Understanding Counter-Offer under the Contract Act, 1872 (Bangladesh)
Understanding Counter-Offer under the Contract Act, 1872 (Bangladesh) When two parties enter into negotiations to form a contract, their communication plays a vital role in shaping the final agreement. One important concept in contract negotiations is the counter-offer . In this article, we will explore what a counter-offer is, how it works under the Contract Act, 1872 of Bangladesh, and why it matters for anyone dealing with contracts. What is an Offer in Contract Law? Before diving into counter-offers, let’s quickly recap what an offer is. An offer is a clear proposal made by one party (the offeror) to another (the offeree), expressing willingness to enter into a contract on certain terms. When the offeree accepts this offer without changes, a contract is formed. What is a Counter-Offer? A counter-offer occurs when the offeree responds to the original offer with changes or new terms instead of accepting it outright. Essentially, it is a rejection of the original off...