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(1)

Business Law

(LAW-2613)

TAHIR ADEEL

(2)

40% Final Term

30% Mid Term

30% includes Class Tests, Quizzes,

Discipline, Positive Contribution, Good

Questions and Better responses.

Also includes Assignments and

Presentations where required

Late completion of Assignments will add to

your knowledge only.

(3)

Defining Business and Law

Overview of the Syllabus to Cover

1.

Introduction to Law

2.

Contract Act 1872

3.

Partnership Act 1932

4.

Company Law 1984

5.

Negotiable Instruments 1881

6.

Sale of Goods Act 1930

(4)

Contract Act 1872

Contract

Agreement

Promise

(5)

Promise:

A proposal when accepted, becomes a promise.

Promise = Proposal/Offer + Acceptance

Example: Ali Offers Bilal that he want to

sale his mobile for Rs. 20,000 and Bilal

accepted the offer. The promise is said to be

made.

(6)

Agreement:

“Every promise or every set of promises forming the

consideration for each other is an agreement”.

Agreement = Promise + Consideration

Consideration:

“Something in return”

The price paid by one party for the promise of the

other.

Reward accepted or given in return for Promise.

(7)

Contract:

“An Agreement enforceable by law is a contract”.

Contract = Agreement + Enforceability

Enforceability:

“Enforceability means, recognition of legal obligation by

court”.

(8)

Contract Act 1872 (cont’d)

Promise

= Offer + Acceptance

Agreement

=

Promise

+ Consideration

(9)

Which one is wider, a contract or an

agreement?

What is Enforceability?

(10)

Types of Agreements

1.

Social agreement:

A social agreement is social nature and are not

enforceable by law.

Example: Mr. Ali invited Mr. Bilal on his wedding

ceremony, Mr. Bilal agrees to attend.

2.

Legal agreement:

An agreement which creates legal relation and it is

enforceable by law.

Example: Mr. Ali offer to sale his car to Mr. Bilal for Rs.

800,000, Bilal accepted the proposal.

(11)

Valid

Void

Void ab-initio

A contract cannot be void ab-initio and only

an agreement can be void ab-initio.

(12)

1.

Offer and Acceptance

Lawful Offer

Lawful Acceptance

(13)

2.

Written and Registered Agreement:

Agreement may be;

In writing,

Registered &

attested.

Oral agreements cannot be used as evidence.

(14)

Is every thing should be written, signed and

attested?

(15)

3.

Legal Relationship

Determination of Rights, Duties and Obligations

of the contracting parties.

Recognition of the existence of the contract in

the eye of law.

(16)

4.

Lawful Consideration:

Consideration means “something in return”.

Lawful consideration means the reward for the

promise should be lawful.

(17)

5.

Capacity of Parties:

Parties to a contract must be competent to

contract, otherwise the contract will not be

lawful.

Parties must be;

The age of majority,

Sound mind,

Must not be disqualified by law to enter into a

contract.

(18)

6.

Lawful Object:

Object means the subject matter of the

contract.

Object must not be;

Unlawful,

Immoral,

Opposed the Public Policy,

Imply injury to the person or property of another.

(19)

7.

Free Consent:

Consent involves identity of minds or consensus

ad

idem

which means “agreeing upon the same thing in

same sense”.

If the consent of the party is not obtained by his/her

free will, then it is not lawful contract.

Consent is free when it is not obtained by;

Coercion,

Undue influence,

Fraud,

Misrepresentation

Mistake

(20)

8.

Possibility of Performance:

Performance should be possible both legally and

Physically.

“An agreement to do an act impossible in itself

is void”.

(21)

9.

Certainty:

Terms of agreement should be clear and

definite.

“Agreement, the meaning of which is not certain

or incapable of being made certain are void”.

(22)

10.

Not Expressly Declared Void:

Agreement should not be expressly declared void as

per law. Like;

Agreement by incompetent person,

Agreement made under mutual mistake of facts,

Agreement without consideration,

Agreement in restrain of marriage,

Agreement in restrain of trade,

Agreement in restrain of legal proceedings,

Agreement by way of wager,

Agreement contingent upon impossible event,

Agreement to do impossible act.

(23)

Promise

Agreement

Contract

Essentials of a Valid Contract

Offer and Acceptance

Written and Registered Agreement

Legal Relationship

Lawful Consideration

Capacity of Parties

Lawful Object

Free Consent

Possibility of Performance

Certainty

Not Expressly Declared Void

(24)
(25)

Assignment NO

Quiz

Might be

(26)

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