Click here to Get Complete Solved Assignments
List of Fresher Jobs, Walk in Interview
Right place for Job Seeker. Fresher Job, Walkin Interview, Exam results.
Visit www.walkinjobstoday.com

smu solved assignments of mb0051 1. Write short notes with examples: a) Offer and acceptance b) Capacity to contract

Answer:
a. Offer is not only one of the essential elements of a contract but it is the basic building block also. An offer is synonymous with proposal. The offerer or proposer expresses his willingness “to do” or “not to do” (i.e., abstain from doing) something with a view to obtain acceptance of the other party to such act or abstinence (Sec.2(a)).

Acceptance :When the person to whom the offer is made signifies his assent thereto, the offer is said to be accepted (Sec.2(b)). Thus, acceptance is the act of giving consent to the proposal. The offeree is deemed to have given his acceptance when he gives his assent to the proposal. The acceptance of an offer may be express or implied. It is express when the acceptance has been signified either in writing or by words of mouth or by performance of some required act of the offeree. 

Capacity to Contract

Persons who are competent to contract

Any one cannot enter into a contract; he must be competent to contract according to the law. Every person is competent to contract if he (i) is of the age of majority, (ii) is of sound mind, and (iii) is not disqualified from contracting by any law to which he is subject (Sec.11).

Capacity of a minor to enter into a contract

Age of a person determines enough maturity to make a contract. The contract law defines maturity as the age of majority. That usually is 18 years. Does this mean that a minor is not competent to contract? No, a minor may make a contract, but he is not bound by the contract; however the minor can make the other party bound by the contract. 

0 comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...
 
x

Get Our Latest Posts Via Email - It's Free

Enter your email address:

Delivered by FeedBurner