Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.



Published on

Published in: Business
  • Be the first to comment


  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>