According to the Contracts Act 1950, how can an offer be revoked effectively?
Understand the Problem
The question is asking about the methods by which an offer can be revoked according to the Contracts Act 1950. It presents multiple choice options, indicating a focus on legal principles related to contract law.
Answer
An offer can be revoked before acceptance by communicating the revocation.
An offer can be revoked effectively prior to its acceptance by communicating the revocation to the offeree. It may also be terminated through lapse of time, death, failure of a condition, rejection, or counter-offer.
Answer for screen readers
An offer can be revoked effectively prior to its acceptance by communicating the revocation to the offeree. It may also be terminated through lapse of time, death, failure of a condition, rejection, or counter-offer.
More Information
Under the Contracts Act 1950, for a revocation to be effective, it must be communicated to the offeree before they accept the offer. This reflects a principle of contract law ensuring that both parties are on the same page before legally binding agreements are formed.
Tips
A common mistake is assuming that a revocation is valid even after acceptance has occurred, which is not the case.
Sources
- Solved when revocation can be made according to Contracts Act - studocu.com
- Contracts and Contract Law: Legal Contracts - Nolo - nolo.com
- How is an Offer Terminated? - LawTeacher.net - lawteacher.net
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