Practicing Success
Read the given paragraph carefully and answer given question: Contracts are the important part of commercial law because all commercial transactions usually begin with an agreement or a contract. Business transactions involving sale-purchase or exchange of services have become an integral part in day-to-day activities. In such instances, an agreement or a contract is necessary for determining the rights, obligations and liabilities of parties when they enter into any business transaction. The Indian Contract Act is the law governing contracts in India. |
An assent given to an offer by the offeree is known as ______ under Indian Contract Act 1872. |
offer consent acceptance agreement |
acceptance |
The correct answer is Option (3) → acceptance |