This document provides an overview of business and corporate law concepts. It defines law as a set of rules enforced by the state to regulate human relationships and economic activity. The document outlines two main types of law: public law, which governs relationships between individuals and the state, and private law, which governs relationships between private individuals. It defines a contract as a legally enforceable agreement that creates obligations, and notes that for an agreement to become a contract it must meet several essential elements, such as offer and acceptance, lawful consideration, capacity of parties, and certainty of terms.

1. Business &
Corporate
Law
Prepared by Syed Academic

2. Index
1. What is law?
2. Types of law?
3. What is contract & Agreement?
4. How agreement transfer into
contract?
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3. 01 What is Law?
 ‘Law’ can be defined as a set of rules which we are bound to obey (i.e. those rules & regulation
which are enforced by the State).
 Law is a system of rules grounded on fundamental principles of morality.
 Protects us from complete social disorder.
 Law Protect money, wealth and health of every individual of the state.
 The regulation of economic activity & human relationships.
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4. 02 Types Of Law.
LAW
PUBLIC LAW PRIVATE LAW
 Public law governs the relationship between the
individual and the State
 It is concerned with the public or society as a
whole and handles conflicts between the
individuals and the state
 E.g. Constitution law, administrative law,
criminal law
 Private law governs the relationship of between
individuals & Individual
 It is applicable to individuals.
 It handles the conflicts between individual
persons
 E.g. Law of contract, law of agency, law of sale of
goods.

5. 03 What is contract & Agreement?
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• According to section 2-e, Every promise and every set of
promise, forming the consideration for each other, is an
agreement. All agreement are not contract.
• According to section 2-h, A Contract is an agreement the
object of which is to create a legal obligation.
• contract as agreement with legal enforceability. Every
agreement and promise enforceable at law is contract.
• It creates legal obligations on parties. All contracts are
agreements.

6. Social Agreement
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• No legal enforceability
• Parties do not intend to create legal relationship
• Example: Sara invites Raza to a dinner. Raza accepts the
invitation but does not attend. Sara cannot sue Raza for the
damages.

7. Legal Agreement
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• Legally Enforceable by law
• Parties intend to create legal relationship
• Example: Company A outsourced Finance department to
consultants Company.

8. 04 How does an Agreement become
a Contract
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Agreement + Essential Elements = Contract

9. Essentials of aValid Contract
1 2 3 54 6 7 8 9 10
Offer &
acceptance
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Legal obligations
Lawful consideration
Capacity
of parties
Free consent
Lawful object
Writing &
registration
Certainty ofTerms
Possibility of
Performance
Not Expressly
DeclaredVoid

10. THANKYOU 
Prepared by
Syed Arshan Ali Shah
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