Lecture for understanding buissness laws.

1. Lecture 2
BY COMMANDER M.AJMAL SATTI

2. Contingent and Quasi Contracts:
Contingent and Quasi Contracts: - Contracts
based on uncertain events or conditions. -
Example: A promises to pay B a bonus if B
delivers a specific report by a certain date.

3. Performance of Contracts:
Performance of Contracts: - Fulfilling agreed-
upon terms and promises in a contract. -
Example: A company pays a supplier for
delivering goods as specified in their contract.

4. Discharge of Contract:
Discharge of Contract: - Legal ways to end a contract. -
Example: Parties agree to cancel a contract for the sale of a
property due to unforeseen circumstances.

5. Remedies for Breach
of Contract:
Remedies for Breach of Contract: -
Solutions for contract violations. -
Example: If a contractor fails to
complete a construction project on
time, the client may seek
compensation for the delay.

6. Indemnity and Guarantee:
Indemnity and Guarantee: - Indemnity provides
protection against losses. -
Example: An insurance policy indemnifies a business
owner against financial losses resulting from property
damage.

7. Bailment and Pledge
Bailment and Pledge: -
Bailment is giving possession
without transferring ownership.
-
Example: Leaving your car
with a valet service is a
bailment, as they temporarily
hold possession without owning
the car.

8. Contract of Agency
Contract of Agency: - One
person (the agent) acts on behalf
of another (the principal). -
Example: A real estate agent
represents a homeowner (the
principal) in selling their property
to a buyer.