Corporate Legal Environment Law pooja sharma1

What is Law…………….. Law is a Body of Rules……….. Purpose To govern the society….. They are made by Governing authorities.. But these Rules can be implemented by Judicial authorities………only. pooja sharma 2

Law of Contract 3 pooja sharma

Meaning The law of contracts is the most important branch of the Business law or commercial laws. Even it is the base of business laws. It have vital significance not only for the business world, but also for every one of us. …..As we all enters into contracts of one kind or the other in all walks of our routine life. 4 pooja sharma

Meaning Continues… For example…….When one buys or borrows the essentials as well as luxuries of life, in the form of goods or services from early morning to late evening during the life period, one naturally enters into contracts. Bread, butter, home-appliances, clothes, books, stationery, journey-tickets etc. are some of the goods and services we buy or borrow in our daily life and for that purposes we enter into different kinds of contracts. 5 pooja sharma

Meaning Continues… In business at every moment, there may be a transaction that gives rise to a contract. The law of contracts is fundamental to the existence of the business world. Without this total business world as well as entire economic system may collapse. 6 pooja sharma

Legal Meaning A contract is an Agreement between two or more persons, creating an obligation upon them to fulfill or not to fulfill some duties laid down specifically in the agreement. This agreement creates a legal relationship of rights and duties on the parties and if these obligations in the agreement are not fulfilled then specific action could be taken by courts on the defaulter parties. pooja sharma 7

Law of Contract Continues…. In other words contract is a legally binding agreement between two or more person and parties for a particular purpose. It is an exchange or promise between parties to do or absent from doing an act, which is an enforceable by the court of law. CONTRACT:- AGREEMENT + ENFORCEABILITY BY LAW So it is true that Law of Contract is the extension of agreement. 8 pooja sharma

Definition - Law of Contract 1.Every agreement and promise enforceable by Law is a Contract. Sir Fredrick Pollock 2.An agreement which create and define obligations between the parties is Law of Contract. Samoans 9 pooja sharma

Definition Continues…. 3. A contract is an agreement enforceable at law made between two or more persons by whom rights are acquired by one or more to acts or absent on the part of the other or others Sir Pollock 4.A contract is deliberate engagement between competent parties, upon a legal consideration to do or to abstain from doing some act. Justice Storey pooja sharma 10

Conclusion:- Every Law of Contract are Agreement, but every Agreement are not Law of Contract. 11 pooja sharma

What is Agreement It is the combinations of three flowing elements:- Proposal + Acceptance + Consideration pooja sharma 12

Example: - A is ready to buy a Cell phone from B with a price of 20,000 Rs, and B is also agree for this deal. So it is an agreement first than due enforceability by law it will treat as law of contract. 13 pooja sharma

Essentials Elements of a Valid Contract 1.Agreement. 2.Enforceability by law. 3.At least 2 parties. 4.Proposal. 5.Acceptance. 14 pooja sharma 6.Intention to legal relations. 7.Free consent. 8.Contractual capacity. 9.Consideration. 10.Lawful objects. 11.Possibility of performance.