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CONTRACT
UNDER THE GUIDANCE- PROF. SARITA
ACT,1847
PATIL
Business Law
Business law is a rule which helps us to regulate
and manage our business transactions and activities
system. It has direct relation with trade, industry and
commerce. e.g. insurance act, contract act, tax act, sale
of goods act, agency act etc.
Parliament
25 April 1872
1 September 1872
238
All Areas of Pakistan
What is a Contract?
An agreement which is legally enforceable alone is
a contract. Agreements which are not legally enforceable
are not contracts but remain as void agreements which
are not enforceable at all or as voidable agreements
which are enforceable by only one of the parties to the
agreement.
All contracts are agreements, But all agreements are
not contracts.
OFFER/PROP
OSAL
ACCEPTANCE
PROMISE
PROMISE
AGREEMENT
CONSIDERATIO
N
AGREEME
NT
ENFORCEABLE BY LAW
CONTRA
CT
Review
REALITY
OF
CONSEN
T
LEGALIT
Y
not valid
OBJECTIVE SUBJEC
FRAUD
T
MISREPRESENTA
Legal
relationship
TION
MATTE
DURESS
R
UNDUE
CONSIDERAT INFLUENCE
MUTUAL
ION
CAPACITY
MISTAKE
OFFER ACCEPTANC
E
LEGAL BARGAINED
DETRIME
FOR
NT/LAWF
UL
not valid
INFANTS
MENTAL
DRUNKARDS
CORPORATIO
NS
WRITING
TYPES OF CONTRACT
of
coercion,
undue
influence,
fraud
and
misrepresentation.
THANK YOU
HAVE A FABULOUS DAY