1. An offer is a definite undertaking or promise made by the employer with the intention that it shall become binding on him as soon as it is accepted by the party to whom it is addressed. By law, such offer can be made orally, expressly or in writing. This requirement for a valid contract forms the basis and foundation upon which other essentials are built.
2. An acceptance is a final and unqualified expression of assent to the terms of the offer by the employee. The employee indicates acceptance by word, in writing or by conduct. If the employer prescribes a mode of expressing acceptance, then only that means of communication would be valid, otherwise acceptance can be by word or conduct, and in a manner commensurate to the offer.
3. The price paid in exchange for the service rendered or work done is known as Consideration. It is therefore the exchange of wages for work done between the employer and the employee. If the rate is agreed upon, then that will be the binding rate between the parties, but if none is agreed upon, the position of the law is that the rate shall be that which is current in similar trades in the area or what the custom of the trade dictates, Peters of Oron v. Symmons (1924)
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This is only part of the essentials, i hope there will be a continuation soon!
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