Contract

1. Contract
Presented by: Jalalzai Zurmatai

2. Contents
• Definition
• Elements of contract
• Agreement
• Consideration
• Contractual capacity
• Lawful object

3. What is contract
Agreement Enforceable by law
Contract
Contracts are the basis of many of our daily activities
+ =

4. Cont.
• A contract is a legally binding agreement which recognizes and
governs the rights and duties of the parties to the agreement. A
contract is legally enforceable because it meets the
requirements and approval of the law

5. 1.Agreement 2.consideration
3.Contractual
Capacity
4. Lawful Object
Element of contract

6. Agreement
• Every promise and every set of promises, forming
the consideration for each other
= +Agreement primes consideration

7. Promise
• When someone offer and other show willingness

8. Offer
• Will to do something
• Offer (proposal)

9. Acceptance
• The point at which one party agrees to the other parties offer

10. Consideration
• Something of legal value given in exchange for a
promise
• What one party gives to another

11. Common types of consideration
• Tangible payment- money, property
• Performance of an act- providing legal services

12. Parties of a contract
• Offerer (proposer) - the party who makes an offer to enter into a
contract
• Offeree (proposee) – the party to whom an offer to enter into a
contract is made
Offerer Offeree
Offer
Acceptance

13. Contractual capacity
• Minor
• Unsound mind
• Disqualified

14. Lawful object
• Objective of the contract should be legal
• Immoral and illegal activities should be avoided

15. • Contract Diagram Contract
Agreement
ConsiderationPromise
Enforceability
Offer Acceptance

16. Thank you