Session 5 Offers and Quotations, counter-offers.pptVIP

Quotations and Offers Offer An indication by one person to another of their willingness to contract on certain terms without further negotiations Firm offer: a promise to sell goods at a stated price, usually within a stated period of time Non-firm offer: made without engagement Quotation A quotation is a promise to supply goods on the terms stated. It is not legally binding as a firm offer if the seller later decides not to sell. But when the quotation contains the words “for acceptance within…days” or similar qualifying words, it constitutes an offer. Contents should be included (p65-73) 1.