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Bl1 Presentation Transcript

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