e for $50,000.It is a proposition to do a thing. An offer ought to contain a right, if accepted; compelling the fulfillment of the contract and this right when not expressed is always implied. By virtue of his natural liberty, a man may change his will at any time, if it is not to the injury of another; he may, therefore, revoke or recall his offers, at any time before they have been accepted; and in order to deprive him of this right the offer must have been accepted on the terms in which it was made. Any qualification of, or departure from those terms, invalidates the offer unless the same be agreed to by the party who made it. When the offer has been made, the party is presumed to be willing to enter into the contract for the time limited, and if the time be not fixed by the offer, then until it be expressly revoked or rendered nugatory by a contrary presumption. Suppose Bob puts up an ad in a Real Estate Magazine implying that he would like to sell his house for $28,500.00. Dole on the other hand offered to buy the house within one week for $27,000.00. Bob declined from Doles offer. Though Dole made a valid offer. An offer must be distinguished from an invitation to treat. For example, a Ralph Lauren sport shirt is displayed in a department store with a price tag of $50. This is merely an invitation to treat. Another example is a billboard (containing text: Pepsi only $1.00 for 2 liters limited time only). This is also considered as an invitation to treat. An invitation to treat is therefore not considered as an offer. Acceptance:The act of agreeing to (accepting) the terms of an offer. For example, an employee accepts an offer of employment by agreeing to work for the employer for the wages offered. A draft, payable at a determinable future, date upon the face of which the drawee acknowledges his obligation to pay it at maturity. It is an agreement to receive something which has been offered. To complete the contract, the acceptan...
