Understanding Offer under the Contract Act, 1872 (Bangladesh)
Understanding Offer under the Contract Act, 1872 (Bangladesh) In contract law, an offer is the crucial first step toward creating a legally binding agreement. The Contract Act, 1872 of Bangladesh governs how offers are made, accepted, and terminated, ensuring clarity in business and personal dealings. This article provides a clear, comprehensive guide on the rules of offer , kinds of offer , and termination of offer under the Contract Act, helping students and practitioners understand this essential legal concept. What Is an Offer? An offer is a proposal made by one party (the offeror) to another (the offeree) expressing the willingness to enter into a contract on certain terms. The offer, when accepted, leads to the formation of a contract. Essential Rules of an Offer For an offer to be valid and legally binding, it must follow these rules: Clear and Certain: The terms of the offer must be clear, definite, and certain. Intention to Create Legal Relati...