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What happens to an offer if no time limit for acceptance is mentioned in the offer?

As far as timeliness goes, if no time period for acceptance is specified by the offeror, the offeree must respond within a reasonable period of time. If a period of time is specified, the general rule is that the time period begins running when the offeree receives the offer.

How much time does a seller have to accept a buyers offer if the offer does not have an expiration date?

24 to 48 hours

When an offer is made but the offer does not state how long the offer will remain open the offer remains open for 30 days by law?

If an offer does not state how long it shall remain open, it remains open for ten days. If either the offeror or offeree dies or becomes mentally incompetent before the offer is accepted, the offer is automatically terminated. An acceptance must be absolute and unconditional.

When a person offers to perform his or her side of the bargain it is called a?

Question 96 / 6 ptsWhen a person offers to perform his or her side of the bargain, it is called a: Correct! tender.

When can a contract be void?

Contracts will be voided if there is a mistake or fraud by one of the parties. Contracts may also be voided if a party entered into a contract under duress. Another type of contract that can be void is an unconscionable contract.

Is a voidable contract valid?

A voidable contract is originally considered legal and enforceable but can be rejected by one party if the contract is discovered to have defects. If a party with the power to reject the contract chooses not to reject the contract despite the defect, the contract remains valid and enforceable.

Is an unconscionable contract void or voidable?

One of the main characteristics of unconscionable contracts is that one of the parties signed the contract in a situation that involved pressure, lack of information, or because they were misled. If a lawsuit is filed and the court finds that a contract is unconscionable, the contract will typically be declared void.

What is an illegal agreement What are the effects of illegality?

The general rule is this: courts will not enforce illegal bargains. The parties are left where the court found them, and no relief is granted: it’s a hands-off policy. The illegal agreement is void, and that a wrongdoer has benefited to the other’s detriment does not matter.

Are illegal contracts void?

Unlike contracts entered into by people who lack the legal capacity to enter contracts, which are merely voidable by those people, illegal contracts are void. Thus, neither party can enforce such contracts.

Why is an illegal contract void?

Illegal agreements are invalid from their creation, meaning that agreements associated with the original contract are also considered void. Because illegal agreements are against the law, joining an illegal agreement can also bring punishment.

Which agreements are expressly declared as void?

If an adult agrees to not enter into marriage in lieu of consideration, it is an agreement expressly declared void. Example: A agrees with B, stating that B will not marry C. Such an agreement will be deemed void. A agrees to not marry B if C agrees to pay him a certain amount.

What is an illegal wagering contract?

“Agreements by way of wager are void and no suit shall be brought for recovering anything alleged to be won on any wager, or entrusted to any person to abide the result of any game or other uncertain events on which any wager is made.” ( see more)

Is lottery a valid contract?

According to the above mentioned definition, Lottery would said to be falling under the category of a wagering contract as lottery is based on an uncertain event which is out of the control of any person, the parties have no other interest in it apart from the money at stake and there is equal probability of winning or …

Which of the following is one of the exceptions to wagering agreement?

EXCEPTIONS TO WAGERING AGREEMENT As wagering agreement is a void agreement, but there is still certain exemption to it: Horse race competition- Section 30 of the Indian contract act, provides that the agreement based upon the winning or losing of the horse will not be a void agreement.

What are the essential of wagering agreements?

A necessary element in a wagering agreement is that both the parties should have a mutual chance of winning or losing based on the uncertain event. Therefore it is not a wager when one party has a chance or winning but not losing or a chance of losing but not winning or neither winning or losing.

What is the general rule to decide upon a partially illegal agreement contract?

What is the general rule to decide upon a partially illegal agreement/contract? – Where one cannot sever the illegal fro the legal part of a covenent, the contract is altogether void, but ehere one casn sever them the bad part can be rejected and the good part can be enforced whether the illegality be created by statue …

What are the conditions of making 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.