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Introduction: Offers & Consideration Video Lecture | Legal Reasoning for CLAT
FAQs on Introduction: Offers & Consideration Video Lecture - Legal Reasoning for CLAT
| 1. What is an offer in contract law? |  |
An offer in contract law is a proposal made by one party (the offeror) to another party (the offeree) indicating a willingness to enter into a legally binding agreement. It must contain specific terms and conditions and be communicated by the offeror to the offeree.
| 2. What is consideration in contract law? | |
Consideration in contract law refers to something of value that is exchanged between the parties involved in a contract. It can be a promise, an act, or a forbearance, and it is essential for the formation of a legally enforceable contract.
| 3. What are the elements required for a valid offer? | |
For an offer to be valid, it must include certain elements, such as an intention to create legal relations, definite and certain terms, communication of the offer to the offeree, and the absence of any legal restrictions or incapacity affecting the offeror.
| 4. Can an offer be revoked? | |
Yes, an offer can be revoked before it is accepted by the offeree. Revocation can occur through direct communication by the offeror, or indirectly through a reliable third party. Once an offer has been properly revoked, the offeree can no longer accept it.
| 5. Is consideration required for an offer to be valid? | |
No, consideration is not required for an offer to be valid. While consideration is necessary for the formation of a contract, it is not a requirement for the initial validity of an offer. However, without consideration, the offer may not be legally enforceable.
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