WHAT IS LAW NO AGREED DEFINITION OF LAW COMMAND OF THE HIGHEST LEGILSATIVE AUTHORITY CALLED SOVEREIGN *OBJECT OF LAW IS CREATION AND PROTECTION OF LEGAL.

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Presentation transcript:

WHAT IS LAW NO AGREED DEFINITION OF LAW COMMAND OF THE HIGHEST LEGILSATIVE AUTHORITY CALLED SOVEREIGN *OBJECT OF LAW IS CREATION AND PROTECTION OF LEGAL RIGHTS

KINDS OF LAW PUBLIC LAW PRIVATE LAW SUBSTANTIVE LAW PROCEDURAL LAW

PLETHORA OF LAWS LAW OF CONTRACTS (INDIAN CONTRACT ACT, 1872) COMPANIES ACT, 1956 SALE OF GOODS ACT, 1930 NEGOTIABLE INSTRUMENTS ACT, 1881 CONSUMER PROTECTION ACT, 1986 FOREIGN EXCHANGE MANAGEMENT ACT, 1999 SEBI ACT, 1992

CONTRACT IS THE OLDEST TRANSACTION TO HAVE RECEIVED LEGAL RECOGNITION INDIAN EPICS RAMAYANA & MAHABHARATA NARRATES SEVERAL TRANSACTION OF PREVAILING THETHEN LAW IN THE PAST NATIONS WENT ON WAR FOR THE PROTECTION AND ADVANCEMNT OF THEIR ECONOMIC INTERESTS NOW-A-DAYS THERE ARE WARS BETWEEN CORPORATIONS FOR PROTECTION AND ADVANCEMENT OF THEIR ECONOMIC INTEREST. IN THIS PROCESS COMMERCIAL LAWS LIKE LAW OF CONTRACTS PLAYS A PREDOMINENT ROLE.

LAW OF CONTRACTS AIMS AT THE CREATION AND PROTECTION OF LEGAL RIGHTS TO ENSURE ORDER, PEACE AND SECURITY TO GUARANTEE SOME DEGREE OF UNIFORMITY IN THE CONDUCT OF HUMAN AFFAIRS

LAW OF CONTRACT IS NOT EXHAUSTIVE IT DEALS ONLY WITH FORMAL CONTRACTS AND SPECIAL CONTRACTS THE SUBJECT THEN FALLS UNDER BROAD HEADS LIKE FORMATION OF CONTRACTS AND THE DISCHARGE OF CONTRACTS

INTERPRETATION OF CONTRACTS GRAMMATICAL INTERPRETATION -OBJECT,INTENT AND CONTENT OF CONTRACT -REASONABLE AND CONSISTENT -PRINCIPLE OF EFFECTIVENESS -RESOURCE TO EXTRINSIC MATERIAL

FORMAL CONTRACTS GENERAL PRINCIPLES OF CONTRACT VALID CONTRACTS VOID AGREEEMNTS & VOIDABLE CONTRACTS CONTIGENT CONTRACTS QUASI CONTRACTS

SPECIAL CONTRACTS GUARANTEE INDEMNITY AGENCY BAILMENT PLEDGE

WHAT IS A CONTRACT CONTRACT IS A LEGAL RELATION IT IS AN ENFORCEABLE AGREEMENT AN AGREEMENT CREATING AND DEFINING OBLIGATIONS BETWEEN THE PARTIES.

ESSENTIALS OF A VALID CONTRACT OFFER/ACCEPTANCE/MUTUALITY OF MIND(CONSENSUS AD IDEM) COMMUNICATION OF OFFER/ACCEPTANCE NO FLAW IN CONSENT LAWFUL CONSIDERATION LAWFUL OBJECT CAPACITY TO CONTRACT

FORMATION OF CONTRATS ACCREDITING OF PERSONS (AUTHORISING PERSONS) NEGOTIATION AND ADOPTION SIGNATURES ACCESSION AND ADHESION ENTRY INTO FORCE APPLICATION AND ENFORCEMENT

REMEDIES FOR BREACH OF CONTRACT DAMAGES –LIQUIDATED –UN LIQUIDATED –PENALTY –EXEMPLARY DAMAGES