PRESENTATION OF BUSINESS LAW FOR BBA SEMESTER 5 UNIVERSITY OF CENTRAL PUNJAB SARGODHA

2.  Consideration means something in return it is
actually a price which could be in form of
some benefits paid by one party for the
promise of another party.
 Example: A made an agreement with B that he
will purchase his house for 20lac.
Here the consideration of A is house and the
consideration of B is 20lac.

3.  For a valid contract considerations and
objects should be lawful.
 Object means the purpose.
 Consideration means the Price of the
promise.

4.  If the object or consideration is forbidden by law.
 Example: Smuggling
 If it defeats the provisions of any law.
 If the object or consideration is fraudulent.
 Example : getting signature of person on
marriage certificate fraudulently.
 If it involves injury to person or property of
other.
 Example : Agreement to make an injury to a
person.
 If the court declares the object or any
consideration as immoral.

5.  Love and Affection
Agreement has to be in writing –
registered under law – out of natural love
and affection – parties standing in near
relation to each other.

6. Abid for natural love and affection promise to
give his son Ali. 1,oo,ooo. Abid puts his
promise to his son Ali in writing And it has
been registered. Actually there is no
consideration but it is a good contract.

7.  Compensation for past voluntary service
A promise to wholly or partly
compensate a person – who
has already voluntarily done something for p
romisor – enforceable

8. Usman find Ali purse and gives it to her. Ali
promise to give Usman. 1000. There is no
consideration but it’s a good contract.

9.  Promise to pay a time barred debt
Must be in writing – signed by the debtor or his
specially or generally authorized agent – for
payment of whole or part of the debt – the debt
must have been recoverable but for the law
of limitation – not necessary that new promise
should expressly mention the time-barred debt

10. A owes B Rs. 1,000 but the debt is barred by
the Limitation Act. A signs a written promise
to pay B the sum of Rs. 1,000