Section 10 of the Indian Contract Act, 1872 provides "all agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not h

Section 10 of the Indian Contract Act, 1872 provides "all agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void". To form a valid contract there must be an agreement which is based on the genuine consent of the parties, supported by a lawful consideration, for a lawful object between the competent parties. One of the early steps in the formation of a contract lies in arriving at an agreement between the contracting parties by means of an offer and acceptance. A proposal is also termed as an offer. The word 'proposal' is synonymous with the English word "offer". The person making the proposal or offer is called the proposer or offeror and the person to whom the proposal is made is called the offeree. There are several kinds of proposal. An offer must be clear, definite, complete and final. It must not be vague. An offer must be communicated to the offeree. The communication of an offer may be made by express words—oral or written, or it may be implied by conduct. A contract emerges from the acceptance of an offer. Acceptance is the act of assenting by the offeree to an offer. Under Section 2(b) of the Contract Act when a person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal, when accepted becomes a promise. An acceptance never precedes an offer. There can be no acceptance of an offer which is not communicated. In reference of the above statement answer the following questions: (iii) Discuss the provisions related to the mode of revocation of proposal under the Indian Contract Act, 1872.