Insurance policies are offered on a ‘take it or leave it’ basis, which make them? Contracts of Adhesion. (Because insurance policies are offered on a ‘take it or leave it’ basis, they are referred to as Contracts of Adhesion.)
What is an illustration of an offer and acceptance?
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Take for instance A offers to purchase B’s automobile for two lacs rupees, which B accepts. Currently, this is a promise. When a proposal is accepted and becomes a formal proposal, it becomes irrevocable. A proposal does not generate any legal responsibilities, but if accepted, it becomes a commitment.