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Bl1

  1. 1. What is law? Defination: Law includes all the rules and principles which regulate our relations with other individuals and with the state. State: Law as rules of external human action enforced by the sovereign political authority.
  2. 2. Object of LAW <ul><li>The following are some of the objectives. </li></ul><ul><li>To maintain law and order </li></ul><ul><li>To establish socio-economic justice </li></ul><ul><li>To remove imbalance in the socio-economic structure </li></ul>
  3. 3. Need for Law <ul><li>Ignorance of law is no excuse. </li></ul><ul><li>Nature of Law </li></ul><ul><li>It deals with contractual situations and the right and obligations arising out of mercantile transactions between mercantile persons. </li></ul>
  4. 4. Contract <ul><li>The law relating to contracts is contained in the Indian Contract Act,1872. </li></ul><ul><li>Defination: It is an agreement made between two or more parties which the law will enforce. </li></ul><ul><li>A contract essentially consists of two elements such as:- </li></ul><ul><li>Agreement </li></ul><ul><li>Its enforceability by law </li></ul>
  5. 5. Agreement <ul><li>Defination: Agreement is defined as every promise and every set of promises ,forming consideration for each other. </li></ul><ul><li>A promise is defined as when the person to whom the proposal is made signifies his assent thereto ,the proposal is said to be accepted. </li></ul><ul><li>The essence of agreement is the meeting of the minds of the parties in full and final agreement-Consensus ad idem </li></ul><ul><li>Obligation: An agreement, to become a contract, must give rise to a legal obligation or duty </li></ul>
  6. 6. Essential Elements of A Valid Contract <ul><li>An agreement must have the following essential elements:- </li></ul><ul><li>Offer and acceptance </li></ul><ul><li>Intention to create legal relationship </li></ul><ul><li>Lawful consideration </li></ul><ul><li>Capacity of parties-competency </li></ul><ul><li>Free and genuine </li></ul><ul><li>Lawful object </li></ul><ul><li>Agreement not declared void </li></ul><ul><li>Certainty and possibility of performance </li></ul><ul><li>Legal formalities </li></ul>
  7. 7. Classification of Contracts <ul><li>Contracts may be classified as given below. </li></ul><ul><li>According to validity </li></ul><ul><li>Valid contract </li></ul><ul><li>Voidable contract </li></ul><ul><li>Void, illegal and unenforceable contract </li></ul><ul><li>(B) According to formation </li></ul><ul><li>Express contract </li></ul><ul><li>Implied contract </li></ul><ul><li>Quasi-contract </li></ul><ul><li>(C) According to performance </li></ul><ul><li>Executed contract </li></ul><ul><li>Executory contract </li></ul><ul><li>Unilateral contract </li></ul><ul><li>Bilateral contract </li></ul>
  8. 8. Classification of Contracts in English Law <ul><li>Contracts in English law are classified into : </li></ul><ul><li>Formal contracts </li></ul><ul><li>Simple contracts </li></ul>

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