The document discusses different classifications of contracts:
1. Based on enforceability contracts can be valid, void, voidable, unenforceable, or illegal. Void contracts become unenforceable due to subsequent issues while void agreements are invalid from the beginning.
2. Contracts are also classified based on formation as express, implied, constructive, e-commerce, or standard form contracts.
3. A third classification is based on performance, distinguishing executed, executory, unilateral, and bilateral contracts.
4. English law also recognizes formal contracts like contracts of record, contracts under seal, and simple contracts.
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Business Law PPT by Sandeep Sharma.
(Meaning with suitable example & explanation)
Contracts are a part of our everyday life, arising in collaboration, trust, promise and credit.
How are contracts formed? What makes a contract enforceable? What happens when one party breaks a promise?
Discharge of Contract "PART 1" (Chapter 12) - Business LawSandeep Sharma
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PPT on "Discharge of Contract" for BBA & B.Com 1st year students, CA, CPT, CS & CMA Foundation.
Business Law PPT by Sandeep Sharma.
(Meaning with suitable example & explanation)
Contracts are a part of our everyday life, arising in collaboration, trust, promise and credit.
How are contracts formed? What makes a contract enforceable? What happens when one party breaks a promise?
PPT on "Pledge" for BBA & B.Com 1st year students, CA, CPT, CS & CMA Foundation.
Business Law PPT by Sandeep Sharma.
Meaning with suitable example & explanation.
Difference between Sale & Agreement to Sell (Contract of Sale and Agreement t...EHSAN KHAN
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Sale
A sale is a type of contract in which the seller transfers the ownership of goods to the buyer for a money consideration. Here the relationship amidst the seller and buyer is of creditor and debtor. It is the result of an agreement to sell when the conditions are fulfilled and the specified time is over.
Agreement to Sell
An agreement to sell is also a contract of sale of goods, in which the seller agrees to transfer goods to the buyer for a price at a later date or after the fulfilment of a condition.
When there is a willingness of the both the parties to constitute a sale i.e. the buyer agrees to buy, and the seller is ready to sell the goods for monetary value. In an agreement to sell the performance of the contract is done at a future date, i.e. when the time elapses or when the necessary conditions are satisfied. After the contract is executed, it becomes a valid sale. All the necessary conditions required at the time of sale should exist in the case of an agreement to sell too.
If the seller rescinds the contract, then the buyer can claim damages for the breach of contract. On the other hand, the unpaid seller can also sue the buyer for damages.
THIS IS THE POWERPOINT PRESENTATION OF THE TOPIC CONDITION AND WARRANTIES. THIS IS PPT BY WHICH YOU CAN EASILY UNDERSTAND THE TOPIC CONDITION AND WARRANTIES OF SALE OF GOODS ACT 1930 AND PLEASE LIKE THE PRESENTATION IF YOU FEEL GOOD AND DOWNLOAD AS MUCH YOU CAN SO THAT I CAN GET MOTIVATE BY THE RESPONSE.
PPT on "Pledge" for BBA & B.Com 1st year students, CA, CPT, CS & CMA Foundation.
Business Law PPT by Sandeep Sharma.
Meaning with suitable example & explanation.
Difference between Sale & Agreement to Sell (Contract of Sale and Agreement t...EHSAN KHAN
ย
Sale
A sale is a type of contract in which the seller transfers the ownership of goods to the buyer for a money consideration. Here the relationship amidst the seller and buyer is of creditor and debtor. It is the result of an agreement to sell when the conditions are fulfilled and the specified time is over.
Agreement to Sell
An agreement to sell is also a contract of sale of goods, in which the seller agrees to transfer goods to the buyer for a price at a later date or after the fulfilment of a condition.
When there is a willingness of the both the parties to constitute a sale i.e. the buyer agrees to buy, and the seller is ready to sell the goods for monetary value. In an agreement to sell the performance of the contract is done at a future date, i.e. when the time elapses or when the necessary conditions are satisfied. After the contract is executed, it becomes a valid sale. All the necessary conditions required at the time of sale should exist in the case of an agreement to sell too.
If the seller rescinds the contract, then the buyer can claim damages for the breach of contract. On the other hand, the unpaid seller can also sue the buyer for damages.
THIS IS THE POWERPOINT PRESENTATION OF THE TOPIC CONDITION AND WARRANTIES. THIS IS PPT BY WHICH YOU CAN EASILY UNDERSTAND THE TOPIC CONDITION AND WARRANTIES OF SALE OF GOODS ACT 1930 AND PLEASE LIKE THE PRESENTATION IF YOU FEEL GOOD AND DOWNLOAD AS MUCH YOU CAN SO THAT I CAN GET MOTIVATE BY THE RESPONSE.
Business Law Unit-2, BBA I Year Osmania UniversityBalasri Kamarapu
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Business Law BBA I Year Osmania University, Contingent Contracts, Features of Contingent Contract, Rules of Contingent Contracts, Discharge of Contracts, modes of discharge of contracts, Breach of Contract, Remedies for Breach of Contract, Types of Damages.
Business Law BBA I Year Osmania University, Essential elements of a valid Contract , Classification of Contracts, Proposal or Offer, Kinds of Offer, Essentials of a valid offer or rules regarding valid offer, Acceptance, Essentials of Valid Acceptance, Revocation of Offer and Acceptance, Consideration, Essentials of Valid Consideration, Capacity of Parties, Rules regarding Minorโs agreement.
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This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
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"๐ฉ๐ฌ๐ฎ๐ผ๐ต ๐พ๐ฐ๐ป๐ฏ ๐ป๐ฑ ๐ฐ๐บ ๐ฏ๐จ๐ณ๐ญ ๐ซ๐ถ๐ต๐ฌ"
๐๐ ๐๐จ๐ฆ๐ฌ (๐๐ ๐๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
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"๐๐ฏ๐๐ซ๐ฒ ๐๐ฏ๐๐ง๐ญ ๐ข๐ฌ ๐ ๐ฌ๐ญ๐จ๐ซ๐ฒ, ๐ ๐ฌ๐ฉ๐๐๐ข๐๐ฅ ๐ฃ๐จ๐ฎ๐ซ๐ง๐๐ฒ. ๐๐ ๐๐ฅ๐ฐ๐๐ฒ๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐ ๐ญ๐ก๐๐ญ ๐ฌ๐ก๐จ๐ซ๐ญ๐ฅ๐ฒ ๐ฒ๐จ๐ฎ ๐ฐ๐ข๐ฅ๐ฅ ๐๐ ๐ ๐ฉ๐๐ซ๐ญ ๐จ๐ ๐จ๐ฎ๐ซ ๐ฌ๐ญ๐จ๐ซ๐ข๐๐ฌ."
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1. Classification of Contract
(A) On the basis of Enforceability
1. Valid Contract :An agreement which is enforceable by law is a
valid contract. A contract to enter into a contract is not a valid
contract.
2. Void Contract : an agreement was valid when enter into but due to
some supervening impossibility of performance become void. A void
contract is not unlawful but is destitute of legal effects.
3. Void Agreement : acc. To sec. 2(g) โ An agreement which is not
enforceable by law by either of the parties is void.โ it is void ab initio
i.e. These are void at the beginning like agreement with a minor.
4. Voidable contract : acc. To sec2(i) โ An agreement which is
enforceable by law at the option of one or more of the parties but not
at the option of the other or others is a voidable contractโ. This is
because of absence of free consent in the contract. Rights and
obligations are created and contract is valid until the option to avoid
it exercised by the person whose consent to the agreement was not
free.
Mamta Sharma, Asstt. Prof. in Management
2. Mamta Sharma, Asstt. Prof. in Management
5. Unenforceable Contracts : contracts which are valid but due to some defects like not
in written form , not signed etc. are unenforceable contract. Because these can
be sued in the court but cannot be proved.
6. Illegal Agreements : which is prohibited by law or against the policy of government
are called illegal agreements. It is void ab initio. It is different from void agreements
as all illegal agreements are void but all void agreements or contracts are not
necessarily illegal.
(B) ON THE BASIS OF FORMATION
1. Express Contracts: A contract which is entered into either spoken or written form.
2. Implied Contract : where proposal or acceptance is made otherwise than in words is
implied contract.
3. Constructive or quasi contract : where there is no intention on either side to make a
contract but law imposes a contract. In this rights and obligation arises out of
contract between the parties not because of agreement but operation of law. Like
finder of lost goods is under an obligation to find out the true owner and return the
goods.
4. E-Com Contracts : contracts entered into by parties using internet.
5. Standard Form Contracts.: business firms enter into large no. contracts daily so for
the sake of convenience they use standard form of contracts e.g. an insurance co.
may draft an insurance policy contract etc.
3. Mamta Sharma, Asstt. Prof. in Management
(C ) ON THE BASIS OF PERFORMANCE :
1. Executed Contract : where both the parties have completed their obligations or carried
out the terms of the contracts.
2. Executory Contract : where contract is yet to perform wholly or partially or one or both
of parties have to perform their obligations.
it is of two types
a) Unilateral : where a promise on one side is exchanged for an act on the other side.
Where one party has discharged his obligation either before or at time of entering into
contract.
b) Bilateral Contract : where a promise on one side is exchanged for a promise on the part
of other party.
(D) ACC. TO ENGLISH LAW
1. Formal Contract : these are in vogue in england but recognised in Indian Act .
Consideration is not essential in such contracts
(a) Contract of Record : these are judgements and recognisances. Such contracts exist by
reason of entry in the records of court in which the proceedings are brought.
(b) Contracts under seal : contracts created by a sealed document which is called a โdeedโ
these are executed by some formalities. The following must be under seal
1. Contract without consideration
2. contracts by corporation or company
3.contract of lease relating to land for more than three years.
4. contract of transfer of british ship
(c) Simple contract : contract which are not formal are simple contract. Also called โparolโ
contract.
4. Difference between
Void Contract and Void Agreement
1. A contract does come
into existence but
subsequently ceases to be
enforceable by law.
2. An agreement which
becomes illegal in the
course of performace is a
case of void contract.
1. An Agreement not
enforceable at law is a
void agreement.
Agreement with minor is
void. In void agreement
no contract comes into
force.
2. An agreement which is
null and void ab initio is a
case of void agreeent
Mamta Sharma, Asstt. Prof. in Management
5. Difference between
Illegal Agreement and void Agreement
1. All illegal agreements
are void.
2. The parties are liable to
punishment.
3. Transaction collageral to
illegal agreements are
also tainted with
illegality and hence
become void becauseโEx
turpi causa,non oritor
actioโ i.e. out of illegal
agreements no cause of
action arises.
1. These are broader in
scope. These may be
void for a reason other
than illegality.
2. The parties are not
punished.
3. Transaction collateral to
void agreements are
enforceable under law.
Mamta Sharma, Asstt. Prof. in Management
6. Difference between
voidable contract and void agreement
1. When one of parties may affirm or
reject at his option . It is valid and
enforceable till it is repudiated or
rescinded.
2. Defect in voidable contract is
curable and can be condoned.
3. In this a third party can acquire a
valid title from a person claiming
under such a contract.
4. In this a person is entitled to
compensation for loss or damages
suffered by him on account of the
non performance of the contract.
5. It does not affect the collateral
transaction.
1. These has no legal effects from
the very beginning. It is
unenforceable.
2. It is void ab initio and defects are
incurable.
3. In this a third party cannot acquire
any right from person claiming
under it.
4. In this no compensation arises
because these are unenforceable.
5. In void agreement on account of
illegality of object collateral
transaction will also become void.
Mamta Sharma, Asstt. Prof. in Management