The document summarizes a group presentation on business law. It includes: - Names and student IDs of three group members presenting on the Contract Act 1872. - Date and class details. They will present to Miss Asma Kiran. - An overview of key topics in contract law discussed in the presentation, including essential elements of a valid contract, types of contracts, offer and acceptance, consideration, free consent, termination of contracts, and remedies for breach.

1. Group Members:
Muhammad Haris Raza (L-917)
Bilal Arshad Butt (L-1034)
Kashif Minhas (L-1037)
Class:
M.com 4 (Evening)
Subject :
Business Law
Date of Presentation : ( 26th Oct , 2018)
Present to: Miss Asma Kiran

2. 1st Group Member
Muhammad Haris Raza (L-917)

3. Contract Act 1872
 The general law of contract in Pakistan is
contained in the Contract Act 1872 which
is the main source of law regulating
contracts in Pakistan.
 Each contract creates some right and
duties upon the contracting parties.
Contract Act deals with the enforcement
of these rights and duties upon the
parties.

4. Definition
 Section 2(h) of the Act defines the term
contract as "any agreement enforceable
by law". There are two essentials of this
act:
 Agreement + enforceability + All
essentials of valid contract.

5. Essential Elements of a Valid
Contract
 Proper offer and proper acceptance
 Lawful consideration
 Competent to contract or capacity
• The person has reached the age of majority.
• The person is of sound mind.
• The person is not disqualified from contracting by any law.
 Free Consent
 Lawful Object and Agreement:
 Agreement not declared void or illegal
 Legal Formalities

6. Types of Contracts
 On the basis of Formation:
• Express Contracts
• Implied Contract
• Quasi Contract
 On the basis of Nature of Consideration:
• Bilateral Contracts
• Unilateral Contract
 On the basis of Execution:
• Executed Contract
• Executory Contract

7. Types of Contracts
 On the basis of Validity:
• Valid contract
• Void contract
• Voidable contract
• Illegal contract
• Unenforceable contract

8. 2nd Group Member
Kashif Minhas (L-1037)

9. Offer in Contract
 When a person signifies to another his willingness to do or
to abstain from doing anything, with a view to obtaining
the ascent of that other to such act or abstinence he is said
to make a proposal.
 Essentials of Offer:
• Offer may be General or Specific
• Offer must be Communicated
• Price Declaration, Advertisement, Prospect etc are not
offers
• Offer may be Expression or Implied
• Legal Obligations
• Certainty

10. Acceptance in Contract
 When the person to whom the proposal is made,
signifies his ascent there to, the proposal (offer) is
said to be accepted. A proposal (offer) when accepted
becomes a Promise.
 Features of Valid Acceptance:
 Acceptance must be given by that person only to
whom the offer is made
 Acceptance must be Communicated:
 Acceptance Period
 Acceptance must be Un-Conditional
 Acceptance given to revoked offer is not valid:
 Acceptance given to renewed offer is Valid
 Acceptance is Irrevocable

11. Consideration
 “When at the desire of the promissor, the promisee or any
other person has done or abstained from doing or does or
abstains from doing or promise to do or abstain from doing
something, such act or abstinence or promise is called
consideration for the promise”.
 Essentials of Consideration:
• Consideration should be passed at the request of offerer
• Consideration may move from promise or any other
person
• Consideration may be Past, Present or Future
• Consideration must be Lawful
• Consideration Must be Real

12. 3rd Group Member
Bilal Arshad Butt (L-1034)

13. Free Consent
 According to Section 13" two or more persons are
said to be consented when they agree upon the
same thing in the same sense.
 Elements Vitiating free Consent:
• Coercion
• Undue influence
• Fraud
• Misrepresentation
• Mistake of fact

14. Termination of Contract
 The following are different modes of
discharge or termination of contract:
• Discharge by Performance.
• Discharge by Breach of Contract.
• Discharge by Impossibility.
• Discharge by Operation of Law.
• Discharge by Lapse of Time.
• Discharge by Mutual understanding or by
Agreement.

15. Remedies for Breach of
Contract
 Whenever contract is breached by one of the Party in
a contract, the other party comes across some
suffering. Therefore, contract act has given certain
rights to such suffering party. Those rights are called
remedies for breach of contract. Those are given
below:
• Right to sue for Damages
• Rights to sue for Specific Performance
• Rights to sue for Injunction Order
• Rights to sue for Quantum Meruit
• Rights to sue for Recession of Parties