The document provides an overview of contract law in Pakistan as governed by the Contract Act of 1872. It discusses key elements of a contract including offer, acceptance, consideration, and formation of contracts. It also describes different types of contracts such as express and implied contracts, executed and executory contracts, bilateral and unilateral contracts, and valid, voidable, void and unenforceable contracts. Special types of contracts like quasi-contracts and contingent contracts are also summarized. The document provides definitions and examples to illustrate concepts in contract law in Pakistan.
Do you understand what is a wagering agreement and a contingent agreement? Wagering Contracts and Contingent Contracts? If NO, then a must view slideshow for you.
The document discusses the Indian Contract Act of 1872. It provides definitions of key terms related to contracts such as agreement, offer, acceptance, consideration, and validity. An agreement only becomes a legally valid contract if it meets certain essential elements - there must be an offer and acceptance, lawful object and consideration, capacity and free consent of parties, certainty and possibility of performance. The document also describes different types of contracts based on their formation, parties involved, performance obligations, and enforceability. It provides examples to illustrate concepts related to contracts under the Indian Contract Act.
Contingent contracts are agreements that are dependent on the occurrence or non-occurrence of some future uncertain event, and performance under such contracts can only be enforced after the event in question has occurred or become impossible. The document outlines the essential elements and types of contingent contracts under Indian contract law, and explains the circumstances under which contingent contracts become void or enforceable.
This document provides an overview of the contracts of bailment and pledge under Indian law. It defines bailment and pledge, distinguishes between the two, and outlines their essential elements. Bailment involves the delivery of goods for a specific purpose, while pledge is a type of bailment where goods are delivered as security for a debt. The document discusses the duties of bailors and bailees, as well as the rights of each party. It also covers related topics like finders of lost goods and provides illustrations of bailment and pledge.
Contract of agency, features of agency and termination agencyFAST NUCES
The presentation is abut the contract of agency. it contains the essentials features required for a agency. Moreover, it also includes the purpose of agency and kinds of agent. further, it is also providing termination of agency.
The Contract Act 1872 lays down the general principles of contract law in India. It establishes the requirements for a valid contract such as offer, acceptance, lawful consideration, capacity to contract, free consent, lawful object and intention to create legal relations. The Act also defines different types of contracts and addresses how contracts are formed, performed and discharged. It provides remedies for breach of contract such as damages, specific performance and injunctions. The Act aims to ensure parties to a contract are bound by certain core obligations while allowing flexibility in agreements.
This document provides an overview of the law of contracts as it relates to guarantees. It defines a guarantee as a tripartite agreement involving a principal debtor, creditor, and surety where the surety assumes secondary liability for the debt if the principal debtor defaults. The document outlines the essential elements of a valid guarantee contract and distinguishes guarantees from indemnity agreements. It also discusses different types of guarantees like continuing guarantees and how continuing guarantees can be revoked. Overall, the document provides a high-level introduction to key concepts regarding guarantees under contract law in 3 sentences or less.
Do you understand what is a wagering agreement and a contingent agreement? Wagering Contracts and Contingent Contracts? If NO, then a must view slideshow for you.
The document discusses the Indian Contract Act of 1872. It provides definitions of key terms related to contracts such as agreement, offer, acceptance, consideration, and validity. An agreement only becomes a legally valid contract if it meets certain essential elements - there must be an offer and acceptance, lawful object and consideration, capacity and free consent of parties, certainty and possibility of performance. The document also describes different types of contracts based on their formation, parties involved, performance obligations, and enforceability. It provides examples to illustrate concepts related to contracts under the Indian Contract Act.
Contingent contracts are agreements that are dependent on the occurrence or non-occurrence of some future uncertain event, and performance under such contracts can only be enforced after the event in question has occurred or become impossible. The document outlines the essential elements and types of contingent contracts under Indian contract law, and explains the circumstances under which contingent contracts become void or enforceable.
This document provides an overview of the contracts of bailment and pledge under Indian law. It defines bailment and pledge, distinguishes between the two, and outlines their essential elements. Bailment involves the delivery of goods for a specific purpose, while pledge is a type of bailment where goods are delivered as security for a debt. The document discusses the duties of bailors and bailees, as well as the rights of each party. It also covers related topics like finders of lost goods and provides illustrations of bailment and pledge.
Contract of agency, features of agency and termination agencyFAST NUCES
The presentation is abut the contract of agency. it contains the essentials features required for a agency. Moreover, it also includes the purpose of agency and kinds of agent. further, it is also providing termination of agency.
The Contract Act 1872 lays down the general principles of contract law in India. It establishes the requirements for a valid contract such as offer, acceptance, lawful consideration, capacity to contract, free consent, lawful object and intention to create legal relations. The Act also defines different types of contracts and addresses how contracts are formed, performed and discharged. It provides remedies for breach of contract such as damages, specific performance and injunctions. The Act aims to ensure parties to a contract are bound by certain core obligations while allowing flexibility in agreements.
This document provides an overview of the law of contracts as it relates to guarantees. It defines a guarantee as a tripartite agreement involving a principal debtor, creditor, and surety where the surety assumes secondary liability for the debt if the principal debtor defaults. The document outlines the essential elements of a valid guarantee contract and distinguishes guarantees from indemnity agreements. It also discusses different types of guarantees like continuing guarantees and how continuing guarantees can be revoked. Overall, the document provides a high-level introduction to key concepts regarding guarantees under contract law in 3 sentences or less.
This is a special Act.Though it has less sections but all are very effective. The Court can see this Act as guidance to use its discretion in judicious manner.
The document discusses various types of flaws in consent that can make a contract voidable, including coercion, undue influence, misrepresentation, and mistake. It provides definitions and examples of each flaw. For coercion, it discusses threats to commit suicide being considered coercion and the effect of coercion making a contract voidable. For undue influence, it discusses relationships where influence may occur and a case example. It also compares coercion and undue influence. The document further explores the elements needed to establish fraud and misrepresentation, and the effects they have in making a contract voidable. It concludes with discussing bilateral and unilateral mistakes of fact and law.
This document provides an overview of contract law in India based on the Indian Contract Act of 1872. It defines what constitutes a valid contract according to law, including elements such as offer and acceptance, consideration, consent of the parties, lawful purpose and consideration, and certain formalities for specific contract types. Key aspects covered include defining an offer and the requirements for a valid offer, defining acceptance and the requirements for valid acceptance, when an agreement is formed, and exceptions where an agreement would not constitute a legally binding contract. The document uses examples and case law references to illustrate various contract law principles.
This document provides an introduction to contracts of indemnity and guarantee under Indian contract law. It defines a contract of indemnity as one where one party promises to save another from loss caused by the conduct of the promisor or a third party. A contract of guarantee is defined as a promise to perform or discharge the liability of a third party in case of their default. The key parties in each are identified. Essentials and rights under each contract are outlined, along with differences between the two types of contracts.
The Contract Act 1872 outlines essential elements for a valid contract in India. A contract requires an offer and acceptance, consideration, lawful purpose, capacity to contract, free consent between parties. An offer must be definite and communicated to the offeree. Acceptance must be unconditional, communicated to offeror, and within a reasonable time. If any essential element is missing, an agreement is void. The Act also defines different types of contracts based on validity, formation, and performance. It provides rules for offer, acceptance, and discharge of a valid contract.
1) The doctrine of utmost good faith, or uberrimae fidei, requires that parties entering an insurance contract disclose all material facts honestly and not mislead each other.
2) Violations of this duty can lead to the contract being voidable if there are intentional misrepresentations or fraudulent concealment of material facts.
3) Under the Marine Insurance Act of 1963, marine insurance contracts specifically must be made in "utmost good faith" or either party can cancel the contract.
The document summarizes key aspects of contract law in India based on the Indian Contract Act of 1872. It discusses the definition of a contract and agreement, essential elements of a valid contract, types of unlawful agreements, and special kinds of contracts regarding indemnity, guarantee, bailment, pledge and agency. The summary covers general principles of contract law in India as well as special considerations.
The document provides an overview of key aspects of the Indian Partnership Act of 1932. It defines a partnership as the relation between persons who have agreed to share profits of a business carried on by all or any of them acting for all. The essential elements of a partnership are an agreement between persons to share profits from a business, with the business carried on by all or any of the partners acting for all. A partnership arises from contract, not status, and requires an agreement that can be written or oral.
The document discusses various aspects of consent and free consent as it relates to contracts under Indian law. It defines consent, free consent, and the effects of absence of consent and free consent. It also defines and discusses coercion, undue influence, fraud, misrepresentation, and mistake in the context of vitiating free consent in contracts. Specifically, it provides definitions from the Indian Contract Act, elements that constitute each concept, presumptions in certain cases, and effects on contracts, such as making them void or voidable.
The document discusses the various ways in which a contract can be discharged or terminated, including by performance, agreement, impossibility of performance, lapse of time, operation of law, and breach of contract. It provides details on each type of discharge, such as how discharge by performance occurs when both parties fulfill their obligations, while discharge by breach of contract happens when one party fails to meet their contractual duties. Remedies for breach of contract that may be available include rescission, damages, quantum meruit, specific performance, and injunction.
This document discusses conditions and warranties in contracts for the sale of goods. It defines a condition as a fundamental term of the contract, the breach of which allows the buyer to reject the goods and claim damages. A warranty is a collateral term, the breach of which only allows damages but not rejection. The document outlines the differences between conditions and warranties. It also discusses implied conditions and warranties imposed by law, such as title, description, fitness for purpose, and merchantability. The document provides examples to illustrate these legal concepts.
This document discusses the concept of consideration in contract law. It defines consideration as "something in return" that has value in the eyes of the law. Consideration is essential to forming a valid, enforceable contract. There are several key elements for consideration: it must move from the promisee or another person at the request of the promisor; it can be past, present or future; it does not need to be adequate but must be real and lawful. Exceptions to the requirement of consideration include gifts, charity contributions, and contracts supported by natural love and affection if certain conditions are met.
The document discusses the essential elements of a valid contract according to Indian contract law. It states that for a valid contract there must be (1) a lawful offer and acceptance, (2) lawful consideration, (3) capacity of the parties to contract, (4) free consent, (5) a lawful object, (6) intention to create legal relations, (7) certainty and possibility of performance, and (8) no legal formalities required or fulfilled. It provides definitions and examples for key terms like agreement, promise, consideration, and capacity. It also outlines exceptions for certain domestic agreements and situations that would make a contract void.
This document discusses various ways in which a contract can be discharged or terminated, including through performance, mutual agreement, impossibility of performance, breach of contract, operation of law, or lapse of time. It describes two types of breach of contract: anticipatory breach, which occurs when a party demonstrates intention to break the contract before performance is due, and actual breach, which occurs when a party fails to perform an obligation under the contract at the required time. Finally, it outlines several remedies available to an aggrieved party in the case of breach of contract, such as recession of the contract, quantum meruit, specific performance, injunction, and damages.
1. The document discusses the concepts of offer and acceptance in contract law.
2. It provides definitions and examples of express and implied offers, as well as general and specific offers.
3. The key requirements for a valid acceptance are discussed, including that it must be absolute, communicated to the offeror, and according to the prescribed mode. Silence generally does not imply acceptance.
1. A void agreement is void from the beginning and cannot be considered a valid contract, whereas a voidable agreement can be terminated and avoided by the aggrieved party but is otherwise a valid contract.
2. Examples of void agreements include those made by minors or with an unlawful object, while voidable agreements result from consent obtained through coercion, undue influence, or misrepresentation.
3. A voidable agreement can be enforced unless avoided by the aggrieved party, whereas a void agreement confers no rights and creates no obligations from the beginning.
The document discusses the differences between indemnity contracts, guarantee contracts, contingent contracts, and wagering agreements.
An indemnity contract involves two parties where one promises to compensate the other for any losses. A guarantee contract involves three parties where a surety guarantees a loan between a creditor and principal debtor. Contingent contracts are broader and can include wagers, where performance depends on an uncertain future event. Wagering agreements specifically involve mutual promises to pay based solely on an uncertain outcome.
The document discusses void agreements under Indian contract law. It explains that void agreements are those that are not enforceable by law, such as agreements that were void from the beginning (void ab-initio) due to lacking necessary elements, or agreements that were initially valid but later became void. Examples of void ab-initio agreements provided include those restraining marriage or trade, preventing legal recourse, or being too uncertain. The document also discusses the doctrine of frustration which voids agreements when unexpected events make the contractual obligations impossible to perform.
Formation of Contracts: To form a contract the following steps are the basic steps those should be followed
Firstly a proposal has to be accepted to be a promise;
Secondly then the promise is to be considered to form an agreement;
Finally the agreement should have the enforceability of law to form a lawful contract
The document summarizes key aspects of contract law in Bangladesh as governed by the Contract Act of 1872. It defines a contract as an agreement that is enforceable by law. The essential elements of a valid contract are proposal or offer, acceptance of the offer, and consideration. The document outlines different types of contracts such as express and implied, executed and executory, bilateral and unilateral. It also discusses void, voidable, illegal and unenforceable contracts. Finally, it explains concepts like offer, acceptance, certainty and intention as they relate to the formation of a valid contract.
This is a special Act.Though it has less sections but all are very effective. The Court can see this Act as guidance to use its discretion in judicious manner.
The document discusses various types of flaws in consent that can make a contract voidable, including coercion, undue influence, misrepresentation, and mistake. It provides definitions and examples of each flaw. For coercion, it discusses threats to commit suicide being considered coercion and the effect of coercion making a contract voidable. For undue influence, it discusses relationships where influence may occur and a case example. It also compares coercion and undue influence. The document further explores the elements needed to establish fraud and misrepresentation, and the effects they have in making a contract voidable. It concludes with discussing bilateral and unilateral mistakes of fact and law.
This document provides an overview of contract law in India based on the Indian Contract Act of 1872. It defines what constitutes a valid contract according to law, including elements such as offer and acceptance, consideration, consent of the parties, lawful purpose and consideration, and certain formalities for specific contract types. Key aspects covered include defining an offer and the requirements for a valid offer, defining acceptance and the requirements for valid acceptance, when an agreement is formed, and exceptions where an agreement would not constitute a legally binding contract. The document uses examples and case law references to illustrate various contract law principles.
This document provides an introduction to contracts of indemnity and guarantee under Indian contract law. It defines a contract of indemnity as one where one party promises to save another from loss caused by the conduct of the promisor or a third party. A contract of guarantee is defined as a promise to perform or discharge the liability of a third party in case of their default. The key parties in each are identified. Essentials and rights under each contract are outlined, along with differences between the two types of contracts.
The Contract Act 1872 outlines essential elements for a valid contract in India. A contract requires an offer and acceptance, consideration, lawful purpose, capacity to contract, free consent between parties. An offer must be definite and communicated to the offeree. Acceptance must be unconditional, communicated to offeror, and within a reasonable time. If any essential element is missing, an agreement is void. The Act also defines different types of contracts based on validity, formation, and performance. It provides rules for offer, acceptance, and discharge of a valid contract.
1) The doctrine of utmost good faith, or uberrimae fidei, requires that parties entering an insurance contract disclose all material facts honestly and not mislead each other.
2) Violations of this duty can lead to the contract being voidable if there are intentional misrepresentations or fraudulent concealment of material facts.
3) Under the Marine Insurance Act of 1963, marine insurance contracts specifically must be made in "utmost good faith" or either party can cancel the contract.
The document summarizes key aspects of contract law in India based on the Indian Contract Act of 1872. It discusses the definition of a contract and agreement, essential elements of a valid contract, types of unlawful agreements, and special kinds of contracts regarding indemnity, guarantee, bailment, pledge and agency. The summary covers general principles of contract law in India as well as special considerations.
The document provides an overview of key aspects of the Indian Partnership Act of 1932. It defines a partnership as the relation between persons who have agreed to share profits of a business carried on by all or any of them acting for all. The essential elements of a partnership are an agreement between persons to share profits from a business, with the business carried on by all or any of the partners acting for all. A partnership arises from contract, not status, and requires an agreement that can be written or oral.
The document discusses various aspects of consent and free consent as it relates to contracts under Indian law. It defines consent, free consent, and the effects of absence of consent and free consent. It also defines and discusses coercion, undue influence, fraud, misrepresentation, and mistake in the context of vitiating free consent in contracts. Specifically, it provides definitions from the Indian Contract Act, elements that constitute each concept, presumptions in certain cases, and effects on contracts, such as making them void or voidable.
The document discusses the various ways in which a contract can be discharged or terminated, including by performance, agreement, impossibility of performance, lapse of time, operation of law, and breach of contract. It provides details on each type of discharge, such as how discharge by performance occurs when both parties fulfill their obligations, while discharge by breach of contract happens when one party fails to meet their contractual duties. Remedies for breach of contract that may be available include rescission, damages, quantum meruit, specific performance, and injunction.
This document discusses conditions and warranties in contracts for the sale of goods. It defines a condition as a fundamental term of the contract, the breach of which allows the buyer to reject the goods and claim damages. A warranty is a collateral term, the breach of which only allows damages but not rejection. The document outlines the differences between conditions and warranties. It also discusses implied conditions and warranties imposed by law, such as title, description, fitness for purpose, and merchantability. The document provides examples to illustrate these legal concepts.
This document discusses the concept of consideration in contract law. It defines consideration as "something in return" that has value in the eyes of the law. Consideration is essential to forming a valid, enforceable contract. There are several key elements for consideration: it must move from the promisee or another person at the request of the promisor; it can be past, present or future; it does not need to be adequate but must be real and lawful. Exceptions to the requirement of consideration include gifts, charity contributions, and contracts supported by natural love and affection if certain conditions are met.
The document discusses the essential elements of a valid contract according to Indian contract law. It states that for a valid contract there must be (1) a lawful offer and acceptance, (2) lawful consideration, (3) capacity of the parties to contract, (4) free consent, (5) a lawful object, (6) intention to create legal relations, (7) certainty and possibility of performance, and (8) no legal formalities required or fulfilled. It provides definitions and examples for key terms like agreement, promise, consideration, and capacity. It also outlines exceptions for certain domestic agreements and situations that would make a contract void.
This document discusses various ways in which a contract can be discharged or terminated, including through performance, mutual agreement, impossibility of performance, breach of contract, operation of law, or lapse of time. It describes two types of breach of contract: anticipatory breach, which occurs when a party demonstrates intention to break the contract before performance is due, and actual breach, which occurs when a party fails to perform an obligation under the contract at the required time. Finally, it outlines several remedies available to an aggrieved party in the case of breach of contract, such as recession of the contract, quantum meruit, specific performance, injunction, and damages.
1. The document discusses the concepts of offer and acceptance in contract law.
2. It provides definitions and examples of express and implied offers, as well as general and specific offers.
3. The key requirements for a valid acceptance are discussed, including that it must be absolute, communicated to the offeror, and according to the prescribed mode. Silence generally does not imply acceptance.
1. A void agreement is void from the beginning and cannot be considered a valid contract, whereas a voidable agreement can be terminated and avoided by the aggrieved party but is otherwise a valid contract.
2. Examples of void agreements include those made by minors or with an unlawful object, while voidable agreements result from consent obtained through coercion, undue influence, or misrepresentation.
3. A voidable agreement can be enforced unless avoided by the aggrieved party, whereas a void agreement confers no rights and creates no obligations from the beginning.
The document discusses the differences between indemnity contracts, guarantee contracts, contingent contracts, and wagering agreements.
An indemnity contract involves two parties where one promises to compensate the other for any losses. A guarantee contract involves three parties where a surety guarantees a loan between a creditor and principal debtor. Contingent contracts are broader and can include wagers, where performance depends on an uncertain future event. Wagering agreements specifically involve mutual promises to pay based solely on an uncertain outcome.
The document discusses void agreements under Indian contract law. It explains that void agreements are those that are not enforceable by law, such as agreements that were void from the beginning (void ab-initio) due to lacking necessary elements, or agreements that were initially valid but later became void. Examples of void ab-initio agreements provided include those restraining marriage or trade, preventing legal recourse, or being too uncertain. The document also discusses the doctrine of frustration which voids agreements when unexpected events make the contractual obligations impossible to perform.
Formation of Contracts: To form a contract the following steps are the basic steps those should be followed
Firstly a proposal has to be accepted to be a promise;
Secondly then the promise is to be considered to form an agreement;
Finally the agreement should have the enforceability of law to form a lawful contract
The document summarizes key aspects of contract law in Bangladesh as governed by the Contract Act of 1872. It defines a contract as an agreement that is enforceable by law. The essential elements of a valid contract are proposal or offer, acceptance of the offer, and consideration. The document outlines different types of contracts such as express and implied, executed and executory, bilateral and unilateral. It also discusses void, voidable, illegal and unenforceable contracts. Finally, it explains concepts like offer, acceptance, certainty and intention as they relate to the formation of a valid contract.
The document discusses key aspects of contract law in Bangladesh as governed by the Contract Act of 1872. It defines a contract as an agreement that is enforceable by law. The basic elements for forming a valid contract are an offer, acceptance of that offer, and consideration. The document outlines different types of contracts such as express and implied, executed and executory, bilateral and unilateral, valid and voidable. It also discusses certainty of agreement, offer and acceptance, and rules regarding a valid proposal or offer.
This document provides an overview of business law and contracts in Pakistan. It discusses key topics such as the definition of law and business law, essential elements of a valid contract including offer, acceptance, consideration and capacity of parties. It also classifies contracts according to enforceability, formation, parties and performance. The Contract Act of 1872 is the main law governing contracts in Pakistan and covers general contract principles and specific contract types like indemnity and agency.
The document provides an overview of Indian contract law. It defines key concepts like agreement, contract, offer, and acceptance. It explains that a contract requires an agreement plus enforceability by law. There must be consensus between the parties for a valid contract. The essential elements of a valid contract are discussed, including offer and acceptance, lawful object and consideration, capacity and consent of parties. The document also covers types of contracts and specifics around offer, acceptance, and revocation of offers.
The document discusses the law of contracts in India. It provides definitions of a contract from various legal experts and outlines the key elements that make a contract valid under Indian law. Specifically:
1) A contract requires an agreement between two or more parties that intends to create legal obligations. There must also be consideration and the agreement must be possible to perform.
2) The Indian Contract Act of 1872 governs contracts in India and defines a contract as an agreement that is enforceable by law.
3) For a contract to be valid, it needs elements such as lawful consideration, competent parties who consent freely, certainty of terms, and compliance with formalities if required by law.
This document discusses the key elements of a valid contract under Indian law. It defines a contract and outlines the essential elements, including offer and acceptance, consideration, capacity of parties, free consent, and lawful object. It also classifies different types of contracts such as valid/invalid, express/implied, executed/executory, unilateral/bilateral contracts. The document provides examples and explanations of concepts like offer, acceptance, consideration and rules regarding their validity. Overall, it serves as a comprehensive overview of the fundamentals of contract law in India.
The document summarizes key aspects of contract law in India according to the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law, consisting of an agreement and enforceability. It outlines the essential elements that must be present for an agreement to be considered a valid contract, including offer and acceptance, lawful consideration, capacity and consent of parties, a lawful object, and certainty of terms. It also distinguishes between different types of contracts based on validity, formation, and performance. Finally, it compares the differences between void, voidable, and illegal agreements.
The document discusses the essential elements of a valid contract according to Indian contract law:
1. An agreement requires an offer and acceptance between two or more parties to constitute a valid contract.
2. Other essential elements are consideration, lawful object, capacity and free consent of the parties, and the agreement must not be expressly declared void.
3. A contract creates legal obligations between the contracting parties, giving rise to rights in personam rather than rights in rem against the whole world.
A voidable contract allows one party to rescind or cancel the contract, while a void contract is invalid from the start and cannot be enforced in court. Some key differences between void and voidable contracts include:
- A void contract is not a legal contract at all due to defects such as lack of consent or consideration. A voidable contract is initially valid but can be invalidated at the option of one party.
- Causes of a void contract include changes in law or circumstances that make the contract impossible to perform. A voidable contract's validity may be challenged due to issues like coercion, misrepresentation or fraud that compromised a party's consent.
- While a voidable contract remains enforceable until
The document discusses the Indian Contract Act of 1872 which governs contract law in India. It defines key terms related to contracts such as agreement, proposal, acceptance, consideration, and essentials of a valid contract. It also classifies contracts based on their enforceability, mode of formation, and extent of execution. The Act aims to protect parties' reasonable expectations and provide a framework for resolving contractual disputes.
This document defines and provides examples of key concepts related to contracts and agreements under Indian law. It discusses the definition of a contract as an agreement that is enforceable by law. It also defines agreement, proposal, promisor, and promisee. It categorizes contracts based on their formation (express, implied, quasi), performance (executed, executory, unilateral, bilateral), and validity/enforceability (valid, void, voidable, illegal, unenforceable). Examples are provided for each type of contract.
The document discusses the Indian law of contracts. It provides definitions of key concepts like law, agreement, and contract. It summarizes the Indian Contract Act of 1872, including that it has 266 sections across 11 chapters governing general contract principles. It also discusses essential elements of a valid contract, types of contracts, and formation of contracts through offer and acceptance.
A contract is a legally binding agreement or relationship that exists between...chelliah selvavishnu
A contract is a legally binding agreement between two or more parties that is enforceable by law. For a contract to be valid, it requires elements such as offer and acceptance, lawful consideration, capacity and consent of the parties, a lawful objective, and certainty. All contracts are considered agreements, as they involve mutual understanding and consent between parties. However, not all agreements result in contracts, as they must also create binding legal obligations in order to be enforceable.
A contract is a legally binding agreement or relationship that exists between...chelliah selvavishnu
A contract is a legally binding agreement between two or more parties that is enforceable by law. For a contract to be valid, it requires elements such as offer and acceptance, lawful consideration, capacity and consent of the parties, a lawful objective, and certainty. All contracts are considered agreements, as they involve mutual understanding and consent between parties. However, not all agreements result in contracts, as they must also create binding legal obligations in order to be enforceable.
This document provides an overview of key concepts in business law in India including definitions of law, the need for business laws, sources of business law, the Indian Contract Act of 1872, essential elements of a valid contract, and classifications of contracts. It defines law, discusses the objectives of business law and contract law, and provides examples to illustrate concepts like void, voidable, and valid contracts.
After midsem-slides-1224252673846877-9 niravniravjingar
This document provides an overview of key concepts in business law in India including definitions of law, the need for business laws, sources of business law, the Indian Contract Act of 1872, essential elements of a valid contract, and classifications of contracts. It defines law, discusses the objectives of business law and contract law, and outlines essential elements for a valid contract such as offer and acceptance, lawful consideration, capacity and consent of parties. It also classifies contracts based on validity, formation, and performance.
The document discusses the definition and essential elements of a valid contract. It defines a contract as an agreement enforceable by law involving an offer, acceptance, consideration, and lawful object. It outlines the key elements that must be present for an agreement to constitute a legally binding contract, including offer and acceptance, intention to create legal relations, lawful consideration, capacity of parties, free consent, lawful object, certainty, possibility of performance, and avoidance of certain prohibited agreements. It also distinguishes between different types of contracts and agreements.
The Indian Contract Act 1872 is the main source of law regulating contracts in India. It determines the circumstances in which promises made between contracting parties become legally binding. The Act establishes the essential elements required for a valid contract, including offer and acceptance, lawful consideration, competent parties, free consent, lawful object, and no express voidness. It also defines different types of contracts based on their validity, formation, and performance. The Act aims to enforce the rights and duties of contracting parties under Indian law.
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This document discusses different types of software including open source software, shareware software, freeware, commercial software, and proprietary software. Open source software makes its source code available to the public so it can be modified and distributed by anyone. Shareware allows limited use of a program before requiring payment. Freeware is free for any user to download and use without cost. Commercial software is designed for sale or licensing to users. Proprietary software is owned and its source code kept secret by the individual or company that developed it, and there are restrictions on its use.
Business law for the students of undergraduate level. The presentation contains the summary of all the chapters under the syllabus of State University, Contract Act, Sale of Goods Act, Negotiable Instrument Act, Partnership Act, Limited Liability Act, Consumer Protection Act.
सुप्रीम कोर्ट ने यह भी माना था कि मजिस्ट्रेट का यह कर्तव्य है कि वह सुनिश्चित करे कि अधिकारी पीएमएलए के तहत निर्धारित प्रक्रिया के साथ-साथ संवैधानिक सुरक्षा उपायों का भी उचित रूप से पालन करें।
Capital Punishment by Saif Javed (LLM)ppt.pptxOmGod1
This PowerPoint presentation, titled "Capital Punishment in India: Constitutionality and Rarest of Rare Principle," is a comprehensive exploration of the death penalty within the Indian criminal justice system. Authored by Saif Javed, an LL.M student specializing in Criminal Law and Criminology at Kazi Nazrul University, the presentation delves into the constitutional aspects and ethical debates surrounding capital punishment. It examines key legal provisions, significant case laws, and the specific categories of offenders excluded from the death penalty. The presentation also discusses recent recommendations by the Law Commission of India regarding the gradual abolishment of capital punishment, except for terrorism-related offenses. This detailed analysis aims to foster informed discussions on the future of the death penalty in India.
Corporate Governance : Scope and Legal Frameworkdevaki57
CORPORATE GOVERNANCE
MEANING
Corporate Governance refers to the way in which companies are governed and to what purpose. It identifies who has power and accountability, and who makes decisions. It is, in essence, a toolkit that enables management and the board to deal more effectively with the challenges of running a company.
2. The Contract Act, 1872
The Act: Contract act 1872 governs the law of
contract in Pakistan. The Act came into force in
the then Sub-continent on 1 September of 1872,
and was adopted in Pakistan without change. It
contains the common rules relating to
contracts and differentiates them.
Contract: An agreement enforceable by law is a
contract. [Section 2 (h).]
to be a lawful contract, an agreement is
necessary and that agreement must be lawful
that is enforceable by law. A contract is thus a
combination of two ideas— agreement and
obligation.
3. The Contract (cont.)
Formation of Contracts: To form a contract
the following steps are the basic steps those
should be followed
Firstly a proposal has to be accepted to be a
promise;
Secondly then the promise is to be
considered to form an agreement;
Finally the agreement should have the
enforceability of law to form a lawful
contract
5. The Contract (cont.)
Scope of a contract: the Act describes two types of
law of contracts; general laws and special laws.
1. General laws relating to contract
(i) Laws relating to formation of contract;
(ii) Laws relating to performance;
2. Laws relating to some particular types of contract
(i) Contract of agency;
(ii) Contract of indemnity and guarantee;
6. The Contract (cont.)
Types of Contract:
Contracts so far brought into practice have
been classified into different groups on the
basis of different tests. The classification of
contract is made depending on certain
modes. The classification made under
certain modes, is not expressly said in the
Contract Act, 18 So here is a classification of
contract depending on certain moods. 72.
7. Types of Contract:
a. Contracts depending on the mode of
Creation
i. Express contract :The offer and acceptance
of a contract if made in words, either expressed
orally or in written words, the contract will be
considered to be an expressed one. There are
two types of expressed contract -Written
contract& Oral contract
ii. Implied contract: An implied contract is
formed when the offer and acceptance of a
contract is made without the use of any words,
rather by some other means.
8. Types of Contract:
b. Contracts as regards the mode of time of
performance
i. Executed contract: If the conditions of a contract are
performed as soon as possible, the contract is said to
be a executed contract. On other words, the contract
the obligations of which, is already performed, or to be
performed in a very short time is the executed
contract.
ii. Executory contract: In this contract the obligations
of the contract is supposed to be performed at the later
period of the formation of the contract. There is no
limitation of time for the performance of the contract
in this regard. The contract itself suggests such
limitation, unless it is prescribed by law.
9. Types of Contract (cont.)
c. Contracts as regards the number of parties
i. Bilateral contract: It is the apparent rule of a contract
that at least two parties are necessary to form a contract.
Therefore all contracts are bilateral or multilateral. Where
there are two or more parties of a contract and both of the
parties have their obligations on each other, the contract is
said to be a bilateral contract.
ii. Unilateral contract: In a contract, where one party has
to fulfill his obligations whereas the other party has already
performed his obligations, it is called unilateral contract.
Here it is simply to be noted that in both the above cases,
two or more parties are necessary.
10. Types of Contract (cont.)
d. Contracts as regards the mood of
enforceability and validity
i) Valid contract, ii) Voidable contract& iii) Void
contract. There may be a further division of
contracts on the basis of their validity and
enforceability. Under this criterion Law recognizes
four classes of them, viz, (i) Valid, (ii) Void, (in)
Voidable, and (iv)Unenforceable.
i. Valid Contract: A contract is in law. Such a
contract creates an outstanding obligation or legal
liability which law steps in to enforce whenever a
party to the agreement breaks it.
11. Types of Contract (cont.)
ii. Void Contract: Literally the word void means not
binding in law‘. Accordingly the term void
contract‘ impliesa useless contract which has no
legal effect at all.
It is clear from the definition that a void contract is
not void from its inception and that it is valid and
binding on the parties when originally entered but
subsequent to its formation it becomes invalid and
destitute of legal effect because of certain reasons.
12. Types of Contract (cont.)
Distinction between void and illegal contract:
An illegal contract is one whose object is
declared illegal by law. The distinction,
however, lies not in the comparative validity of
the two or, both are void, but in the fact that an
illegal contract is prohibited by law on pain of
penalty whereas a void contract does not get
the assistance of law.
A further point of distinction is that an illegal
contract affects the collateral transaction but a
void contract does not.
13. Types of Contract (cont.)
iii. Voidable contract: An agreement which is
enforced by law at the opinion of one or more
of the parties thereto, but not at the opinion of
the others, is a voidable contract [Section 2(i)]
Thus a voidable contract is one which is
enforced by the law at the opinion of one of the
parties. Usually a contract becomes voidable
when the consent of one of the parties to the
contract is obtained by coercion, undue
influence, is representation or fraud.
14. Types of Contract (cont.)
iv. Unenforceable Contract: An unenforceable
contract is one which is valid in itself but is not
capable of being enforced in a court of law
because of some technical defects such as
absent of writing, registration, requisite stamps
etc. or time barred by the law of limitations.
Under Sec. 10 of the Contract Act, "all
agreements are contracts if they are made by
the free consent of parties competent to
contract, for a lawful consideration and with a
lawful object, and are not hereby expressly-
declared to be void".
15. Types of Contract (cont.)
e. Special Types of contract
i. Quasi contract &ii. Contingent contract
i. Constructive or Quasi-Contract
Contractual obligations are generally created
voluntarily. But there are obligations, which
lack voluntariness such as the obligation to
repay a sum of money paid under a mistake of
fact. In such cases, therefore, there is no
contract but, nevertheless, the law treats them
as such. Such contracts, existing in Law but not
in fact, are called quasi-contracts.
16. Types of Contract (cont.)
ii. Contingent contract: A contingent contract
is one to do or not to do something if some
contingency happens or does not happen. "A
contingent or as it is called in English law, a
conditional promise", says like, "is
distinguished from an absolute promise by the
fact that the performance of the contract
becomes due on the happening of a condition
or contingency; so, it is not due immediately on
the making of the contract". Thus A contracts
to pay B £100 if B marries C. This is a
contingent contract
17. The Contract Act,1872
Elements of contract:
Each contract requires an offer and
acceptance of that offer. Proposal or offer is
the starting point to start to form an
agreement. And this agreement may get the
shape of a legally binding contract, if it
acquires its enforceability in law. If it is said
simply, when a person asks someone to do
something, or offer to see someone for a
price, the person is aid to make an offer.
18. Elements of contract (offer)
The authoritative definition of an offer or
proposal is given in the Contract Act1872,
while defining proposal it says that-
“ where one person signifies to another his
willingness to do or abstain from doing
something with a view of obtaining the
assent of that other to such act or abstinence
he is said to said a proposal.”
19. Elements of contract (offer)
Elements of offer: If the above mentioned
definition is analyzed, the following
elements of a proposal are found:
(i) Signification of one‘s willingness;
(ii) Willingness is expressed to another
person;
(iii)The willingness may be affirmative or
negative;
(iv) It has a definite object with the intention
to create a legal relation.
20. Rules of a Proposal/offer:
1. The proposer must intent to create legal relations: The
proposal must be one which is capable of creating a legal
relation. If there is no intention to create legal relation rather
the offer prevail merely an intention to create social relation,
that very offer will not be considered as lawful offer.
For example: A businessman residing in Ceylon, promised B,
his wife who was living in England for reasons of health, to
pay he, monthly allowance. It was promised also that the
allowance will be continued till her comeback to Ceylon. The
dispute arose when A denied subsequently giving her the
promised allowance. It was held that B could not enforce the
obligation as from the nature of the agreement it appeared
that no intention existed to give rise to legal obligation and as
such even there was no offer at all to be accepted and
consequently there was no contract between A and B in
respect of paying the said allowance.
21. Rules of a Proposal (cont.):
2. Mere expression of Intention is not
sufficient: Mere intentions are not sufficient
to constitute an offer. Advertisements, price
quotations of prices, catalogue, time-table of
bus or train are not proposals, if someone
makes any statement regarding his any
intention during a conversation of course that
will not suffice to constitute an offer, even
though the person to whom such intention is
expressed acts accordingly, there will be no
offer, so no question of acceptance and as such
of any contract.
22. Rules of a Proposal (cont.):
3. Offer may be made to definite Person
or some definite class of person or to the
world at large generally: An offer made to
a definite person or a definite class of person
is called a specific offer. And an offer dent to
all persons or to the world at large is called a
general offer.
4. The proposal must be a definite one:
Any statement which is ambiguous, vague or
not definite about the offeree or the subject
matter, is incapable to constitute a proposal.
23. Rules of a Proposal (cont.):
5. Proposal may be expressed or implied: A
proposal or an offer may be expressed or
implied. When an offer is made stating in
words or in writing, it is called an express offer.
On the other hand, when an offer is implied
from the conduct of a person, it is called an
implied offer. Section9 of the Contract Act,
1872 says, in so far as the proposal or
acceptance of any promise is made in words,
the promise is said to be express. In so far as
such proposal or acceptance is made otherwise
than in words, the promise is said to be
24. Rules of a Proposal (cont.):
6. The offer must be definite, certain and
unambiguous: There must be a certainty,
distinct and unambiguous to form a lawful
offer.
For example: A says to B, ―I will give you
some money if you pass the exam‖. This is
not a valid proposal because the amount of
money to be paid is not certain.
25. Rules of a Proposal (cont.):
7. Offer must be communicated to the
offeree: A person cannot accept an offer until
he knows the subject of the offer. To complete
an offer lawfully the proposal or offer must be
communicated. Section 4 of the Contract Act
says that, the communication of a proposal is
complete when it comes to the knowledge of
the person to whom it is made.
For example: A proposes, by letter, to sell a
house to B at a certain price. The
communication of the proposal is complete
when B receives the letter.
26. Rules of a Proposal (cont.):
8. An offer may be conditional: An offer may
be made with some conditions. In such cases,
the conditions must be communicated to the
offeree. Without knowledge of the condition of
an offer if a person accepts an offer, the offeror
cannot claim the fulfillment of the condition.
But if the conditions are clearly written or
expressed and should have been known to the
offeree he cannot pled the ignorance of the
conditions.
27. Invitations to treat:
Invitations to treat: An invitation to treat is
not an offer, but an indication of a person's
willingness to negotiate a contract. It's a pre-
offer communication. In Harvey v. Facey, an
indication by the owner of property that he or
she might be interested in selling at a certain
price, for example, has been regarded as an
invitation to treat. Similarly in Gibson v
Manchester City Council the words "may be
prepared to sell" were held to be a notification
of price and therefore not a distinct offer,
28. Invitations to treat:
The courts have tended to take a consistent
approach to the identification of invitations to
treat, as compared with offer and acceptance,
in common transactions. The display of goods
for sale, whether in a shop window or on the
shelves of a self-service store, is ordinarily
treated as an invitation to treat and not an
offer.
The holding of a public auction will also
usually be regarded as an invitation to treat.
Auctions are, however, a special case generally.
29. Communication of offer:
Communication of the offer, as also of the
acceptance, is an essential element in a
contract. Two persons may have a common
intention but without communication there
is no agreement. An offer is not; therefore,
open to a person who is ignorant of it; nor
an ignorant compliance with the terms of an
offer means an acceptance of it.
‘’The communication of a proposal is
complete when it comes to the knowledge of
the person to whom it is made".
30. Acceptance:
When the person to whom the proposal is made
signifies his assent thereto, the proposal is said
to be accepted. A proposal, when accepted
becomes a promise.
Communication of acceptance: There are
several rules dealing with the communication
of acceptance:
i. The acceptance must be communicated
ii. An offer can only be accepted by the offeree,
that is, the person to whom the offer is made.
31. Consideration
Section 2 of the Contract Act defines
consideration thus: When at the desire of
the promisor, the promise or any other
person has done or abstained from doing,
does or abstains from doing, promises to do
or to abstain from doing something, such
act, abstinence or promise is called a
consideration for the promise"
32. Rules for consideration
(a) Real and not sham: Unreality of
consideration arises from a number of
causes, such as, legal impossibility, physical
absurdity, uncertainty, and also when it
involves doing of what one is bound to do.
Thus:(i) A, a servant of B, in return for a
promise of 100 Rs promises to give C a
discharge for a debt which C owes to B. A's
promise is unreal because it is legally
impossible for him to give a discharge for a
debt owed to his master.
33. Rules for consideration (cont.)
(b) Not be illegal: A consideration is said to be
illegal when it is intended to defeat the provisions
of any law, or is against public policy. Thus, a
promise by A to pay B 100,000 Rs inconsideration
of B's promise to drop a prosecution for robbery
instituted by him against A, is illegal as being
aimed at defeating the provisions of Law.
(c) Must not be past: A past consideration is that
which is executed before the promise for which it
is paid. Thus, if A promises B 5,000 Rs for his
having accompanied A to a shooting last week, the
consideration is past.
34. Rules for consideration (cont.)
(d) Move from the promise: This means that
consideration ought to proceed from the party who
is entitled to sue on the contract, for the rule is:
"No stranger to the consideration can sue on the
contract". Thus, if A promises to pay B . 10 Rs if C
works for him in an election, the promise is not
enforceable and B cannot sue on it, for, he has
neither done nor forborne nor suffered anything
nor made any promise in return for A's promise.