Question

1. Explain the meaning of the following

a. Offer

b. Acceptance

c. Consideration

d. Privity of contract

Minimum 450 words

Answer 1

a. Offer

Present something for someone to accept or avoid as wished. Example when we purchase certain goods sellers used to give some offers like discounts,coupens etc. Here the seller gives us something so that is offer.

b. Acceptance

Permission to get or receive something offered. Example we used to get acceptance letter from institutions. That means they are permitting us for something.

c. Consideration

Careful thought about something for a particular period of time. Example we used to give a careful thought about our kids . That means we are considering them and care them.

d. Privity of contract

It is a contract law which conveys that contracts are joining the parties to a contract and the other party can not enforce the contract.