Solved ipcc may 2012 exam

CA Final Docent

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690 Points Posted on 07 May 2012

thanku so much for uploading the answer

adula...

student

550 Points Posted on 07 May 2012

your first answers says about consideration, but the question asked about acceptance,

CA SACHIN GUPTA

www.casachingupta.com

689 Points Posted on 08 May 2012

There is a small type setting error in solution to Q1(a) Instead of Rules of acceptance, Rules of consideration are given...Kindly note the following answer.

Answer 1(a) : Legal Rules regarding the valid Acceptance

1. Absolute and Unqualified : It means that the offer should be accepted as it is without any qualification or conditions.A qualified and conditional acceptance amounts to marking of a counter offer which puts an end to the original offer and it can not be revived by subsequent acceptance.

2. Manner : Acceptance of an offer must be given in the following manner.

(a) If the proposal does not prescribe the manner in which it is to be Accepted.

The offer must be accepted in some usual and

reasonable Manner.

(b) If the proposal prescribes the manner in which it is to be accepted

The offer must be accepted in prescribed manner.

3. Communication : Acceptance must be communicated to the offerer.

Example X offered to supply coal to a Railway Company. The manager of the company accepted the offer and put it in the drawer of his table and forgot all about it. It was held that no contract was made because acceptance was not communicated.

4. By Whom : Acceptance must be communicated by the offeree himself or by a person who has the authority to accept. In other words, if acceptance is communicated by an unauthorized person, it will not give rise to legal relations.

5. To Whom : Acceptance must be communicated to the offerer himself. In other words, if acceptance is communicated to an unauthorized person, it will not give rise to legal relations.

6. Time Limit : The acceptance must be given within the time prescribed (if any) or within a reasonable time (if no time is prescribed). What is reasonable time depends upon the facts and circumstances of the case.

7. Before Lapse of Offer : The acceptance must be given before the offer lapses or is withdrawn. In other words, if an acceptance is made after the lapse or withdrawal of the offer, it will not give rise to legal relations.

8. Silence does not amount to acceptance