Acceptance – Factory for rent in Singapore
When an offer is accepted, a binding contract is formed between the offeror and the offeree. Acceptance of the offer by the offeree must be: Factory for rent in Singapore.
(1) unqualified – that is on the same terms and conditions offered by the offeror with no new condition(s) added. A conditional acceptance will tantamount to a counter-offer. In the case of a real estate transaction, failure to exercise an option on its original terms and conditions will result in the option being invalidly exercised and consequentially forfeiture of the deposit;
(2) made before the expiry of the offer;
(3) communicated to the offeror; and
(4) compliance with the mode of acceptance specified in the offer. If the offeree accepts the offer in any other mode other than that specified in the offer, the acceptance will not be valid and no contract will be made. In real estate transactions, it is a norm for the vendor (offeror) to specify in an option that the acceptance copy (at the foot of the option) duly signed by the purchaser (offeree) together with the deposit (usually 5% of the sale price less the option money paid) be delivered to his solicitors by a stipulated date and time. In this way, it eliminates the “postal rule of acceptance” which states that where acceptance is allowed to be communicated by post (that is letter, telegram or cable), the acceptance is deemed complete as soon as the acceptance is properly posted; and if the acceptance is lost or delayed in the post, the contract is made even though the offeror is not aware of the fact.
Please click here to search for factory for rent in Singapore.
