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Wednesday 17 March 2010

Offer And Acceptance

Offer: When one person signifies to another his willingness to do or to obtains from doing any thing with a view to abstaining the assent of that other to such act or abstinence, he is said to make a proposal.
A Proposal means an offer. Person making the offer is called Offerer.
Person to whom the offer is made is called offeree.

Acceptance: "When the person to whom the proposal is made signifies his assent thereto, the proposal is said ti be accepted". A proposal when accepted becomes a promise."

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