Asked by: Jese Nistribusiness and finance sales
What is standing or open offer?
Last Updated: 6th May, 2021
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Consequently, what is meant by standing offer?
A standing offer is not a contract. A standing offer is an offer from a potential supplier to provide goods and/or services at pre-arranged prices, under set terms and conditions, when and if required. It is not a contract until the government issues a "call-up" against the standing offer.
Beside above, what are types of offer? Specific Offer: -It is the offer made to a specific person or group of persons and can be accepted by the same, not anyone else. Thus, a specific offer is made to a specific person, and only Miley can accept the offer. (iv). General Offer: -It is the offer made to public at large and not to any particular person.
Additionally, what is an offer in contract?
In contract law, an offer is a promise in exchange for performance by another party. An offer can be revoked or terminated under certain conditions. There are also times when an offer can be negotiated to create a counter-offer.
What is a general offer?
An offer is also called proposal. A general offer is an offer which is not made to a definite person but to the world at large or public in general. It may be accepted by any person by fulfilling the terms of the offer.