This document provides an overview of business law concepts related to contracts. It defines a contract as an agreement that is enforceable by law, consisting of an agreement and consideration. It outlines the essential elements of a valid contract including offer, acceptance, consideration, capacity of parties, free consent, and lawful object. It also distinguishes between different types of contracts such as valid, voidable, void, unenforceable, illegal, express, implied, quasi, executory, and executed contracts. Key points of consent, certainty, and kinds of contracts are also summarized.

1. •Presented by :-
Cheshta Malik (03)
Shubham Gupta(169)
Business Law

2. Meaning Of Law
• Law is a body of
principles which
Are applied and
recognized by
The state in
administration of
Justice.

3. •Body is a
collection of
different
parties
Meaning
of Body
Meaning
of
principles
•Principles
means a set
of rules and
regulations
•Objective of law is to provide Justice……

4. The Indian Contract Act,1872
Contract :- An agreement
enforceable by law. Sec
[2(h)]
Contract=Agreeme
nt
+
Enforceability

5. Agreement :- Sec 2(e) Every promise and
every set of promises,forming
consideration for each other is a
agreement.
An agreement is said to
be enforceable by law if
it give rise to legal
obligations.
Agreement =
offer
+
Acceptance

6. Enforceability
Consideration
Capacity of
Partners
Certainty
Acc.to Sec 10,all
agreements are
contract if it contains
all the essentials
mentioned above
Contact=Agreement + obligation
Contract Agreement +social
obligation

7. HIGHLIGHTS
•Offer And Acceptance :- Offer=Sec2(a), When a
person signifies his willingness to do or to abstain
from doing anything, with the view to obtaining the
assent of that other to such act or abstinence. he is
said to make a proposal.
Acceptance=Sec2(b),When the person to whom the
proposal is made signifies his assent,thereto,is
said to be accepted.
•Consideration=Consideration is the price for
which the promise of Other is bought. It is one
of the essential of a valid contract.
•Certainty=Sec29,Agreement the meaning of
which is not uncertain or capable Of being
made certain,are void.

8. Every person is competent to contract
who is of
AGE OF MAJORITY
SOUND MIND
NOT DISQUALIFIED FROM
CONTRACTING BY ANY LAW
TO WHICH HE IS SUBJECT TO.
Person not capable of
contracting are :-
Minor
A person of unsound
mind
A person
disqualified from
contracting
•Capacity of parties=

9. •Free Consent=Free consent of all parties
to an agreement Is another essential
element of valid contract.
Consent means that the parties must agree
upon the same Thing in the same
sense.Sec13
There is absence of free
consent if agreement is
induced by:- (Sec15-22)
(i) COERCION
(ii)UNDUE INFLUENCE
(iii)MISREPRESENTATION
(iv)FRAUD
(v)MISTAKE

10. •Lawful Object=Sec23,For the formation of a
valid contract it is also necessary that the
parties to an agreement must agree for
lawful object. The object for which the
agreement has been entered into must not
be fraudulent or illegal or immoral or
opposed to public policy or must not imply
injury to the person or property of another.

11. Kinds Of Contracts
• Valid
• Voidable
• Void
• Unforcea
ble
• Illegal
• Express
• Implied
• Constru
ctive or
Quasi
• Executory
• Executed
POINT OF VIEW

12. Meaning of Different Contracts
#1-Valid Contract :- A valid contract is an agreement
Enforceable by Law and it becomes enforceable when it
Contains all the essentials of a valid contract.
#2-Voidable Contract-Sec(i)An agreement which is
enforceable By law at the option of one or more of the
parties thereto, but Not at the option of other is a
voidable contract.
#3-Void Contract-Sec(j), A contract which ceases
to be enforceable By law becomes void, when it
ceases to be enforceable.

13. #4-Unenforceable- An unenforceable contract is
one which Is valid in itself but is not capable of
being enforced in a court of law Because of some
technical defect such as absence of writing,
registration etc.
#5-Illegal-The word illegal means contrary
to law and the term contract means an
agreement enforceable by law,As such to
speak of an illegal contract involves a
contradiction in terms,because it means –
an agreement enforceable by law and
contrary to law.
#6-Express-Where both the offer and acceptance
constituting an agreement enforceable at law are
made in words spoken or written, is an expressed
agreement.

14. #7- Implied Contract-Where both the offer and
acceptance constituting an agreement
enforceable at law are made otherwise than in
words that is by act and conduct of the parties, it
is an implied contract.
#8-Quasi Contract-This contract is not arise by virtue of
agreement, express or implied between the parties but
the law infers or recognizes a contract under certain
special circumstances.
#9-Executory contract-A contract is said
to be executed when both the parties to a
contract have completely performed their
share of obligation and nothing remains
to be done by either party under the
contract.

15. #10-Executory contract- It is one in which
both the obligations are outstanding,one on
either party to the contract,either wholly or
in part,at the time of the formation of the
contract.
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