Types of offer

Business Law Assignment

1. Name : K.PRADEEPRAJ Class : II B.Com -B Roll No : 18UR45 Subject : BUSINESS LAW Topic : TYPES OF OFFER

2. Offer may be of the following types: Express Offer Implied Offer Specific Offer General Offer Cross Offer Counter- Offer Standing Offer TYPES OF OFFER

3. 1. Express Offer An offer made by express words- spoken or written is known as express offer. Example: P tells Q” will you buy my cycle forr Rs.700?”

4. 2. Implied Offer An offer that is to be inferred or understood from the conduct of the parties or the circumstances of each particular case is known as implied offer. Example: The offer by a cinema theatre to screen films is always an implied offer.

5. 3. Specific Offer An offer made to a specific person or group is known as a specific offer. Example : An offer by X, a very close friend of Y, to sell his bike to the latter for Rs.10,000 is a specific offer. Y and nobody else can accept the offer.

6. 4. General offer When an offer is made to the world at large, it is known as general offer. Any member of the public who is aware of such an offer may accept it. Example: X offers a reward of Rs.50,000 to anyone who traces out his missing son. Y , who is aware of the offer, finds the boy. He can claim the reward.

7. 5.Cross Offer Cross offers take place when two persons make identical offers to each other with respect to the same subject matter an without knowing the intention of the other.

8. 6. Counter Offer Counter offer takes place when the Person to whom the offer is made, instead of accepting the terms of the offer, desires modification of the same.

9. 7.Standing Offer A standing offer is of a continous nature. It is not restricted to a single transaction. It applies to a series of future transactions. Example: X, an edible oil merchant , Offers to supply edible oils to a hotel as and when required for the next two years. The offer by X is a standing offer.