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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Tender – contract law
Dear Sir,
First of all, as all of us here, thank you immensely for the help. I am self-sudying and working full time, I wouldn’t have been able to get trough the syllabus without your lectures!
While doing a mock exam I encountered questions regarding tenders in contract law.
I haven’t found anything in my course book nor in the OpenTuition notes on this topic.
Could you please explain, in terms of contract law, what does a tender offer represent and what is the acceptance?
My thoughts are the following:
– Request for tender = invitation to treat
– Submission of tender = offer
– Acceptance of tender = acceptance
– If negotiation on price of tender = counter-offer
As a consequence, when submitting the tender, only the party submitting the tender is bound by the terms (it’s an offer – not a contract yet).
Could you please let me know if my reasoning is correct?
Thank you very much,
Anne
That sounds perfect Anne
I’ve just looked again at the course notes and I can’t see tenders mentioned anywhere
I believe that I must have mentioned them in the lectures … hopefully!