues, each buyer will continue to bid until his or her maximum price level is attained OFFER and its types : Express Offer: An offer may be made by express words, spoken or written. Suchan offer is known as an express offer. Implied Offer: An offer may also be implied from the conduct of the parties or thecircumstances of the case. This is known as implied offer.For example, An offer by the Transport Co. to carry passengers for a certain fare. Specific Offer: When an offer is made to a definite person, it is called specific offer. General Offer: When an offer is made to the world at large, it is called as generaloffer. A mere making of an offer does not...
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...and binds both the person that made the offer and the person accepting the offer to the terms of the contract. http://www.duhaime.org/LegalDictionary/O/Offer.aspx Terms and conditions under which an offer is made, such as quantity, price, discounts, delivery date, shipping costs http://www.businessdictionary.com/definition/offer.html Acceptance of an offer is the final and unequivocal expression of assent to another's offer to contract. http://www.duhaime.org/LegalDictionary/A/Acceptance.aspx "Acceptance means the signification by the offeree of his willingness to enter into a contract with the offeror on the terms offered to him by the latter. Without an acceptance there can be no contract ...." "In the ordinary case ... there is a manifestation of willingness to be bound by one party followed by a manifestation of an assent by the other by words or conduct, generally and usefully called offer and acceptance." "Each of (these) definitions contemplates a willingness, either in words or by conduct, to be bound by the terms of the offer. But each definition also entails a manifestation, or a signification, or an indication of such willingness." Book 9(1) of Halsbury's Laws of England, 4th Edition (2007) “termination of offer”, and can happen in a number of ways, for a variety of reasons. Termination of offer is different from “termination of contract”, as a contract has not yet been fully formed in a termination of offer. How is an Offer Termination Accomplished? There are many...
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...Offers may be terminated in any one of the following ways: Revocation of the offer by the offeror; counteroffer by offeree; rejection of offer by offeree; lapse of time; death or disability of either party; or performance of the contract becomes illegal after the offer is made. The general rule is that the revocation is effective only when it is made known to the offeree. Until it is communicated to the offeree, directly or indirectly, the offeree has reason to believe that there still is an offer that may be accepted. The offeree may rely on this belief. If the offeror seeks to revoke the offer, but the offeree accepts the offer before notice of the revocation, a valid contract is created. A conditional acceptance is a counteroffer. For example, if Jones accepts the $10,000.00 price, but adds a term by stating that new tires must be put on the car, this is a conditional acceptance and therefore a counteroffer. A rejection terminates an offer. A rejection is an offeree’s communication that an offer is unacceptable. When an offer states that it will be open until a particular date, the offer terminates on that date if it has not yet been accepted. This is particularly clear when the offeror declares that the offer shall be void after the expiration of a specific time. If the time passes, and the offeree attempts to accept the offer, this is in effect a counteroffer from the offeree and can be accepted or rejected by the offeror. If the offer does not specify...
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...Case 10-10 An Offer You Can’t Refuse Fast Eddie, a publicly held company, manufactures and installs refrigeration systems for governmental and commercial applications. Fast Eddie is being investigated by a governmental agency for overpricing on government sales during the period from 2007 through 2009 as well as allegations of misrepresentations by one of Fast Eddie’s former officers, Sweet Lou. The criminal and civil investigations began in late 2009. In the prior fiscal year, the company’s auditors, CPAs-R-Us, obtained management’s representation and a letter from Fast Eddie’s independent legal counsel that indicated that the ultimate outcome of the investigation could not be determined and that any potential payment for the alleged breaches would not have a material effect on the financial statements. Accordingly, no accrual was recorded in the financial statements, and CPAsR-Us issued a standard unqualified opinion on Fast Eddie’s 2010 financial statements. Fast Eddie’s fiscal year-end is March 31. The government commenced its investigation into the allegations in late 2009 by obtaining a subpoena for all of Fast Eddie’s corporate records (both hard copy documents and computer files) related to government sales during the period in question. In 2010, the government provided Sweet Lou with a report detailing the allegations of defective pricing. At that time, Sweet Lou alerted the other officers at Fast Eddie of the manner in which he had prepared the documents in question...
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...Rules of offer and acceptance in a contract Offer and acceptance are elements required for the formation of a legally binding contract: the expression of an offer to contract on certain terms by one person (the "offeror") to another person (the "offeree"), and an indication by the offeree of its acceptance of those terms. The other elements traditionally required for a legally binding contract are (i) consideration and (ii) an intention to create legal relations. Offer and acceptance analysis is a traditional approach in contract law. The offer and acceptance formula, developed in the 19th century, identifies a moment of formation when the parties are of one mind. ------------------------------------------------- Offer[edit] Treitel defines an offer as "an expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed", the "offeree".[1] An offer is a statement of the terms on which the offeror is willing to be bound. It is the present contractual intent to be bound by a contract with definite and certain terms communicated to the offeree. The expression of an offer may take different forms, such as a letter, newspaper advertisement, fax, email and even conduct, as long as it communicates the basis on which the offeror is prepared to contract. Whether the two parties have reached agreement on the terms or whether a valid offer has been made is an issue which...
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...Offer and acceptance analysis is a traditional approach in contract law used to determine whether an agreement exists between two parties. An offer is an indication by one person to another of their willingness to contract on certain terms without further negotiations. A contract is then formed if there is express or implied agreement. A contract is said to come into existence when acceptance of an offer has been communicated to the offeror by the offeree. One party, the offeror, makes an offer which once accepted by another party, the offeree, creates a binding contract. The Key concepts in relation to offer and acceptance include the distinction between an offer and an invitation to treat, The case of Carlill v Carbolic Smoke ball co. is...
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...An offer is where one party namely the offeror outlines the terms and conditions under which he is willing to be legally bound and the offeree is the person to whom the offer is made. It may be contested that an offer never last forever and there are several situations where an offer can be terminate and these can range from lapse of reasonable time, failure of a pre-condition to counter offer amongst others. If an offer is not accepted then there can be no legal contract between both parties An offer may be terminated when reasonable time has lapsed as was in the case of Ramsgate Victoria Hotel v Montefore (1866) where the defendant applied for shares in the hotel company. He heard nothing and then after 5 months he received a letter of acceptance. By this time he had decided that he did not want the shares. The courts held that the lapse of time was so great that the offer to buy the shares had lapsed. This case shows that an offer doesnot last forever. Where an offer was made subject to a pre-condition and it was found that the condition was not what had been expressed in the offer, the offeree can refuse the offer as expressed in the case Financing Ltd v Stimson (1962). In this case, the defendant signed an "offer to buy" a car on hire-purchase from a finance company. The document had been given to him by the car dealer. The document had a clause which said that the agreement would not be binding until it had been accepted by the finance company. The defendant...
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...Offer to Purchase Real Estate I, Ying Hua Wang , referred to herein as BUYER, offers to purchase the following described real estate: Street Address : ________3460 A du Parc_____________ Property Description : ___________________________________________________________ From __Julio_ _________ , referred to herein as SELLER , upon the terms and conditions stated herein. The gross purchase price shall be $ __360,000____(dollars). This offer is conditioned upon BUYER obtaining loan approval at least __ days prior to closing of this transaction, BUYER shall make a mortgage loan application within 10 working days of the acceptance of this offer, and should the BUYER's loan application be denied, the BUYER shall have the option, within 2 business days to rescind this transaction. If BUYER elects to rescind the transaction, BUYER shall receive any deposits made from SELLER. The closing will be held within 30 days of the acceptance of this offer to the SELLER, but in no event in less than 20 days from the notice. The SELLER shall convey to the owner by warranty deed the property herein, and the title thereto shall be merchantable. Within 30 days of acceptance, the SELLER shall provide a binder for title insurance in the principal amount of the purchase price. The title shall be free and clear of any encumbrances other than those, if any, to be assumed by the BUYER at closing. Should any defects be in the title, the SELLER shall have 60...
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...Nowadays many people conduct lengthy job hunts before arriving at a single offer. When two offers come along, job seekers can be taken aback, unsure how to proceed. Receiving multiple job offers can come as a surprise to employment seekers, and when faced between with two or more job opportunities It is always delicate to hesitate; and the decision is not easy to take. Nevertheless, it is very important to take a time to think which career opportunity is the better fit, given your career goals, needs, and wants. Sometimes the choice is clear, and an applicant will have no difficulty choosing one offer over another. However, in other cases, the compensation packages of two job offers could be similar and therefore cause dilemma. According a survey conducted in 2014, about employment factors, the statistic shows the most important employment factors when choosing jobs among workers worldwide in 2014 was salary, and financial incentives with 84%. But apart from the financial compensation there are many others incentives to consider before choosing a job. The first is advancement; during the survey, 62 percent of respondents said that opportunities for advancement would influence them to choose one job over another. Applicant should be looking to take the job that will advance them the furthest in their career. It’s important to capitalize on opportunities that move you forward in your professional growth and development. Secondly the hours and work-life balance. It is...
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...Joinees target is calculated based on the number of offers released the previous month. • The KPI of salary percentile is replaced with salary percentage. • Additional scoring: Offer of profile sourced/ER by recruiter will also be considered for the ratings though it is not mandatory. KPIs in Detail There are 4 ratings only Rating 1: Very Good Rating 2: Good Rating 3: Meets Expectation Rating 4: Needs Improvement Offers The offer target for the month would be based on the number of WIP positions with the recruiter in the beginning of the month* *in case the number of WIP positions in the beginning of the month is too low or many positions were cancelled during the month, the recruitment manager would decide the offer target for the recruiter. Rating 1: % of offers is greater than 85% of the WIP positions Rating 2: % of offers is greater than or equal 75% of the WIP positions Rating 3: % of offers is greater than or equal 60% of the WIP positions Rating 4: % of offers is less than 60% of the WIP positions Joinees The joinees target would be based on the offers released the previous month* *in case of any special cases the recruitment manager would define the joinee percentage required for a 3 rating. Rating 1: % of joinees is greater than 60% of the offers Rating 2: % of joinees is greater than or equal to 50% but less than 60% of the offers...
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...GrameenPhone Recharge Offer Grameenphone is the leading telecommunications service provider in Bangladesh. It is the first company to introduce GSM technology in Bangladesh, it launched its services in March 1997. With more than 50 million subscribers Grameenphone is the largest mobile phone company in the country. Grameenphone widely abbreviated as GP. GP is available for PREPAID & POSTPAID customers For both customers GP gives various offers. For Prepaid customer they often offer some Recharge Offer. CUSTOMER PROFILE Demographic | Age: 15 and aboveGender: Female & Male Occupation : General (Venerable, Middle age & Young )Income : 5000 & above | Geographic | Location: Urban, Sub-Urban and ruralArea: All over the Bangladesh | Psychographic | Preference: QualityAttitude: Both positive and negativePerception: Trusted Brand, Reliable, ConvenientLifestyle: Modern, Busy and Independent Lifestyle | IMPLICATION OF IMC TOOLS Advertisement: 1. PRINT AD : To abide by the IMC of GP Recharge Offer there are some Print ad, TVC and Banner ad to capture the target market. 2. PUBLIC RELATION : By doing various Campaign of Recharge Offer GP tries to get closer to it's target market. GP give free Internet on the basis of recharging a particular amount in an inactive SIM, so that they can get back its old user. 3. DIRECT MARKETING : GP Recharge Offer also reach it's target market by using direct marketing through facebook page. Reviews The IMC strategy...
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...An offer is a show of willingness to enter into an agreement that involves another person’s acceptance. So an offer, that one accepts becomes an agreement. The offeror is the one who makes the offer and the offeree is the person to whom the offer is made. To be a valid offer (I.e., to constitute an offer), a manifestation of intent to enter into a bargain must have the “3 Cs.” First, the contract must embody a promise, or commitment as opposed to a statement of present intention or preliminary negotiation. Statements such as “I intend to sell you my car” or “come talk to me about buying my car” are not offers. Saying “if you pay me 100 dollars, I will sell you my car, is a valid offer. Whether a statement is an offer, depends on whether a reasonable person would believe it to be an offer regardless of the subjective belief, for example, given the trade customs of an industry, would a reasonable person think that an offer was made? The court faced with this situation would consider factors such as; 1) language, whereby the words “offer” or “promise” have been used. Courts also consider the definitiveness of the terms and language of the proposal to help decide whether it is an offer. “First come, first served may indicate an offer because it provides buyers with a clear means of accepting by buying first. 2) Communications made by mass media are usually held to be invitations for offers and not offer themselves. For example, a TV advertisement announcing that a dealer has...
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