An announcement of a person's willingness to enter into a contract is referred to as?

Assessment: JAMB UTME - Commerce - 2007 Subject: Commerce

Question 1 Report

An announcement of a person's willingness to enter into a contract is referred to as?
Answer Details
An announcement of a person's willingness to enter into a contract is referred to as an "offer". An offer is a proposal or expression of a willingness to enter into an agreement or contract with another party. It is a statement made by one party that expresses a willingness to do something or to abstain from doing something, in exchange for some benefit or consideration from the other party. In other words, an offer is a preliminary step in the formation of a legally binding contract.
Read lesson note on Legal Aspects Of Business (JAMB)
Read lesson note on Purchase And Sale Of Goods (JAMB)
Read lesson note on Commerce (JAMB)
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