Learning Objective:
Students will learn
a) the legal definition of contract
b) how contract is generally defined
b) the specific qualifications to which the general definition of contract is subjected to
A contract is a voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement. Contract is a branch of the law of obligations in jurisdictions of the civil law tradition. Contract law concerns the rights and duties that arise from agreements.
A contract arises when the parties agree that there is an agreement. Formation of a contract generally requires an offer, acceptance, consideration, and a mutual intent to be bound. Each party to a contract must have capacity to enter the agreement. Minors, intoxicated persons, and those under a mental affliction may have insufficient capacity to enter a contract. Some types of contracts may require formalities, such as a memorialization in writing.
Contracts may be bilateral or unilateral. A bilateral contract is an agreement in which each of the parties to the contract makes a promise or set of promises to each other. For example, in a contract for the sale of a home, the buyer promises to pay the seller $200,000 in exchange for the seller's promise to deliver title to the property. These common contracts take place in the daily flow of commerce transactions, and in cases with sophisticated or expensive precedent requirements, which are requirements that must be met for the contract to be fulfilled.
A contract is a voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement. Contract is a branch of the law of obligations in jurisdictions of the civil law tradition. Contract law concerns the rights and duties that arise from agreements.
A contract arises when the parties agree that there is an agreement. Formation of a contract generally requires an offer, acceptance, consideration, and a mutual intent to be bound. Each party to a contract must have capacity to enter the agreement. Minors, intoxicated persons, and those under a mental affliction may have insufficient capacity to enter a contract. Some types of contracts may require formalities, such as a memorialization in writing.
Contracts may be bilateral or unilateral. A bilateral contract is an agreement in which each of the parties to the contract makes a promise or set of promises to each other. For example, in a contract for the sale of a home, the buyer promises to pay the seller $200,000 in exchange for the seller's promise to deliver title to the property. These common contracts take place in the daily flow of commerce transactions, and in cases with sophisticated or expensive precedent requirements, which are requirements that must be met for the contract to be fulfilled.
AIS 2102 Introduction to Law of ContractPreeti Sikder
Learning Outcome: After completion of this lesson students will be able to-
a) Define contract
b) Classify contracts
c) Identify the legal source in determining contractual relationship
d) Determine the capacity of parties to enter into a contract
e) Identify the elements of a contract
.Introduction
.Pre -Requisites to form a contract
.What contract means ?
.Who are competent to contract
.Free consent
.Classification of contracts
.Conclusion
The body of rules governing the formation and execution of contracts is known as contract law. The Indian Contract Act of 1872 functions as a comprehensive guidebook governing agreements and contracts in India. This legislation was enacted to create a framework for contract law, and it has undergone several revisions to accommodate changing economic conditions.
11262014 The Legal Environment of Business, Ch. 6 - Learning.docxhyacinthshackley2629
11/26/2014 The Legal Environment of Business, Ch. 6 - Learning Activity - Week3 - LAW/421 - eCampus
https://newclassroom3.phoenix.edu/Classroom/ToolContainer.jsp?context=co&contextId=OSIRIS:44425562&activityId=96f01290-3b42-490d-be28-e6f95540138d… 1/24
Overview and Formation of Contracts
Learning Outcomes Checklist
After studying this chapter, students who have mastered the material will be able to:
Distinguish between contracts based on categories and apply the correct source of law to specific contracts.
Explain the concept of mutual assent by defining the legal requirement of agreement.
Identify and explain the other requirements for the formation of a valid contract.
List the events that terminate the power of acceptance and distinguish between termination through action of the parties versus
operation of law.
Apply the mailbox rule to resolve a question of when acceptance is effective.
Articulate the legal requirement of consideration and identify which contracts do not require consideration.
Give examples of circumstances where the legal requirements of capacity or legality are at issue.
Explain the concept of enforceability and geniune assent.
Categorize what contracts must be in writing to be enforceable and explain the minimum required terms that satisfy the law.
The law of contracts is one of the most common and important areas of the law that business owners and managers deal with on a dayto
day basis. Everyone working in a business environment will, in one form or another, deal with contracts throughout their career.
Employment contracts, leases, and agreements of sale for assets or land or merchandise are just a few examples of contracts commonly
used in business transactions. The simple act of purchasing office supplies from a local merchant is a form of agreement governed by
contract law.
Formation and legal enforcement of agreements have been recognized since ancient times. As early as 1780 BC, contracts were being
enforced by the Babylonians by virtue of the authority of the Code of Hammurabi. During much of the rule of the Roman Empire, the
Justinian Code included the rule pacta sunt servanda (agreements shall be kept). Many legal scholars, notably Dean Roscoe Pound, have
written extensively on the importance of society recognizing legally enforceable promises and providing remedies for those who suffered
losses. Consider the consequences of failing to provide for legal enforceability of a promise and its impact on the very fabric of civilized
societies.
Since business owners and managers are often involved in daytoday oversight of various agreements and transactions, understanding
contract law reduces risk by limiting liability through the recognition of potential legal issues, crafting an appropriate response, and
implementing a system to ensure compliance. Contract law is also essential to structuring business transactions in strategic ways to
achieve business objectives without excessive risk.
In this.
Essentials of a valid contract; contract; offer and acceptance; consideration; capacity of parties; free consent; lawful object; void agreements; wagering agreements; quasi contracts.
AIS 2102 Legal Framework of Trade UnionismPreeti Sikder
Learning Outcome: After completion of this lesson, students will be able to -
a) define workers and trade unions;
b) identify the statutory and constitutional framework of trade unions in Bangladesh,
c) identify unfair labour practices on part of employers and workers
Restrictions on Articles and Activities Injurious to Environment: Polythene BanPreeti Sikder
Lesson Outcome: Learning Objective: After completing this lesson, students will
a) be acquainted with the relevant legal provisions existing in Bangladesh relating to plastic pollution
b) be able to critically analyse the steps taken by Bangladeshi Government in imposing absolute ban on polythene
Core Elements of Environmental Rule of LawPreeti Sikder
Lesson Outcome: After completion of this lesson, students will be able to -
a) dissect own opinions about implementation techniques of environmental laws;
b) identify the core elements of environmental rule of law
Introduction to Environmental Rule of LawPreeti Sikder
Lesson Outcomes: After completion of this lesson students will be able to -
a) Define environmental rule of law
b) Define environmental governance
c) Distinguish between environmental rule of law and environmental governance
Laws and Policies on Climate Change in BD: BCCSAPPreeti Sikder
After completion of this lesson, students will be able to -
a) understand the adaptation and mitigation measures taken by Bangladesh government;
b) describe the six pillars of BCCSAP
AIS 2102 Examples of Negotiable InstrumentsPreeti Sikder
Learning Outcome: After completion of this lesson students will be able to -
a) define promissory notes;
b) define bills of exchange;
c) define cheques;
d) distinguish between promissory notes and cheques.
AIS 2102 Introduction to Negotiable InstrumentsPreeti Sikder
Learning Outcome: After completion of this lesson, the students will be able to -
a) define negotiable instruments
b) describe the characteristics of negotiable instruments under the Negotiable Instruments Act, 1881
Learning Outcome:
After completion of the lesson students will be able to -
a) comprehend the nature of misrepresentation in contracts
b) distinguish between representation and promise
c) describe the elements of misrepresentation
d) describe the elements of fraud
e) distinguish between misrepresentation and fraud
Learning Outcome: After completion of this lesson, students will be able to -
1) identify and distinguish between conditions and warranties
2) learn about implied conditions and implied warranties available under Sale of Goods Act
3) determine when ownership of a property passes during a sale
Learning Outcome: After completion of this lesson students will be able to-
a) differentiate between sale and agreement to sell
b) define contract for sale of goods
c) define goods
Vitiating Elements in Formation of Contract: Coercion, Fraud and Undue Influe...Preeti Sikder
After completion of this lesson students will be able to:
- define free consent and identify elements of coercion
- define fraud and identify its elements
- define undue influence and identify its elements
Protection of Biodiversity in Bangladesh: ForestsPreeti Sikder
Learning Objectives: After completing this lesson students will be
a) informed about the basic forest management system in Bangladesh
b) informed about the categories of forests in Bangladesh
c) learn about the points of improvement that can be considered in relation to the Forests Act, 1927
Protection of Biodiversity in Bangladesh: ECAPreeti Sikder
Learning Outcome: After completion of this lesson students will -
a) learn about the concept of Ecologically Critical Areas,
b) be informed about the legal requirements in protecting the ECAs
c) be informed about judicial activism relating to ECAs in Bangladesh
After completion of this lesson students will be able to:
a) define offer
b) distinguish between offer and invitation to treat
c) explain how a proposal is revoked
World Without Law Professors: Legal Research and EducationPreeti Sikder
Learning Outcome: After completion of this lesson, students will be able to -
a) comprehend the necessity of academic legal research
b) identify deep legal research and interdisciplinary legal research
Acceptance in Contract and its CommunicationPreeti Sikder
Learning Outcome: After completion of this lesson students will be able to -
a) define acceptance
b) understand and explain the methods of communication of acceptance
c) illustrate the legal provisions relating to communication and revocation of acceptance
World Without Law Professors: Legal TrainingPreeti Sikder
Learning Outcome: After completion of this lesson, students will be able to-
a) identify the basic pattern of legal education in both civil and common law countries;
b) describe the counter models presented to address lacunae of legal education
c) understand the benefits of clinical lawyer school
Restrictions on Articles and Activities Injurious to Environment: Plastic pol...Preeti Sikder
Learning Objective: After completing this lesson, students will
a) be acquainted with the relevant legal provisions existing in Bangladesh relating to plastic pollution
b) be able to critically analyse the steps taken by Bangladeshi Government in imposing absolute ban on polythene
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
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Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
3. Section 2: Interpretation Clause
In this Act the following words and
expressions are used in the following
senses, unless a contrary intention appears
from the context –
(a) When one person signifies to another his
willingness to do or to abstain from
doing anything, with a view to obtaining
the assent of that other to such act or
abstinence, he is said to make a proposal;
4. Section 2: Interpretation
Clause
(b) 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.
(c) The person making the proposal
is called the ‘promisor’ and the
person accepting the proposal is
called the ‘promisee’:
5. Section 2: Interpretation
Clause
(d) When, at the desire of the
promisor, the promisee or any other
person has done or abstained from
doing, or does or abstains from
doing, or promises to do or to abstain
from doing, something, such act or
abstinence or promise is called a
consideration for the promise:
6. Section 2: Interpretation
Clause
(e) Every promise and every set of
promises, forming the consideration for
each other, is an agreement:
(f) Promises which form the consideration
or part of the consideration for each
other are called reciprocal promises:
(h) An agreement enforceable by law is a
contract:
7. Sir Guenter Heinz Treitel
“A contract is an
agreement giving
rise to obligations
which are
enforced or
recognised by
law.”
8. The Objective Principle
Standards of behaviour
Principle of Freedom of Contract
Qualifications (A clause or condition
which limits something)
9. A person is bound whatever his real
intention may be, if a reasonable man would
believe that he was assenting to the terms
proposed by the other party and the other
party upon that belief enters into a contract
with him.
Based on the needs of commercial
convenience.
Objective Principle
10. Contracting parties are normally expected
to observe certain standards of behavior
which are implied by law.
The parties hereby become bound by many
duties to which they have not expressly
agreed to and of which they may have never
thought
Standards of behaviour
imposed on the parties
11. Standards of behaviour are
the result of terms implied
by law into certain types of
contract
Standards of behaviour
imposed on the parties
12. Agreements are not the
sole factor which
determines legal effects of
a contract once it is shown
to exist
13. Judges took the view that persons
of full capacity should in general
be allowed to make what contracts
they liked.
The law only interferes on certain
specific grounds:
Misrepresentation
Undue influence
Illegality
Freedom of Contract
14. Standard Form of
Contracts
The process of mass production
and distribution has introduced
some uniform documents.
These contracts must be accepted
by all who deal with large scale
organisations.
15. Lord Diplock in Schroeder Music
Publishing Co Ltd v Macaulay,
1974
“Standard form of contracts are of two
kinds. The first, of very ancient origin, are
those which set out the terms on which
mercantile transactions of common
occurrence are to be carried out…The
standard clauses in these contracts have
been settled over the years by negotiation
by representatives of commercial interests
involved and have been widely adopted
because experience has shown that they
facilitate the conduct of trade…”
16. Lord Diplock in Schroeder Music
Publishing Co Ltd v Macaulay,
1974
“The other kind of standard form of
contract…is the result of the
concentration of particular kinds of
business in relatively few hands…The
terms of this kind of standard form of
contract have not been the subject of
negotiation between the parties to it, or
approved by any organisation
representing the interests of the weaker
party.”
17. Lord Diplock in Schroeder Music
Publishing Co Ltd v Macaulay,
1974
“They have been dictated by that party
whose bargaining power, either
exercised alone or in conjunction with
others providing similar goods or
services, enables him to say: ‘If you
want these goods or services at all, these
are the only terms on which they are
obtainable. Take it or leave it.”
18. It is arguable that, a customer
who contracts on such
standard terms has them
imposed on him, and does not
really ‘agree’ to them at all
Debate on Standard Form
of Contracts
19. {
Inequality of
Bargaining Power
Inroads in the principle of
freedom of contract:
Contracts should be treated
differently where there is
inequality of bargaining
power
20. Under some statutes, terms are
compulsorily implied into contracts
and cannot be excluded by contrary
agreement
Imbalance or inequality of
bargaining power
21. There are cases where the law
plays so large, and the agreement
of the parties so small, that it
becomes doubtful whether the
relationship can be called
contractual.
Example: Marriage
Doubtful cases
22. Parties can be to some extent
restricted from deciding whether
or not to enter into the
relationship of a contract
Freedom not to contract
23. Rules relating to offer and acceptance
Rules limiting contractual capacity
Rules relating to mistake
Rules relating to contents of a contract
Rules relating to performance
Rules relating to breach
Agreement and legal
effects or enforceability
24. Put injured person into
the position in which he
would have been if the
contract had never been
made
Put the injured party into
the position in which he
would have been if the
contract had been
performed
Remedies
25. Compensate the injured party,
not because he is worse off than he
was before the contract was made,
but because the other party has
failed to make him better off
The result of awarding
damages or remedies?
26. {
Promotes stability and
provides the legal
framework required for
commercial relations
Protecting the
expectation
interest of injured
party