Business Laws B.com 1st year ppt on Business laws and offer and acceptance and description of ppy on offer and agreement and lwas of business for studying the b.law easily

1. INTRODUCTION TO
CONTRACT ACT 1872

2. CONTRACT
• INTRO :-
Term Contract is Derived from the Latin
word Contractum which Mean “Drawn Together”. A
Contract is an Agreement made between two or more
parties which is enforceable by Law.

3. DEFINITION
• According to Sec (h) of Indian Contract Act.
• Contract is an Agreement made Between two Parties.
• Which is enforceable by Court of Law”
• Contract = Agreement + enforceability by Law.

4. ESSENTIAL ELEMENTS
OF A VALID CONTRACT
• OFFER : Offer Is A Proposal .
• Without Offer There Is No Contract.
• The Person Who Makes Offer Is Offerer.
• The Person Who Accepts The Proposal Is Offeree.

5. ACCEPTOR
• ACCEPTANCE : Acceptance Is Willingness
• The Person Who Accept The Offer Is Acceptor.
• The Person Who Propose The Offer Is Acceptee.
ACCEPTEE

6. • AGREEMENT: Agreement is Rules And Regulations.
• Two Parties In Contract Fix certain Rules and
Regulations, Roles and Responsibilities, Rules and
Regulations which are essential for an Agreement.
• All Agreement are not Contract But All Contract are
Agreement.
• Agreement =
Offer + Acceptance
+ Enforceable by law

7. CONSIDERATION : Consideration Is “Something In Return”
• An Agreement Without Consideration Is Called As “ Nudum-
Pactum”. Which Means Waste Contract.
• An Agreement With Consideration Is Called As “QUID-PRO-
QUO” Which Means Something Should Be In Return.
• Both Parties Must Get Equal Benefits.

8. • FREE CONSENT : Consent Is Self-Wish.
• All Agreements Are Contracts If they are made by Free
Consent of the Parties.
• It Is Ones Own Willingness and Wish To Enter Into
Contract.
• Consent is said To be free If Not Made By :
• Fraud
• Misrepresentation
• Coercion
• Undue Influence
• Mistake

9. • LEGALITY OF OBJECTS : Should Be Legal.
• Parties Who Enter Into agreement Must Have A Legal
Object , It Should Not Be :
• Illegal
• Immoral(Child Labour)
• Opposed To Public Policy.

10. LEGAL RELATIONSHIP : Relationship Should Be Legal.
• When Two Parties Enter Into Contract They should Create
Legal Relationship.
• Agreement Between Blood Related People, Social
Relationship does not Constitute any Contract.

11. • POSSIBILITY OF PERFORMANCE :
• Agreement must be certain and It must Posses Posibility Of
Performance.
• Impossibility of Performance does not create any Contract.
Ex : Mr.A said to Mr.B He Will Pay Mr.B 50Lakhs, If Mr.B
Puts Back Mr.A’s Dead Wife Into Life. It Is Impossible to
Perform.

12. • LEGAL FORMALITIES : Written Agreement.
• A Contract can Neither Be Made By Spoken Or Written.
• There Is No Difference Between Contract By Speaking
Or Contract In Writing.
• A Contract With Written Agreement Has Got More
Value.
• A Contract Must Contain Certain Legal Formalities:
• Written Document
• Registration
• Stamp Paper
• Evidence

13. • CAPACITY OF PARTIES : Legal Capacity.
• Parties Entering Into The Contract Should Have The Legal
Capacity To Enter Into Contract.
• Parties Which Do Not have Legal Capacity To Enter Into
Contract Are :
• Minor
• Unsound Mind
• Drunkyard
• Convict
• Foreign Ambassador
• Insolvent

14. • CONSENSUS – AD – IDEM : Meeting Of Minds.
• Meeting Of Minds And Identification Of Minds.
• Both The Parties Ideas Must Coincide At The Same time,
Same Sense And Same Thing.
• Agreement Occurs Only When Both Minds Coincide On
Common Purpose.

15. THANK YOU