11801322017_CE(HS)801 professional practice.pptx

professional practice

1. BIRBHUM INSTITUTE OF ENGINEERING & TECHNOLOGY NAME – SOMENATH MANDAL UNIVERSITY ROLL NO - 11801322017 REGISTRATION NO - 221180120133 SEMESTER- 8 th DEPARTMENT- CIVIL ENGINEERING YEAR- 4

2. ‘Common principles of contracts’ SUBJECT NAME - Professional Practice, Law and Ethics SUBJECT CODE-CE(HS)801

3. What is a contract? A contract is essentially a legally binding agreement between two or more parties. It outlines the rights, responsibilities, and obligations that each party has agreed to undertake. These agreements can take various forms, including written, verbal, or even implied by conduct. A contract is enforceable by law. This ensures that the promises made by the contracting parties involved are upheld and that any disputes can be resolved in a court of law or through arbitration.

4. What is contract law? Contract law describes the legal framework that governs these agreements. It is commonly governed by the state common law and establishes the rules for creating valid contracts, interpreting their terms, and enforcing them if necessary. This ensures fairness and predictability in business dealings and everyday transactions. What are the key elements of a contract? While contracts themselves cover an enormous array of legal areas, they do share a remarkable amount in common across industry and type. To that end, several key elements constitute contract formation; contract law is shaped by considerations of public policy, and parties involved, such as the offeror, must be aware of these legal principles. Those elements are offer, consideration, acceptance, and mutuality.

5. Offer The offer, explains the educational center, involves one party promising to do something, or conversely, promising to refrain from doing a particular action. Consideration Consideration, it adds, is when something of value is offered in exchange for the above-stated action or inaction. “This can take the form of a significant expenditure of money or effort, a promise to perform some service, an agreement not to do something or reliance on the promise. Consideration is the value that induces the parties to enter into the contract,” reads information from the university. As such, the mere presence of that consideration is what separates a contract from that of a “gift.” In the legal sense of the word, a gift is a transfer of property that is made voluntarily and gratuitously with no promise of anything of value to be provided in return, adds the judicial center. Additionally, failing to deliver on a promised gift is not considered an enforceable “breach of contract.” Such a breach, along with remedies and enforcement related to those breaches, will be explored further later.

6. Acceptance Acceptance, with respect to a contract deals, with the unambiguous nature by which an agreement is solidified. This may be done verbally, or through performance or deed, notes the university. Mutuality The fourth element of a valid contract is mutuality. Simply stated, this element requires both parties to understand the terms and substance of an agreement. Additionally, many legal experts also point to the elements of “capacity” and “legality” as necessary to create a legally binding contract agreement. If an individual attempts to enter into a contract without the ability to reasonably understand what they are doing—individuals under the influence of alcohol, for example, may be deemed unable to enter into a contract—a judge may find a valid contract agreement was unable to be properly executed. In turn, that contract agreement may be voided due to the absence of the capacity element. Similarly, contracts must also fall within the scope of existing law in order to be considered valid. Contracts created in friction with the law may be considered to lack “legality” and may also be invalidated should they be challenged in a court of law.

7. What are the different types of contracts? Just as there are several different areas where contracts are generally used, and there are many common elements of a valid contract, there are also several different types of contracts. The type of contract used depends on a number of factors. Those factors range from the composition of the parties involved to the nature of their relationship and the ultimate goal of the agreement. Oftentimes, the type of contract used is dictated by the preferences of the parties involved, however, in some instances, one type of contract simply doesn’t fit a particular circumstance. The Uniform Commercial Code (UCC) provides a framework for certain contracts, particularly those involving the sale of goods, within the broader area of law.

8. Some commonly used types of contracts are: Adhesion Unilateral Bilateral Executed Aleatory Fixed-Price Cost-Reimbursement Adhesion contracts, for example, are negotiated between parties of uneven bargaining strength. An adhesion contract is drafted by one party, which is responsible for setting the terms of the agreement, and another party of considerably lesser strength who must then decide whether or not those terms are acceptable.

9. On the other hand, a unilateral contract involves one entity making a promise to another should a given set of circumstances take place. This contrasts with its counterpart, the bilateral contract agreement, which involves both parties making a promise in order to fulfill the terms of a given agreement. Furthermore, according to information from the U.S. Department of State, a fixed-price contract, for example, involves an agreement between a buyer and seller who each agree in advance on what constitutes full payment for services and supplies provided in a contract. In contrast, a cost-reimbursement contract is used when the amount of work cannot be “definitely described” or it is difficult to estimate the costs with any “reasonable degree of certainty.”

10. The work of a contract refers to the obligations and tasks that each party must perform under the contract's terms. It includes the specific actions, duties, or services that one party is required to complete in exchange for compensation or other consideration. This "work" can involve: Performance: Fulfilling the agreed-upon duties, such as providing goods, performing services, or completing a project. Timeliness: Completing the work within the specified timeframe. Quality: Ensuring the work meets the standards outlined in the contract. Payment: Receiving or providing compensation for the completed work. Acceptance: The work is considered complete when accepted by the other party or meets the contract’s requirements.

11. PROFESSIONAL PRACTICE, LAW AND ETHICS -Mr. R. Srinivasa ReddyAssistant Professor

12. THANK YOU