Section 504
Contract Deemed To Be Made
(1) If an agreement enforceable by
law is concluded between two or more persons to do or abstain from
doing any act, a contract shall be deemed to be concluded.
(2) For the purposes of sub-section (1), a contract shall be
deemed to have been concluded once the person to whom an offer
has been made by another person communicates his or her
acceptance thereto.
(3) Once a contract is concluded, a binding legal
relationship shall be created between the parties to it.
Explanation: For the purposes of this Chapter,
(1) “Offer” means an offer made by one person to another
person with the intent of obtaining his or her acceptance
to do or abstain from doing any act.
(2) “Acceptance” means the acceptance given by the person
to whom the offer has been made in the same meaning
in which the offer is made.