This is a presentation slides for law 3_contract_i.ppt

This is a presentation slides for law 3_contract_i.ppt

1. Previous Lecture
• Ten Myths of Business
• Types of Business
Sole Proprietorship
Partnership
Company

2. Law of Contract - 1
Lecture # 3

3. Law of Contract
Contract Act 1872

4. Agreement & Contract
Definition
Agreement: An arrangement
(usually informal) between two or
more parties that may not be
enforceable by law.
Contract: A formal arrangement
between two or more party that,
by its terms and elements, is
enforceable by law.

5. Agreement & ..….
Validity based for Both
Mutual acceptance by both (or all)
parties involved.

6. Agreement & ..….
Does it need to be in writing?
Agreement: No.
Contract: No, except for some
specific kinds of contracts, such
as those involving land or which
cannot be completed within one
year.

7. Agreement & ..….
Consideration required
Agreement: No
Contract: Yes

8. Agreement & ..….
Legal effect
Agreement: An agreement that
lacks any of the required elements
of a contract has no legal effect
Contract: A contract is legally
binding and its terms may be
enforceable in a court of law.

9. Essentials of Valid Contract - 1
•Proposal – Acceptance
•Intention to Create Legal Relationship
•Genuine Consent

10. Consent & Consideration - A
•Consent
–Genuine - Free & Real

11. Consent & Consideration - B
–With No
•Mistake
•Undue Influence
•Coercion
–The intimidation of a victim to compel the individual t
o do some act against his or her will by the use of ps
ychological pressure, physicalforce, or threats. 
•Fraud
–Fraud
 is commonly understood as dishonesty 
calculated
 for advantage. Fraud is a specific 
offense
 with certain features.
•Misrepresentation

12. Essentials of Valid Contract - 2
•Capable Parties
•Legal Object & not against the Public Policy
•Least Two Persons

13. Essentials of Valid Contract - 3
•Lawful Consideration
•Performable Contract
•Certainty in Terms & Conditions

14. Next Lecture
Contract – 2
Kinds of Contract