OFFERS ASSIGNMENT

( In partial fulfilment of the degree of Master of Business Administration)

submitted by
Name: ARJUN K.R
Register No: RA1452001010452
Under the guidance of
PROF. Dr R VELU (M.A., M.B.A,, M.PHIL, PH.D.,
D.P.TECH.)

DEPARTMENT OF BUSINESS ADMINISTRATION

SRM UNIVERSITY - KATTANKULATHUR,
KANCHEEPURAM DISTRICT,
CHENNAI
BATCH: 2014-2016
Feb 2015

DECLARATION

I, ARJUN K,R (RA1452001010452) hereby declare that the project entitled

OFFERS under the supervision and guidance of Dr.VELU (Professor in
Department of Management Studies SRM University, Kattankulathur) is the result of
the original work done by me and to the best of my knowledge, a similar work has
not been submitted to any university or any other institution.

Place: Chennai
ARJUN K.R
Date:
RA1452001010434

Name:
Reg No:

S.NO

1.1

CONTENT

OFFERS

PAGE.NO

2-5

6
2.2

DEFINTION

3.3

CHARATERISTICS OF OFFERS

TYPES OF OFFERS
Firm offer &Invitation offer
Express offer & implied offer
Specific offer & General offer
Corss offer
Standing offer

CONCLUSION

8-17

18

3.
19
4.

BIBLIOGRAPHY

OFFER
Before a consumer contract is made, one person must make an offer and another person
must accept it.Usually, you will make an offer to the trader to buy their goods or services
for a price. The trader will then accept your offer and you will have a contract.

DEFINITION
An undertaking to do an act or give something on condition that the party to whom
proposal is made do some specified act or make a return promise

the

CHARATERISTICS OF OFFER

Must be certain : Gunthing v Lynn 1831

Must be differentiated from an enquiry : Harvey v Facey 1893

Must be differentiated from an intent to trade: Pharmaceutical Society of Great

Britain v Boots 1953

May be to world at large (sometimes termed a unilateral offer) : Carlill v Carbolic

Smokeball Co. 1893

TYPER OF OFFERS

Firm offer &Invitation offer

Express offer & implied offer

Specific offer & General offer

Corss offer

Standing offer

Firm offer
A firm offer means an irrevocable offer made by a merchant. As a general rule, all
offers are revocable at any time prior to acceptance, even those offers that purport to be
irrevocable on their face. An exception to this general rule exists under the Merchants
Firm Offer Rule:[1]Uniform Commercial Code 2-205 Firm Offers
An offer (A) by a merchant to buy or sell goods (B) in a signed record that by its terms
gives assurance that it will be held open is not revocable for lack of consideration, during
the time stated or if no time is stated for a reasonable time, but in no event may such
period of irrevocability exceed three months; Any such term of assurance in a form
supplied by the offeree must be separately signed by the offeror.

Express offer & Implied offer

An express contract is a contract whose terms the parties have explicitly

set out. This is also termed as special contract. In an express contract, all the
elements would be specifically stated. In an express contract, the agreement
of the parties is expressed in words, either in oral or written form. For
example, where a landlord presents A with a preprinted lease on the
apartment that A wants and if he agrees to the terms and signs it, then it is
an express, written contract. Another example is: I offer to sell you my 1987
Mercedes and after some negotiations, you agree to purchase it on the terms
we have worked out, a bargain for less than $10,000. This is an express oral
contract.

Implied offer

Implied contract exception is an exception available in at-will

employment. Under the implied contract exception, an employer may not fire
an employee in a situation where an implied contract has formed between an
employer and employee. A written instrument expressing the employment
relationship will not exist. Therefore, it is difficult to prove the terms of an
implied contract and the burden of proof is on the discharged employee.
Implied employment contracts are commonly seen when an employer's
personnel policies or handbooks states that an employee will not be fired
except for good cause or it lays out a process for firing. If the employer fires
the employee in violation of an implied employment contract, the employer
may be found liable for breach of contract.

SPECIFIED OFFER

Offers of judgment are governed by federal and state rules of civil

procedure, which vary by state. In some cases, if the offer is not accepted,
and if the judgment finally obtained by the offeree is not more favorable than
the offer, the offeree must pay the costs incurred by the offeror after making
the offer. Such a rule is designed to offer defendants an incentive to make
serious settlement offers and to encourage plaintiffs to take these offers
seriously because of the risk of proceeding to trial and paying the defendant's
post-offer costs if the plaintiff fails to obtain a result more favorable than the
offer of judgment

GENERAL OFFERS
Though offers are ordinarily made to specific persons, it is possible to
make offers to any one, or to every one, who may perform a specified act or
make a specified promise. The commonest illustration of such offers is
furnished by offers of reward for the apprehension or conviction of
criminals.54 General offers are usually to be construed as addressed to the
first person who may perform the act requested,55 but it is possible to make
an offer of reward to every one who may do the act requested. Thus in a wellknown English case 56 the offer in question was to pay 100 reward to any
one who should contracting fluenza after using one of the defendant's smoke
balls three times daily for two weeks.57 Though the point was not involved in
the case, it would seem that the offer was susceptible of acceptance by more

than one person.

CROSS OFFER
Cross-offer is a contract law term that refers to an offer made to another
in ignorance that the offeree has made the same offer to the offeror. In a
cross offer both parties state to each other the same proposal.
An offer by A to sell to B on certain terms and an offer by B to buy from A on
the same terms unaware of the A's proposition at that time, is an example of
a cross-offer.

STANDING OFFERS
A standing offer is not a contract. A standing offer is an offer from a
potential supplier to provide goods and/or services at pre-arranged prices,
under set terms and conditions, when and if required. It is not a contract until
the government issues a "call-up" against the standing offer. The government
is under no actual obligation to purchase until that time.

COUNTER OFFER
A counter offer is an offer made in response to a previous offer by the
other party during negotiations for a final contract. It is a new offer made in
response to an offer received. It has the effect of rejecting the original offer,
which cannot be accepted thereafter unless revived by the offeror. Making a
counter offer automatically rejects the prior offer, and requires an acceptance
under the terms of the counter offer or there is no contract.

4. BIBLIOGRAPHY

(A) VINOD BHALL ,ICSI ,LALLS ,THE INSTITUTE OF COMPANY SECRETARIES

MERCANTILE LAW ,2014 , FAX 01124626727 , WWW.ICSI.EDU

(B) RAVINDRA KUMAR , 2013 , LEGAL ASPECTS OF BUSINESS, PHI PUBLICATION

(C) https://www.wikipedia.org/

(D) www.acquisition.gov/far/90-34/pdf/16.pdf