Offer – Shop for sale in Singapore
An offer is a proposition made by one person to another. The person making the offer is called the offeror, and the person to whom the offer is made is called the offeree. The proposition must be communicated and conveyed by the offeror to the offeree. An offer is therefore an indication of willingness by an offeror to enter into a legally binding contract with the offeree. Shop for sale in Singapore.
It is important to distinguish an offer from an “invitation to treat”. An “invitation to treat” is not an offer; it is a mere invitation by one party to another to make an offer, or to put it simply, an invitation to negotiate. Examples of “invitation of treat” are tender, auction, advertisement and display in shops. Shop for sale in Singapore.
An offer may be terminated as follows, and once terminated, the offer will be incapable of acceptance by the offeree:
(1) Revocation
The general rule is that the offeror may revoke or withdraw his offer any time before it is accepted by the offeree. An offer cannot be revoked after it has been accepted. However, if an offeree gives consideration (to be covered in Unit 3.2.2.2) to keep the offer open for a period, there is a separate binding contract known as an option and revocation within the period will be in breach of that contract. Shop for sale in Singapore.
(2) Lapse of time
If an offer is stated to be open until a particular date or time, the offer will lapse after that date and time. Acceptance after the expiry of the offer is invalid. Shop for sale in Singapore.
(3) Offer subject to condition
If an offer is made subject to condition and the condition is not satisfied, the offer cannot be accepted.
(4) Death
If the offeror dies and the offeree has notice of this, the offer cannot be accepted. However, if the offeree does not know of the offeror’s death, then he may accept the offer. If the offeree dies, then the offer cannot be accepted by another party on the offeree’s behalf. However, an Option to Purchase is not terminated by reason of death of the vendor.
(5) Rejection
Once an offeree rejects an offer, he cannot subsequently accept it. When an offeror makes a fresh offer, the first offer is also terminated. A counter-offer operates as a rejection.
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