Attachments 2012 09_24

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leagal aspects of bussiness ppt

leagal aspects of bussiness ppt

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  • 1. INDIAN CONTRACT ACT-1872
  • 2. HISTORY OF INDIAN CONTRACT ACT - 1872Enforced w.e.f. September 1, 1872.Applicable to whole of INDIA except J&KConcerned with rights in PERSONAMAs distinguished from rights in REM
  • 3. A CONTRACT is an agreement creating and definingobligations between the partiesAccording to HALSBURY, it is, “an agreement between twoor more persons which is intended to be enforceable at law &is constituted by the acceptance by one party of an offermade to him by the other party to do or to abstain from doingsome act.”
  • 4. COMPONENTS OF CONTRACTAn AgreementIt involves proposal or offer by one party and acceptance of thesame by the other party. AGREEMENT = OFFER + ACCEPTANCEEnforceable atlawAn agreement to become a contract must give rise to legalobligations. It must create legal relations and not merely socialor domestic relations. Leading Case: BALFOUR V. BALFOUR CONTRACT = AGREEMENT+ENFORCEABILITY AT LAW
  • 5. ELEMENTS OF A VALID CONTRACT Offer and acceptance Intention to create legal relationship Lawful consideration –QUID PRO-QUO Capacity of parties (Sec. 11) Minor Persons of unsound mind Persons disqualified by law to which they are subjectFree consent (Sec. 13) Coercion Undue Influence Fraud Misrepresentation MistakeLawful object if forbidden by law of such nature that if permitted it would defeat the provisions of any law
  • 6. Elements of a valid contract fraudulent involves injury to person or property Court regards it immoral or opposed to public policyCertainity of meaningPossibility of performanceNot declared to be void or illegalLegal formalities
  • 7. CLASSIFICATION OF CONTRACTS ENFORCEABILITY FORMATION PERFORMANCEVALID CONTRACTS EXPRESS CONTRACTSVOID CONTRACT IMPLIED CONTRACTS EXECUTORY CONTRACTSVOID AGREEMENTS QUASI CONTRACTS EXECUTED CONTRACTSVOIDABLE CONTRACTSUNFORCEABLE CONTRACTSILLEGAL CONTRACTS
  • 8. THANK YOUAny Queries!!!!!