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Offers may be withdrawn at any time up until acceptance Discuss the extent to which you agree with this statement and analyse the rules which determine the validity of the withdrawal of an offer.
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ï»¿Question : â Offers may be withdrawn at any time up until acceptanceâ
Discuss the extent to which you agree with this statement and analyse the rules which determine the validity of the withdrawal of an offer.
The English law on the formation of contract generally requires there to be an offer and acceptance. By the presence of both only then a legally binding bilateral contract can be formed. It is not necessary for a contract to be in a written form. A contract is an exchange of promises and it lies fundamentally at the heart commercial transaction.
Contract is an agreement between a person who makes an offer which is known as an offeror and a person who accepts the offer which is known as and offeree. An offer can be accepted or even rejected. In addition to that, it can also be revoked at any time up until acceptance. This is also known as revocation of an offer. This principle was laid down in an old case of Payne v Cave . Once an offer has been accepted by an offeree, a binding contract is formed and the offer
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