1. 1

2. CONTRACT LAW
2

3. CONTRACT LAW
 The general law of contract in Pakistan is
contained in
3

4. DEFINITION ACCORDING TO
LAW
4

5. ELEMENTS OF CONTRACT
Certainty
AGREEMENT
acceptence
PROMISE +
CONSIDERATION
Capacity to
contract
5

6. PARTIES IN CONTRACT
OFFERER
ACCEPTOR
B
A
6

7. EXAMPLE
A-offerror
1 Jan
B-acceptor
post letter of offer
Pos letter of acceptance
(put the letter into a
letter box)
A cannot
cancel
the contract
8 Jan
5 Jan
–s.4(2)(a) - Acceptance is completed
against A when the letter is
posted
receives letter of acceptance from B
- S.4(2)(b) – acceptance completed against B
7

8. TYPES OF CONTRACT
8

9. LAW OF PARTNERSHIP
9

10. LAW OF PARTNERSHIP IN
PAKISTAN
 The general law of Partnership in Pakistan
is contained in
10

11. ELEMENTS OF PARTNERSHIP
LEGAL
ENTITY
NUMBER
OF
PARTNERS
SHARING
PROFIT
UNLIMITED
LIABILITY
ELEMENTS
Agreement
CAPITAL
Mutual
Confidence
Transferabil
ity of share
11

12. TYPES OF PARTNERSHIP
12

13. PARTIES IN PARTNERSHIP
PARTNER
FIRM
13

14. COMPARISON BETWEEN LAW OF
CONTRACT AND LAW OF PARTNERSHIP
14

15. LAW OF CONTRACT
FORMED UNDER
CONTRACT ACT 1872
IF NOT FOR
PROFIT
FORMED UNDER
PARTNERSHIP ACT 1932
IF FOR
PROFIT
PROFIT
NO
PROFIT
LAW OF
PARTNERSHIP
NO
BUSINESS
BUSINESS
15

16. FORMATION
D/S
PARTNERSHIP ACT
1932
OFFER
DIFFERENCE
SUGGEST NAME OF
BUSINESS
ACCEPTENCE
DIFFERENCE
REGISTER THAT
NAME
PROMISE
DIFFERENCE
CONTRACT ACT 1872
AGREEMENT
CONTRACT
SAME
AGREEMENT
DIFFERENCE
LICENSE
16

17. CONDITION OF MINOR
LAW OF
PARTNERSHIP
LAW OF
CONTRACT
CONTRACT
BECOME
VOID
DIFFERENCE
MINOR
ENTERED
INTO THE
PARTNERSHIP
17

18. CONDITION OF UNSOUND
MIND
LAW OF
CONTRACT
LAW OF
PARTNERSHIP
CONTRACT
BECOME
VOID
PARTNERSHIP
DISSOLVE
SAME
18

19. TIME PERIOD
LAW OF
PARTNERSHIP
LAW OF
CONTRACT
Agreement finished not
business (just for partnership
at will)
Contract become finished
after certain time period
SAM
E
Particular partnership finished
( after completion of project)
19

20. BREACH OF CONTRACT
DISSOUTION OF PARTNER SHIP
LAW OF
PARTNERSHIP
LAW OF CONTRACT

COMPALSORY

BY AGREEMENT

BY NOTICE

BY COURT
20

21. SAME THINGS BETWEEN BOTH LAWS
 CASE OF UNSOUND MIND PERSON
 CASE OF DEATH OF ONE PARTY OR PARTNER
 END OF TIME PERIOD (FOR PARTICULAR PARTNERSHIP)
 AGREEMENT
 CAPCITY OF PARTIES
 COMMUNICATION BETWEEN PARTIES
21

22. DIFFERENT THINGS BETWEEN BOTH
LAWS
PROFIT AND LOSS
 MINORITY
 RIGHTS AND DUTIES OF PARTIES
 FORMATION
22

23. 23

24. 24