2. University Of Central
Punjab
Punjab Group Of Colleges
Kamoke
Corporate law
Presented By:
K1F14MCOM0006 Umme Rubab
K1F14MCOM0016 Sana Liaqat
K1F14MCOM0017 Noor-ul-Ain
K1F14MCOM0026 Mahnoor
K1F14MCOM0038 Zohaib Azam
K1F14MCOM0039 Asad Adnan
K1F14MCOM0042 Sidra Liaqat
8. Difference between Agreement &
ContractAgreement
Offer and its acceptance constitute an agreement
An agreement may or may not create a legal
obligation
Every agreement need not necessarily be a
contract
Agreement is not concluded or binding
Contract
Agreement and its enforceability constitute a
contract
A contract necessarily create a legal obligation
All contracts are necessarily agreements.
Contract is concluded and binding on the
concerned parties
9. Essentials of contract
Valid offer &
acceptance
Oral or written
Parties’
competency
Legal
Consideration
Legal relationship
Free consent of
parties
Lawful objective
Legally and
physically possible
Clarity of terms
Not declared to be
void
15. Types of contract
Types of
contract
On basis of
validity
On basis of
formation
On basis of
liability
On basis of
performance
Valid contract
Void contract
Void ab-initio
Voidable
Un-enforceable
Express
Implied
Quasi
Unilateral
Bi-lateral
Executed
Executory
16. Valid contract
Void contract
Void ab-initio
Voidable
Un-enforceable
Cont.…
…All essential of contract are
fulfilled
Cannot be enforced by law
At first valid but becomes
void due to certain reasons
Void from its very initial
stage
Valid but cannot be
enforced due to technical
defect
19. Case law
LALMAN SHUKLA VS. GAURIDUTT
Gauridutt sent his servant Lalman to find his
lost nephew. when the servant had left,
Gauridutt announced reward to anyone, who
will trace the boy. Lalman found the boy and
brought him home . When Lalman came to
know he claimed for reward.
Facts of
case
20. Lalman’s plea was cancelled on the grounds
that he can not accept the offer unless he is not
aware of it.
Decision in this case
Cont.…
…
Offer was not communicated
to the person demanding
reward.
21. Case law
HARRISON VS. NICKERSON
An auctioneer advertised in a newspaper
that a sale of office furniture would be held.
A broker came from a distant place to attend
that auction, but all the furniture was
withdrawn. The broker thereupon sued the
auctioneer for his loss of time and expenses.
Facts of
case
22. Cont.…
…Decision in this case
A declaration of intention to do a thing did
not create a binding contract with those who
acted upon it, so that the broker could not
recover.
Intentions do not result in
formation of contract.
