Module Name- International Business Law

Better Essays

Name- Paras Gupta Module Name- International Business Law (LWO2999) Module Teacher- Mrs. Lilian Miles Student Number- M00432962 Word Count- 2021 words Introduction In the day to day activities of the business, Parties often face some problems in terms of transactions. Sometimes these transactions are violated because of offenses committed by one of the parties. However a contract is formed in order to solve these issues. Contract The word ‘Contract’ in simple words can be explained as an agreement made between two or more parties which tends to be legally binding. Contracts are further classified into three types: a) Verbal contracts/Oral contracts b) Written contracts c) Special contracts or contracts made by deeds In order to …show more content…

Agreement itself is formed when there is: Offer & Acceptance Offer An offer is the first and foremost element of a contract, proposed by the Offeror. It is an expression of willingness to form a contract on certain conditions/terms, formed with a purpose that it shall become a binding once accepted by the person to whom it is addressed i.e. Offeree. The procedure of offer and acceptance might take in three different ways: a) Unilateral contract: offer of an act for a promise b) Unilateral contract: offer of a promise for an act c) Bilateral contract: offer of a promise for an act An offer is a different term from invitation to treat, which means that the party merely inviting the others to join the offer, which later on he is free to accept or reject. Acceptance An acceptance is the final stage of an agreement where the offer proposed is accepted by the offeree in order to bind themselves in the contract which has legal standing. Rules of acceptance In order to form a valid binding contract the acceptance done by the offeree must match the exact offer. But, if the offeree wants to add any new term in the offer or if it is different from the term offer, then the offeree can in his reply cannot make the acceptance and is called counter offer. Once counter offer is made the main offeror is free to

Get Access
Get Access