The existence of a consideration distinguishes a contract from a gift. A gift is a voluntary and free transfer of ownership from one person to another, with no value promised in return. Failure to keep a promise to give a gift is not applicable in violation of the contract, as there is no consideration for the promise. 3. Acceptance – The offer was clearly accepted. Acceptance can be expressed through words, deeds or benefits, as stipulated in the treaty. As a general rule, acceptance must be in accordance with the terms of the offer. If this is not the case, acceptance is considered a rejection and a counter-offer. The activity includes regular production and/or distribution of goods and services. A single purchase and sale transaction cannot be characterized as a transaction, even if it is a ticket exchange. Because if someone. B sells his old TV for money, he can`t be called a business. It can only be described as economic activity.
However, a trader who sells used electronic goods can be described as a businessman. Risks and uncertainties are part of any business activity. The element of risk consists of a large number of factors such as changes in the demand for property, the risk of loss due to fire, earthquakes, theft, theft, etc., competition, changes in government policy, etc. A businessman tries to predict future uncertainties and plans his business accordingly. However, the element of risk is always linked to a business. Trade means trade in goods and services. Products can be consumer products such as fabric, bread, jams, shoes, watches, etc. or consumer products such as machinery and tools. Services are made up of goods not stored by consumers, such as transport services.B.
The profit motive is an important distinguishing feature of the business. The company is a human activity focused on the acquisition of wealth. All stores consist of men`s attempt to reap more than has been spent or invested. If a company despairs of making a profit in a particular line or business, it will probably turn to another area that brings back something that goes beyond what was originally invested.