Introduction to Law of Contract: Definition and ClassificationPreeti Sikder
Learning Outcome:
After completing this class students will -
a) learn about the meaning of 'contract'
b) be able to identify different stages of formation of a contract
Vitiating Elements in Formation of Contract: Coercion, Fraud and Undue Influe...Preeti Sikder
After completion of this lesson students will be able to:
- define free consent and identify elements of coercion
- define fraud and identify its elements
- define undue influence and identify its elements
AIS 2102 Introduction to Law of ContractPreeti Sikder
Learning Outcome: After completion of this lesson students will be able to-
a) Define contract
b) Classify contracts
c) Identify the legal source in determining contractual relationship
d) Determine the capacity of parties to enter into a contract
e) Identify the elements of a contract
This document defines key concepts in law and contracts. It outlines 7 objectives of law including assuring basic rights and regulating business. It defines international law, constitutional law, criminal law, and civil law. It then discusses the definition of a contract, the process of forming a contract through various stages like drafting and approval, and 10 essential elements for a valid contract such as offer/acceptance, lawful consideration, and certainty.
Terms can be implied in a contract in three ways: by custom or trade usage, by law, or by courts.
For a term to be implied by custom or trade usage, it must be reasonable, certain, and notorious within the relevant industry. The custom cannot contradict the express terms of the contract. Terms may also be implied by law through common law precedents or statutes that apply to certain types of contracts.
Courts use the business efficacy and officious bystander tests to determine if a term should be implied. Under business efficacy, a term will be implied if it is necessary to make the transaction effective. The officious bystander test considers whether the term is so obvious that both parties would
The document discusses the definition and essential elements of a valid contract according to Indian contract law. It defines a contract as an agreement that is enforceable by law. For an agreement to be considered a valid contract, it must meet essential elements like offer and acceptance, lawful consideration, capacity of parties, free consent, lawful object, certainty of terms, and possibility of performance. It also discusses different types of contracts based on enforceability, formation, performance, and parties. Finally, it covers how a contract can be discharged through performance, mutual agreement, impossibility of performance, operation of law or breach.
Contracts are a part of our everyday life, arising in collaboration, trust, promise and credit.
How are contracts formed? What makes a contract enforceable? What happens when one party breaks a promise?
Getting Down To The Details: Contract Basics for Non-LawyersCal Stein
This webinar will address the following topics: (i) the general structure of contracts, including how that changes among several common types of contracts; (ii) when contracts are needed and when they are not, and the advantages and disadvantages of having a contract; (iii) things you should look for in a contract, again, including how that changes among several types of common contracts; (iv) things that should set off alarm bells for you any time you see them in a contract you are considering entering into; and, (v) things that may invalidate a contract.
Contact the author at: cstein@dbslawfirm.com
Introduction to Law of Contract: Definition and ClassificationPreeti Sikder
Learning Outcome:
After completing this class students will -
a) learn about the meaning of 'contract'
b) be able to identify different stages of formation of a contract
Vitiating Elements in Formation of Contract: Coercion, Fraud and Undue Influe...Preeti Sikder
After completion of this lesson students will be able to:
- define free consent and identify elements of coercion
- define fraud and identify its elements
- define undue influence and identify its elements
AIS 2102 Introduction to Law of ContractPreeti Sikder
Learning Outcome: After completion of this lesson students will be able to-
a) Define contract
b) Classify contracts
c) Identify the legal source in determining contractual relationship
d) Determine the capacity of parties to enter into a contract
e) Identify the elements of a contract
This document defines key concepts in law and contracts. It outlines 7 objectives of law including assuring basic rights and regulating business. It defines international law, constitutional law, criminal law, and civil law. It then discusses the definition of a contract, the process of forming a contract through various stages like drafting and approval, and 10 essential elements for a valid contract such as offer/acceptance, lawful consideration, and certainty.
Terms can be implied in a contract in three ways: by custom or trade usage, by law, or by courts.
For a term to be implied by custom or trade usage, it must be reasonable, certain, and notorious within the relevant industry. The custom cannot contradict the express terms of the contract. Terms may also be implied by law through common law precedents or statutes that apply to certain types of contracts.
Courts use the business efficacy and officious bystander tests to determine if a term should be implied. Under business efficacy, a term will be implied if it is necessary to make the transaction effective. The officious bystander test considers whether the term is so obvious that both parties would
The document discusses the definition and essential elements of a valid contract according to Indian contract law. It defines a contract as an agreement that is enforceable by law. For an agreement to be considered a valid contract, it must meet essential elements like offer and acceptance, lawful consideration, capacity of parties, free consent, lawful object, certainty of terms, and possibility of performance. It also discusses different types of contracts based on enforceability, formation, performance, and parties. Finally, it covers how a contract can be discharged through performance, mutual agreement, impossibility of performance, operation of law or breach.
Contracts are a part of our everyday life, arising in collaboration, trust, promise and credit.
How are contracts formed? What makes a contract enforceable? What happens when one party breaks a promise?
Getting Down To The Details: Contract Basics for Non-LawyersCal Stein
This webinar will address the following topics: (i) the general structure of contracts, including how that changes among several common types of contracts; (ii) when contracts are needed and when they are not, and the advantages and disadvantages of having a contract; (iii) things you should look for in a contract, again, including how that changes among several types of common contracts; (iv) things that should set off alarm bells for you any time you see them in a contract you are considering entering into; and, (v) things that may invalidate a contract.
Contact the author at: cstein@dbslawfirm.com
The document discusses the basics of contract law, including the definition of a contract as a legally binding agreement, the different types of business agreements, the key elements required to form a valid contract such as offer, acceptance, consideration and intention, and how an invalid contract lacking these elements may be void, voidable, or unenforceable. It also covers the formation of contracts, termination of offers, and discharge of a contract through performance or breach.
This document defines contracts and their different types. A contract is an agreement that is enforceable by law. There must be an offer and acceptance, along with consideration and lawful object. Agreements can be valid and enforceable, voidable at the option of parties, void from the beginning, or unenforceable due to technical defects. Illegal agreements that violate laws are not permitted. Valid contracts contain all essential elements like free consent and create legal obligations between parties.
there are six different types of contract,they are :
1.Valid Contract
2.Voidable Contract
3.Void Contract
4.Unenforceable Contract
5.Illegal Contract
6.Contingent Contract
A contract is a legally binding agreement between two or more competent parties that creates obligations. The key elements of a valid contract are offer and acceptance, lawful consideration, capacity and consent of the parties, a lawful object, and certainty. Contracts can be express, implied, oral, or written. An agreement is a broader term that refers to a mutual understanding between parties, but it may lack elements like consideration that are necessary for a contract to be legally enforceable. While contracts create legal obligations, agreements are not always legally binding and can be changed by either party.
Important questions of business law for B.com Part 2ali0323
This document lists 25 important questions on business law topics divided into 7 sets. The questions cover concepts such as contracts (including definitions of contracts, offer and acceptance, consideration, capacity to contract, consent), quasi-contracts, discharge of contracts, remedies for breach of contract, indemnity, guarantee, bailment, agency, sale, conditions and warranties, common carriers, negotiable instruments, unfair labor practices, and the National Industrial Relations Commission. The questions are meant to test understanding of key concepts and principles in business law.
A contract is a legally binding agreement between two or more parties that creates obligations that are enforceable in a court of law. There are several essential elements for a valid contract, including agreement between the parties, consideration or an exchange of promises, intention to create a legal relationship, capacity to contract, and absence of factors that could invalidate the contract like duress or illegality. Contracts can be written, oral, or partly written and oral, and they create rights and obligations for the contracting parties that define their relationship.
This document defines key concepts in business law, contracts, and agency. It outlines what constitutes a contract, the essential elements of contract formation, different types of contracts, rights and obligations of parties to a contract, and remedies for breach of contract. It also explains negotiable instruments, different parties' liability under bills of exchange and promissory notes, and key concepts regarding banking and agency relationships.
Definition of Consideration, When Consideration or object is unlawful, effects of illegality, Unlawful & illegal agreements.....
It's useful for law students.
This document discusses the concepts of misrepresentation and fraud in contracts. It begins by defining representation and the difference between representations of fact versus promises. It then examines key elements of misrepresentation, including that a misrepresentation must be a false statement of existing fact, addressed to and relied upon by the misled party. The document outlines defenses to misrepresentation claims and notes the psychological element that distinguishes fraud (the intent to deceive). Specific types of fraudulent statements and active concealment of facts are described. The document concludes by noting that while misrepresentation involves unintentionally misleading statements, fraud requires an intent to deceive the other party.
The document discusses the law of contracts in India. It begins by defining a contract as an agreement that is enforceable by law under the Indian Contract Act of 1872. It then discusses key elements of a valid contract including offer and acceptance, intention to create legal relations, lawful consideration, capacity of parties, free and genuine consent, lawful object, certainty and possibility of performance, and legal formalities. It also covers classification of contracts according to validity, formation, and performance. Examples are provided to illustrate voidable contracts, void agreements, and other contract types.
This document provides an overview of contract law. It defines a contract as a legally enforceable agreement entered into voluntarily by two or more parties. It notes that contracts consist of rights and obligations for each party and failure to perform obligations results in breach of contract. The document outlines the key elements required for a contract to be enforceable in court: agreement through offer and acceptance, intention to create legal relations, consideration exchanged between parties, and certainty of terms. It distinguishes between bilateral contracts that bind both parties and unilateral contracts that bind the offering party. An example case of Carlill v Carbolic Smoke Company is provided.
The document discusses the essential elements of a valid contract according to Indian contract law. It states that for a valid contract there must be (1) a lawful offer and acceptance, (2) lawful consideration, (3) capacity of the parties to contract, (4) free consent, (5) a lawful object, (6) intention to create legal relations, (7) certainty and possibility of performance, and (8) no legal formalities required or fulfilled. It provides definitions and examples for key terms like agreement, promise, consideration, and capacity. It also outlines exceptions for certain domestic agreements and situations that would make a contract void.
This document discusses various types of void agreements under Indian contract law. It covers agreements that have an unlawful consideration or object, agreements without consideration, agreements in restraint of marriage or trade, agreements restricting legal proceedings, ambiguous or uncertain agreements, and agreements that require an impossible act. Specific sections of the Indian Contract Act are referenced relating to agreements that are void due to uncertainty, restraint of legal proceedings, or restraint of trade. Exceptions and court cases relating to these topics are also mentioned.
Types of contract - Legal Environment of Business - Business Law - Manu Melwi...manumelwin
Valid Contract – An agreement enforced by law is a valid contract. An agreement becomes a valid contract when it fulfills all the essentials of a contract as laid down in section 10.
This document discusses the potential consequences of a contract dispute, including management time and stress spent dealing with the dispute, loss of a customer, and legal costs. It then provides an example of a potential contract formation between a company and a supplier during a preliminary meeting where they discussed services, price, and shook hands. A court may find that this constituted a valid contract despite the lack of signed documents, as there could have been an offer, acceptance, and consideration exchanged. The document advises being clear about not intending to be legally bound until a signed agreement is in place to avoid accidental contract formation. It also warns about fraudulent misrepresentations during contract negotiations.
This document summarizes a legal paper about implied terms in building contracts. It discusses the following key points:
1) Historically, courts were reluctant to modify commercial contracts but would imply terms through legal fiction to address unfair bargains in building contracts.
2) The landmark case The Moorcock established that implied terms are based on the presumed intentions of parties to give business efficacy and prevent failure of consideration.
3) The paper examines how courts distinguish between terms implied by fact and those implied by law, with a focus on construction contracts. It traces the development of this area of law over time.
meaning,provisions &types of offer (mercantile law)Vinayak Gupta
This document summarizes a seminar presentation on offers in contract law. It defines an offer according to Indian contract law as a promise made with the intention of obtaining another's assent. It outlines the key elements of a valid offer and discusses different types of offers, including specific offers made to individuals, general offers to the public, cross offers made simultaneously between parties, standing offers open over time, implied offers inferred from conduct, and express offers made verbally or in writing. It also defines a counteroffer as a conditional acceptance that differs from the original offer's terms.
This document summarizes the six elements of a valid contract: 1) offer, which is a proposal made with serious intent by an offeror to an offeree; 2) acceptance, which is an unqualified agreement to the offer's terms without modification; 3) genuine agreement between the parties to create a final contract; 4) consideration, which is the exchange of benefits and detriments by the parties; 5) contractual capacity of the parties to enter into an agreement; and 6) legality in accordance with civil and criminal law as well as public policy.
The document discusses void agreements under Indian contract law. It explains that void agreements are those that are not enforceable by law, such as agreements that were void from the beginning (void ab-initio) due to lacking necessary elements, or agreements that were initially valid but later became void. Examples of void ab-initio agreements provided include those restraining marriage or trade, preventing legal recourse, or being too uncertain. The document also discusses the doctrine of frustration which voids agreements when unexpected events make the contractual obligations impossible to perform.
Contract law lecture 6 - object forbidden by lawDr. Arun Verma
This document discusses the law of contracts as it relates to objects that are forbidden by law. It states that any agreement whose object or consideration is unlawful is void under Section 23 of the law. Examples of unlawful objects include selling liquor without a license, entering into a second marriage while already married, and agreements that defeat legal provisions or involve fraud, injury to people/property, or are deemed immoral by the courts. If an object has partial lawful and unlawful considerations, the agreement may be void or the unlawful parts severed. Lawful promises can still be enforced if separable from unlawful ones. The test of severability is whether the illegal parts can be separated from the legal parts.
The document provides an overview of contract law in India. It discusses:
- The history and development of contract law through common law in Britain and its adoption in India through the Indian Contract Act of 1872.
- Key definitions in contract law like "agreement", "contract", and "consideration" as defined in the Indian Contract Act.
- Essential elements for a valid contract and classifications of agreements based on enforceability.
- Types of contracts like void, voidable, illegal and unenforceable agreements.
- Remedies available for breach of contract and discussion of agency contracts.
Business law is the body of law that governs business-related activities. It applies to rights, relations, and conduct between persons and businesses engaged in commerce. The key elements of a valid contract according to business law are: offer and acceptance, consideration, lawful object, capacity of parties, and intent to create legal relations. A contract must meet all these elements to be enforceable in a court of law. Contracts can be classified according to their enforceability, formation, and performance. The essentials of a valid contract that make it binding include offer, acceptance, lawful consideration, capacity to contract, and lawful object.
The document discusses the basics of contract law, including the definition of a contract as a legally binding agreement, the different types of business agreements, the key elements required to form a valid contract such as offer, acceptance, consideration and intention, and how an invalid contract lacking these elements may be void, voidable, or unenforceable. It also covers the formation of contracts, termination of offers, and discharge of a contract through performance or breach.
This document defines contracts and their different types. A contract is an agreement that is enforceable by law. There must be an offer and acceptance, along with consideration and lawful object. Agreements can be valid and enforceable, voidable at the option of parties, void from the beginning, or unenforceable due to technical defects. Illegal agreements that violate laws are not permitted. Valid contracts contain all essential elements like free consent and create legal obligations between parties.
there are six different types of contract,they are :
1.Valid Contract
2.Voidable Contract
3.Void Contract
4.Unenforceable Contract
5.Illegal Contract
6.Contingent Contract
A contract is a legally binding agreement between two or more competent parties that creates obligations. The key elements of a valid contract are offer and acceptance, lawful consideration, capacity and consent of the parties, a lawful object, and certainty. Contracts can be express, implied, oral, or written. An agreement is a broader term that refers to a mutual understanding between parties, but it may lack elements like consideration that are necessary for a contract to be legally enforceable. While contracts create legal obligations, agreements are not always legally binding and can be changed by either party.
Important questions of business law for B.com Part 2ali0323
This document lists 25 important questions on business law topics divided into 7 sets. The questions cover concepts such as contracts (including definitions of contracts, offer and acceptance, consideration, capacity to contract, consent), quasi-contracts, discharge of contracts, remedies for breach of contract, indemnity, guarantee, bailment, agency, sale, conditions and warranties, common carriers, negotiable instruments, unfair labor practices, and the National Industrial Relations Commission. The questions are meant to test understanding of key concepts and principles in business law.
A contract is a legally binding agreement between two or more parties that creates obligations that are enforceable in a court of law. There are several essential elements for a valid contract, including agreement between the parties, consideration or an exchange of promises, intention to create a legal relationship, capacity to contract, and absence of factors that could invalidate the contract like duress or illegality. Contracts can be written, oral, or partly written and oral, and they create rights and obligations for the contracting parties that define their relationship.
This document defines key concepts in business law, contracts, and agency. It outlines what constitutes a contract, the essential elements of contract formation, different types of contracts, rights and obligations of parties to a contract, and remedies for breach of contract. It also explains negotiable instruments, different parties' liability under bills of exchange and promissory notes, and key concepts regarding banking and agency relationships.
Definition of Consideration, When Consideration or object is unlawful, effects of illegality, Unlawful & illegal agreements.....
It's useful for law students.
This document discusses the concepts of misrepresentation and fraud in contracts. It begins by defining representation and the difference between representations of fact versus promises. It then examines key elements of misrepresentation, including that a misrepresentation must be a false statement of existing fact, addressed to and relied upon by the misled party. The document outlines defenses to misrepresentation claims and notes the psychological element that distinguishes fraud (the intent to deceive). Specific types of fraudulent statements and active concealment of facts are described. The document concludes by noting that while misrepresentation involves unintentionally misleading statements, fraud requires an intent to deceive the other party.
The document discusses the law of contracts in India. It begins by defining a contract as an agreement that is enforceable by law under the Indian Contract Act of 1872. It then discusses key elements of a valid contract including offer and acceptance, intention to create legal relations, lawful consideration, capacity of parties, free and genuine consent, lawful object, certainty and possibility of performance, and legal formalities. It also covers classification of contracts according to validity, formation, and performance. Examples are provided to illustrate voidable contracts, void agreements, and other contract types.
This document provides an overview of contract law. It defines a contract as a legally enforceable agreement entered into voluntarily by two or more parties. It notes that contracts consist of rights and obligations for each party and failure to perform obligations results in breach of contract. The document outlines the key elements required for a contract to be enforceable in court: agreement through offer and acceptance, intention to create legal relations, consideration exchanged between parties, and certainty of terms. It distinguishes between bilateral contracts that bind both parties and unilateral contracts that bind the offering party. An example case of Carlill v Carbolic Smoke Company is provided.
The document discusses the essential elements of a valid contract according to Indian contract law. It states that for a valid contract there must be (1) a lawful offer and acceptance, (2) lawful consideration, (3) capacity of the parties to contract, (4) free consent, (5) a lawful object, (6) intention to create legal relations, (7) certainty and possibility of performance, and (8) no legal formalities required or fulfilled. It provides definitions and examples for key terms like agreement, promise, consideration, and capacity. It also outlines exceptions for certain domestic agreements and situations that would make a contract void.
This document discusses various types of void agreements under Indian contract law. It covers agreements that have an unlawful consideration or object, agreements without consideration, agreements in restraint of marriage or trade, agreements restricting legal proceedings, ambiguous or uncertain agreements, and agreements that require an impossible act. Specific sections of the Indian Contract Act are referenced relating to agreements that are void due to uncertainty, restraint of legal proceedings, or restraint of trade. Exceptions and court cases relating to these topics are also mentioned.
Types of contract - Legal Environment of Business - Business Law - Manu Melwi...manumelwin
Valid Contract – An agreement enforced by law is a valid contract. An agreement becomes a valid contract when it fulfills all the essentials of a contract as laid down in section 10.
This document discusses the potential consequences of a contract dispute, including management time and stress spent dealing with the dispute, loss of a customer, and legal costs. It then provides an example of a potential contract formation between a company and a supplier during a preliminary meeting where they discussed services, price, and shook hands. A court may find that this constituted a valid contract despite the lack of signed documents, as there could have been an offer, acceptance, and consideration exchanged. The document advises being clear about not intending to be legally bound until a signed agreement is in place to avoid accidental contract formation. It also warns about fraudulent misrepresentations during contract negotiations.
This document summarizes a legal paper about implied terms in building contracts. It discusses the following key points:
1) Historically, courts were reluctant to modify commercial contracts but would imply terms through legal fiction to address unfair bargains in building contracts.
2) The landmark case The Moorcock established that implied terms are based on the presumed intentions of parties to give business efficacy and prevent failure of consideration.
3) The paper examines how courts distinguish between terms implied by fact and those implied by law, with a focus on construction contracts. It traces the development of this area of law over time.
meaning,provisions &types of offer (mercantile law)Vinayak Gupta
This document summarizes a seminar presentation on offers in contract law. It defines an offer according to Indian contract law as a promise made with the intention of obtaining another's assent. It outlines the key elements of a valid offer and discusses different types of offers, including specific offers made to individuals, general offers to the public, cross offers made simultaneously between parties, standing offers open over time, implied offers inferred from conduct, and express offers made verbally or in writing. It also defines a counteroffer as a conditional acceptance that differs from the original offer's terms.
This document summarizes the six elements of a valid contract: 1) offer, which is a proposal made with serious intent by an offeror to an offeree; 2) acceptance, which is an unqualified agreement to the offer's terms without modification; 3) genuine agreement between the parties to create a final contract; 4) consideration, which is the exchange of benefits and detriments by the parties; 5) contractual capacity of the parties to enter into an agreement; and 6) legality in accordance with civil and criminal law as well as public policy.
The document discusses void agreements under Indian contract law. It explains that void agreements are those that are not enforceable by law, such as agreements that were void from the beginning (void ab-initio) due to lacking necessary elements, or agreements that were initially valid but later became void. Examples of void ab-initio agreements provided include those restraining marriage or trade, preventing legal recourse, or being too uncertain. The document also discusses the doctrine of frustration which voids agreements when unexpected events make the contractual obligations impossible to perform.
Contract law lecture 6 - object forbidden by lawDr. Arun Verma
This document discusses the law of contracts as it relates to objects that are forbidden by law. It states that any agreement whose object or consideration is unlawful is void under Section 23 of the law. Examples of unlawful objects include selling liquor without a license, entering into a second marriage while already married, and agreements that defeat legal provisions or involve fraud, injury to people/property, or are deemed immoral by the courts. If an object has partial lawful and unlawful considerations, the agreement may be void or the unlawful parts severed. Lawful promises can still be enforced if separable from unlawful ones. The test of severability is whether the illegal parts can be separated from the legal parts.
The document provides an overview of contract law in India. It discusses:
- The history and development of contract law through common law in Britain and its adoption in India through the Indian Contract Act of 1872.
- Key definitions in contract law like "agreement", "contract", and "consideration" as defined in the Indian Contract Act.
- Essential elements for a valid contract and classifications of agreements based on enforceability.
- Types of contracts like void, voidable, illegal and unenforceable agreements.
- Remedies available for breach of contract and discussion of agency contracts.
Business law is the body of law that governs business-related activities. It applies to rights, relations, and conduct between persons and businesses engaged in commerce. The key elements of a valid contract according to business law are: offer and acceptance, consideration, lawful object, capacity of parties, and intent to create legal relations. A contract must meet all these elements to be enforceable in a court of law. Contracts can be classified according to their enforceability, formation, and performance. The essentials of a valid contract that make it binding include offer, acceptance, lawful consideration, capacity to contract, and lawful object.
This document provides an overview of business law concepts including definitions of law, the need for knowledge of law in business, sources of business law, and classification of contracts. Specifically, it defines law as the body of principles recognized and applied by the state in administering justice. It notes that ignorance of law is not an excuse. The sources of business law are identified as English mercantile law, statute law, case law, common law, and customs/usages. Contracts are then classified based on their validity, formation, and performance. Key elements of a valid contract such as offer/acceptance, lawful consideration, and capacity of parties are also outlined.
The document summarizes key aspects of contract law in India based on the Indian Contract Act of 1872. It discusses the definition of a contract and agreement, essential elements of a valid contract, types of unlawful agreements, and special kinds of contracts regarding indemnity, guarantee, bailment, pledge and agency. The summary covers general principles of contract law in India as well as special considerations.
The document summarizes key aspects of contract law in India according to the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law, consisting of an agreement and enforceability. It outlines the essential elements that must be present for an agreement to be considered a valid contract, including offer and acceptance, lawful consideration, capacity and consent of parties, a lawful object, and certainty of terms. It also distinguishes between different types of contracts based on validity, formation, and performance. Finally, it compares the differences between void, voidable, and illegal agreements.
1. The document discusses the nature of contracts and defines a contract as an agreement that is enforceable by law.
2. It outlines the essential elements of a valid contract as agreement, intention to create legal obligations, free consent, lawful consideration, lawful object, and certainty.
3. Contracts are classified based on their validity and enforceability as valid, voidable, void, illegal, or unenforceable. Voidable contracts contain flaws that allow one party to repudiate the agreement.
1. The document discusses the nature of contracts and defines a contract as an agreement that is enforceable by law.
2. It outlines the essential elements of a valid contract as agreement, intention to create legal obligations, free consent, lawful consideration, lawful object, and certainty.
3. Contracts are classified based on their validity and enforceability as valid, voidable, void, illegal, or unenforceable. Voidable contracts contain flaws that allow one party to repudiate, while void contracts are without legal effect from the beginning.
A voidable contract allows one party to rescind or cancel the contract, while a void contract is invalid from the start and cannot be enforced in court. Some key differences between void and voidable contracts include:
- A void contract is not a legal contract at all due to defects such as lack of consent or consideration. A voidable contract is initially valid but can be invalidated at the option of one party.
- Causes of a void contract include changes in law or circumstances that make the contract impossible to perform. A voidable contract's validity may be challenged due to issues like coercion, misrepresentation or fraud that compromised a party's consent.
- While a voidable contract remains enforceable until
The document summarizes key aspects of consent, free consent, and void agreements under the Indian Contract Act of 1872. It discusses concepts such as coercion, undue influence, misrepresentation, mistake, consideration, and expressly declared void agreements related to restraint of marriage, trade, legal proceedings, uncertainty, wagering, and impossible acts/events. Key highlights include definitions of consent requiring identical understanding, examples of void agreements, and classifications of different types of mistakes and void agreements.
Detailed Presentation on Essentials of Contract under the Indian Contract Act, 1872
Made By:
Edited By: Ayush Patria, Sangam University, Bhilwara
Follow us on Instagram: @law_laboratory
Website: www.lawlaboratory.in
Business law book mba 2 sem @ bec doms Babasab Patil
The document discusses key concepts in business law including the Indian Contract Act 1872.
1. It outlines the essential elements of a valid contract according to Indian law - offer, acceptance, consideration, capacity to contract, free consent and lawful object.
2. Contracts are classified based on validity, formation and performance. Key classifications discussed are void, voidable, illegal and executory contracts.
3. Special contracts like indemnity, guarantee, bailment and agency are briefly mentioned along with acts governing contracts of sale, negotiable instruments, partnership, arbitration and carriage.
4. The final section notes insurance contracts are also an important area of business law.
Business Law Unit-2, BBA I Year Osmania UniversityBalasri Kamarapu
Business Law BBA I Year Osmania University, Contingent Contracts, Features of Contingent Contract, Rules of Contingent Contracts, Discharge of Contracts, modes of discharge of contracts, Breach of Contract, Remedies for Breach of Contract, Types of Damages.
The document discusses the Indian Contract Act of 1872 and provides context around contract law in India. It defines a contract as an agreement that is enforceable by law. It outlines the essential elements for a valid contract, including offer and acceptance, lawful consideration, capacity and consent of parties. It also classifies contracts based on validity, subject matter, performance, and whether they are express, implied, quasi or unilateral.
Essentials of a valid contract; contract; offer and acceptance; consideration; capacity of parties; free consent; lawful object; void agreements; wagering agreements; quasi contracts.
The document summarizes key aspects of contract law in India based on the Indian Contract Act of 1872. It outlines the general principles of contract law, including definitions of important terms like offer, acceptance, agreement and contract. It also describes essential elements for a valid contract such as intention to create legal obligations, lawful consideration, certainty and possibility of performance. Additionally, it discusses different types of contracts based on their creation, validity, execution and liability. The document provides examples to illustrate different contract law concepts and principles.
The document discusses the Indian Contract Act of 1872. It provides objectives of the act, which are to ensure rights and obligations from contracts are honored and legal remedies are available for aggrieved parties. Key aspects of contracts covered include essential elements like offer/acceptance, consideration, capacity of parties and free consent. Specific types of contracts that require writing are also outlined, such as those related to time barred debts, property transfers, and promissory notes. Overall, the document provides an overview of important concepts regarding valid contracts according to the Indian Contract Act of 1872.
AIS 2102 Legal Framework of Trade UnionismPreeti Sikder
Learning Outcome: After completion of this lesson, students will be able to -
a) define workers and trade unions;
b) identify the statutory and constitutional framework of trade unions in Bangladesh,
c) identify unfair labour practices on part of employers and workers
Restrictions on Articles and Activities Injurious to Environment: Polythene BanPreeti Sikder
Lesson Outcome: Learning Objective: After completing this lesson, students will
a) be acquainted with the relevant legal provisions existing in Bangladesh relating to plastic pollution
b) be able to critically analyse the steps taken by Bangladeshi Government in imposing absolute ban on polythene
Core Elements of Environmental Rule of LawPreeti Sikder
Environmental rule of law (ERL) represents the efficient and effective functioning of environmental governance across multiple levels of institutions, sectors, and actors. Core elements of ERL include public participation in environmental decision making, which improves information available to decision makers, enhances implementation, avoids or resolves disputes, builds public support, and improves compliance. When discussing public participation, it is important to discuss access rights as a whole.
Introduction to Environmental Rule of LawPreeti Sikder
Lesson Outcomes: After completion of this lesson students will be able to -
a) Define environmental rule of law
b) Define environmental governance
c) Distinguish between environmental rule of law and environmental governance
Laws and Policies on Climate Change in BD: BCCSAPPreeti Sikder
After completion of this lesson, students will be able to -
a) understand the adaptation and mitigation measures taken by Bangladesh government;
b) describe the six pillars of BCCSAP
AIS 2102 Examples of Negotiable InstrumentsPreeti Sikder
Learning Outcome: After completion of this lesson students will be able to -
a) define promissory notes;
b) define bills of exchange;
c) define cheques;
d) distinguish between promissory notes and cheques.
AIS 2102 Introduction to Negotiable InstrumentsPreeti Sikder
Learning Outcome: After completion of this lesson, the students will be able to -
a) define negotiable instruments
b) describe the characteristics of negotiable instruments under the Negotiable Instruments Act, 1881
Learning Outcome: After completion of this lesson, students will be able to -
1) identify and distinguish between conditions and warranties
2) learn about implied conditions and implied warranties available under Sale of Goods Act
3) determine when ownership of a property passes during a sale
Learning Outcome: After completion of this lesson students will be able to-
a) differentiate between sale and agreement to sell
b) define contract for sale of goods
c) define goods
Protection of Biodiversity in Bangladesh: ForestsPreeti Sikder
Learning Objectives: After completing this lesson students will be
a) informed about the basic forest management system in Bangladesh
b) informed about the categories of forests in Bangladesh
c) learn about the points of improvement that can be considered in relation to the Forests Act, 1927
Protection of Biodiversity in Bangladesh: ECAPreeti Sikder
Learning Outcome: After completion of this lesson students will -
a) learn about the concept of Ecologically Critical Areas,
b) be informed about the legal requirements in protecting the ECAs
c) be informed about judicial activism relating to ECAs in Bangladesh
After completion of this lesson students will be able to:
a) define offer
b) distinguish between offer and invitation to treat
c) explain how a proposal is revoked
World Without Law Professors: Legal Research and EducationPreeti Sikder
- Law professors play an important role in conducting legal research that benefits both the academic world and legal system. However, there are differing views on the types and value of legal research.
- Doctrinal research involves analyzing legal rules and principles to establish coherence and clarify ambiguities. It is important for consolidating dispersed legal materials but may lack theoretical ambition.
- "Deep" or non-doctrinal research, such as interdisciplinary legal fields, better qualifies as academic by transcending what practitioners can do. However, dispersing legal scholars may diminish engagement between them.
- Without law professors, doctrinal research could still be conducted by practitioners, but diversity and impact of legal research may decrease as deep
Acceptance in Contract and its CommunicationPreeti Sikder
This document provides an introduction and overview of the key concepts regarding acceptance in contract law under the Bangladesh Contract Act 1872. It discusses when a proposal is considered accepted, the requirements for a valid acceptance, and exceptions to the general rules. Some key points covered include:
- An acceptance is an unqualified expression of assent to the terms proposed by the offeror. Mere acknowledgment does not constitute acceptance.
- If a prescribed method of acceptance is not followed, the offeror is not bound unless compliance was waived in a way that did not disadvantage the offeree.
- Under the postal rule, acceptance by posted letter is effective upon posting rather than receipt. Revocation is also effective upon posting.
World Without Law Professors: Legal TrainingPreeti Sikder
Learning Outcome: After completion of this lesson, students will be able to-
a) identify the basic pattern of legal education in both civil and common law countries;
b) describe the counter models presented to address lacunae of legal education
c) understand the benefits of clinical lawyer school
Restrictions on Articles and Activities Injurious to Environment: Plastic pol...Preeti Sikder
Learning Objective: After completing this lesson, students will
a) be acquainted with the relevant legal provisions existing in Bangladesh relating to plastic pollution
b) be able to critically analyse the steps taken by Bangladeshi Government in imposing absolute ban on polythene
This document discusses the termination of an offer under contract law. It provides three main methods of terminating an offer: withdrawal of the offer by the offeror before acceptance, rejection of the offer by the offeree, and termination due to the lapse of time or the occurrence of a specified event. The document also examines two important court cases on the withdrawal of offers - Dickinson v Dodds and Hyde v Wrench. Finally, it outlines the relevant legal provisions around proposals, promises, communication, acceptance and revocation under the Contract Act of Bangladesh.
Receivership and liquidation Accounts
Being a Paper Presented at Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) on Friday, August 18, 2023.
Genocide in International Criminal Law.pptxMasoudZamani13
Excited to share insights from my recent presentation on genocide! 💡 In light of ongoing debates, it's crucial to delve into the nuances of this grave crime.
Guide on the use of Artificial Intelligence-based tools by lawyers and law fi...Massimo Talia
This guide aims to provide information on how lawyers will be able to use the opportunities provided by AI tools and how such tools could help the business processes of small firms. Its objective is to provide lawyers with some background to understand what they can and cannot realistically expect from these products. This guide aims to give a reference point for small law practices in the EU
against which they can evaluate those classes of AI applications that are probably the most relevant for them.
Matthew Professional CV experienced Government LiaisonMattGardner52
As an experienced Government Liaison, I have demonstrated expertise in Corporate Governance. My skill set includes senior-level management in Contract Management, Legal Support, and Diplomatic Relations. I have also gained proficiency as a Corporate Liaison, utilizing my strong background in accounting, finance, and legal, with a Bachelor's degree (B.A.) from California State University. My Administrative Skills further strengthen my ability to contribute to the growth and success of any organization.
Sangyun Lee, 'Why Korea's Merger Control Occasionally Fails: A Public Choice ...Sangyun Lee
Presentation slides for a session held on June 4, 2024, at Kyoto University. This presentation is based on the presenter’s recent paper, coauthored with Hwang Lee, Professor, Korea University, with the same title, published in the Journal of Business Administration & Law, Volume 34, No. 2 (April 2024). The paper, written in Korean, is available at <https://shorturl.at/GCWcI>.
Synopsis On Annual General Meeting/Extra Ordinary General Meeting With Ordinary And Special Businesses And Ordinary And Special Resolutions with Companies (Postal Ballot) Regulations, 2018
Lifting the Corporate Veil. Power Point Presentationseri bangash
"Lifting the Corporate Veil" is a legal concept that refers to the judicial act of disregarding the separate legal personality of a corporation or limited liability company (LLC). Normally, a corporation is considered a legal entity separate from its shareholders or members, meaning that the personal assets of shareholders or members are protected from the liabilities of the corporation. However, there are certain situations where courts may decide to "pierce" or "lift" the corporate veil, holding shareholders or members personally liable for the debts or actions of the corporation.
Here are some common scenarios in which courts might lift the corporate veil:
Fraud or Illegality: If shareholders or members use the corporate structure to perpetrate fraud, evade legal obligations, or engage in illegal activities, courts may disregard the corporate entity and hold those individuals personally liable.
Undercapitalization: If a corporation is formed with insufficient capital to conduct its intended business and meet its foreseeable liabilities, and this lack of capitalization results in harm to creditors or other parties, courts may lift the corporate veil to hold shareholders or members liable.
Failure to Observe Corporate Formalities: Corporations and LLCs are required to observe certain formalities, such as holding regular meetings, maintaining separate financial records, and avoiding commingling of personal and corporate assets. If these formalities are not observed and the corporate structure is used as a mere façade, courts may disregard the corporate entity.
Alter Ego: If there is such a unity of interest and ownership between the corporation and its shareholders or members that the separate personalities of the corporation and the individuals no longer exist, courts may treat the corporation as the alter ego of its owners and hold them personally liable.
Group Enterprises: In some cases, where multiple corporations are closely related or form part of a single economic unit, courts may pierce the corporate veil to achieve equity, particularly if one corporation's actions harm creditors or other stakeholders and the corporate structure is being used to shield culpable parties from liability.
This document briefly explains the June compliance calendar 2024 with income tax returns, PF, ESI, and important due dates, forms to be filled out, periods, and who should file them?.
1. Introduction to Law of
Contract
Preeti Kana Sikder
Assistant Professor
Department of Law & Justice
Jahangirnagar University
2. Pre-class poll
Which of the following is a void agreement?
1: A shopkeeper promising to sell the Lalbagh
Fort to his customer
2: Manufacturer residing in Iraq promising to sell
products to US citizen during the Iraq War
3: Both of the above
3. How is Void Agreement different from a
Void Contract?
• Section 2 (g) of the Contract Act, 1872 says that “an
agreement not enforceable by law is said to be
void”.
• There must have been an agreement for the first
time, which does not fulfill one or more of the legal
conditions for becoming a contract.
4. How is Void Agreement different from a
Void Contract?
• An agreement which was enforceable by law but
somehow loses such enforceability is treated as
a void contract.
• It was valid at some point of time.
5. How is Void Agreement different from a
Void Contract?
• The only basic distinction between these two
terms is that a void contract was valid once, but
a void agreement was never in a position to
become enforceable by law.
8. WillTheory Law of contract is a set of power-conferring
rules which enable individuals to enter into
agreements of their own choice on their own
terms.
Parties should be as free as possible to make
agreements on their own terms without the
interference of courts or Parliament.
Such agreements shall be respected, upheld
and enforced by the courts.
9. Promise Principle
Persons may impose on themselves obligations
where none existed before.
The source of contractual obligation is the promise
itself.
A promise engenders an expectation in the promisee
and unless a good reason to the contrary appears the
courts will call upon the defaulting promisor to fulfill
the expectation so created.
10. View in Opposition
Suppose A enters into a contract to sell B 10
mangoes for 200 taka. A then refuses to sell the
mangoes. A breaches the contract.
B goes on to buy similar mangoes from another
seller in 200 taka.
Is B at any loss? Can he enforce the promise of A?
11. View in Alteration
Suppose B had paid the 200 taka in advance
to A.
B had acted to his detriment in reliance upon
A’s promise and A has gained a benefit.
12. Not the
promise, but
the detrimental
reliance upon
the promise or
conferment of
benefit in
reliance of the
promise
Source of
obligation
13. ViewinOpposition
o The response of courts and parliaments
have been to place greater limits upon the
exercise of contractual power.
o For example, Legislation has been
introduced to regulate employment
contracts in an effort to provide measure of
protection to employees.
15. One can’t even think of the internet layout without Google. Its
competitors are Microsoft and Yahoo but they own a very small share in
the market that too in the downward trend. Google makes the majority
of money from advertising and the same can be clearly seen that it
controls 60% of the global advertising revenue.
16. The Interaction of Opposing Views
While there is indeed a strong current of individualism
running through law of contract, such commitment to
individual autonomy is also tempered in its application by
considerations of fairness, consumerism and altruism.
19. “The law of contract is not based
upon one ideology; both
ideologies are present in case law
and legislation. The tension
between the two is a feature of
law of contract.”