Contract Act 1872
Transcript of Contract Act 1872
University Of Central Punjab
Punjab Group Of Colleges Kamoke
Corporate law
Presented By: Marvell League
K1F14MCOM0006 Umme RubabK1F14MCOM0016 Sana LiaqatK1F14MCOM0017 Noor-ul-AinK1F14MCOM0026 MahnoorK1F14MCOM0038 Zohaib Azam K1F14MCOM0039 Asad AdnanK1F14MCOM0042 Sidra Liaqat
Con
trac
t &
Det
ails
Essentials of
contract
Performance of contract
Types of
contract
What is law?
COMMON
SENSE
Is
justLaw
Agreement
Enforceability
Contract
What is
Contract?
Relevant provision Section 2h
Agreement and Promise
Promise Consideration Agreement
Offer Acceptance Promise
Sec 2b
Sec 2e
Formation of contractOffer
Communication
Acceptance
Promise
Consideration
Agreement
Enforceability
Contract
Contract’sformation
Difference between
Agreement & Contract
AgreementOffer and its acceptance constitute an agreement
An agreement may or may not create a legal obligation
Every agreement need not necessarily be a contract
Agreement is not concluded or binding
ContractAgreement and its enforceability constitute a
contract
A contract necessarily create a legal obligation
All contracts are necessarily agreements.
Contract is concluded and binding on the concerned parties
Essentials of contract
Valid offer & acceptance
Oral or written
Parties’ competency
Legal Consideration
Legal relationship
Free consent of parties
Lawful objective
Legally and physically possible
Clarity of terms
Not declared to be void
Sec 10
Cont.……
Valid offer & acceptanceOral or writte
n
Minor
Mentally
unstable
Intoxicated
Person
disqualified
by any law
Parties’ competency
Sec 11
Cont.……
Legal consideration
Something in return
Sec 23
Lawful objective
Not forbidden by
law
Not fraudulent
Not involves injury
Not immoral
Not opposed to
public policy
Sec 23
Legal relationship
Clarity of terms
Cont.……
Free consent of parties
Coercion (Sec 15)
Undue influence (Sec 16)
Mistake (Sec 20, 21, 22)
Mispresentation (Sec 18)
Fraud (Sec 17)
Sec 13 & 14
Legally and physically possible
Not declared to be void
Wagering contract
Contract with enemy
country
Smuggling
Sec 56
Performance of contract
Performance of contract
Refusal to perform promise
Refusal to accept offer
Cont.……
Actual performance
Attempted performance
All liabilities have been
performed by promisor
Agreement is due and promisee
refuses the performance by
promisor
Types of contractTypes of
contract
On basis of validity
On basis of formation
On basis of liability
On basis of performanc
e
Valid contract
Void contract
Void ab-initio
Voidable
Un-enforceable
Express
Implied
Quasi
Unilateral
Bi-lateral
Executed
Executory
Valid contract
Void contract
Void ab-initio
Voidable
Un-enforceable
On basis of validity
Cont.……All essential of contract are
fulfilled
Cannot be enforced by law
At first valid but becomes void due to certain reasons
Void from its very initial stage
Valid but cannot be enforced due to technical defect
Cont.……
On basis of formation
Express
Implied
Quasi
May be oral or written
Finder of lost goods
Not expressed but intentions show contract exists
Cont.……
On basis of
liability
On basis of performance
Unilateral
Bi-lateral
Executed
Executory
Obligation lies with one party
Obligation lies with both parties
Both parties have performed their promise
Promise is yet to performed by one party
Case lawLALMAN SHUKLA VS. GAURIDUTT
Gauridutt sent his servant Lalman to find his lost nephew. when the servant had left, Gauridutt announced reward to anyone, who will trace the boy. Lalman found the boy and brought him home . When Lalman came to know he claimed for reward.
Facts of case
Lalman’s plea was cancelled on the grounds that he can not accept the offer unless he is not aware of it.
Decision in this case
Cont.……
Offer was not communicated to the person demanding reward.
Case lawHARRISON VS. NICKERSON
An auctioneer advertised in a newspaper that a sale of office furniture would be held. A broker came from a distant place to attend that auction, but all the furniture was withdrawn. The broker thereupon sued the auctioneer for his loss of time and expenses.
Facts of case
Cont.……Decision in this case
A declaration of intention to do a thing did not create a binding contract with those who acted upon it, so that the broker could not recover.
Intentions do not result in formation of contract.
Thank you