Asked by: Jese Nistri
business and finance sales

What is standing or open offer?

Last Updated: 6th May, 2021

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Standing Offer
When a company needs a large quantity of products from time to time, it usually invites tenders for the supply of the products through an advertisement. Such a tender or offer is referred to as an open, continuing, or standing tender of offer.

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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.

Related Question Answers

Ludwing Warneken

Professional

What is counter offer example?

n. an offer made in response to a previous offer by the other party during negotiations for a final contract. Example: Susan Seller offers to sell her house for $150,000, to be paid in 60 days; Bruce Buyer receives the offer and gives Seller a counter offer of $140,000, payable in 45 days.

Gino Cotilla

Professional

How can an offer be revoked?

Revocation of offer is the withdrawal of an offer by the offeror so that it can no longer be accepted. Revocation takes effect as soon as it is known to the offeree. An offeror may revoke an offer before it has been accepted, but the revocation must be communicated to the offeree.

Atifa Hennrichs

Professional

What do you understand by acceptance?

Definition. The term acceptance is a noun with various different meanings. Acceptance – "An express act or implication by conduct that manifests assent to the terms of an offer in a manner invited or required by the offer so that a binding contract is formed.

Carlene Reintges

Explainer

What is continuing offer?

What is CONTINUING OFFER? This term is applied to an offer that is kept open for a period of time.

Germanico Genao

Explainer

What do u mean by quasi contract?

An obligation that the law creates in the absence of an agreement between the parties. A quasi contract is a contract that exists by order of a court, not by agreement of the parties. Courts create quasi contracts to avoid the unjust enrichment of a party in a dispute over payment for a good or service.

Yanna Lenhart

Explainer

What is the difference between offer and invitation to offer?

An offer and invitation to offer are two different terms, which must not be confused with one another. An offer is a proposal while an invitation to offer (treat) is inviting someone to make a proposal. In an offer, there is an intention to enter into a contract, of the party, making it and thus it is certain.

Djilali Elvin

Pundit

What is implied offer?

An implied offer is one that's implied rather than overtly stated. According to the Contract Act, a person who makes an offer, when he or she implies to another party regarding the validity of a product or service, has officially entered into an implied offer agreement.

Vasko Rosenberg

Pundit

What makes a valid offer?

In order for an offer to be valid, it must be clearly communicated, giving the offeree a chance to accept or reject it. Clear communication can include actions, oral communication, or in writing. A valid offer can be made to a group, a single person, or the public at large. Valid offers are definite in their substance.

Dominador Zeliger

Pundit

What are the characteristics of an offer?

Offers at common law required three elements: communication, commitment and definite terms.
  • Communicated. The person making the offer (the offeror) must communicate his offer to a person who may then choose to accept or reject the offer (the offeree).
  • Committed.
  • Definite Terms.
  • Other Issues.

Rajae Tendinha

Pundit

What is an effective offer?

An offer is a conditional commitment or promise to perform or restrain from performing a particular action in future. There are three elements necessary for an effective offer. a) Intention: A serious objective intention of the offeror is essential for an offer to become effective.

Chet Ilinseer

Pundit

What are the rules regarding offer?

Essential Requirements of a Valid Offer :
It should be an expression of willingness to do or to abstain from doing something. It must be made to another person. There can be no 'proposal' by a person to himself. It must be made with a view to obtain the assent of that other to such an act or abstinence.

Marla Bohlcke

Teacher

Is a quotation an offer?

While negotiating the cost or fee in lieu of rendering a proposed service, we often use the term “quote”. Quoting actually refers to an offer to carry out certain work for a fixed price. Often quotes can form the basis of a legally binding offer.

Visan Gulevich

Supporter

What are the essential elements of a valid offer?

There are mainly three essential elements of a valid offer:
  • (1) The offer must be Communicated.
  • (2)Terms of the offer must be clear and definite.
  • (3)Must create a legal relationship.
  • (1) Must be unconditional and absolute.
  • (2) Must be expressed in some usual and reasonable manner.