Busines law

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  • 1. Business LawBusiness Law Pradeep GiriPradeep Giri Any comment /suggestionAny comment /suggestion pradeepgiri26@gmail.compradeepgiri26@gmail.com

2. Contract Act 1871 (Indian Contract Act)Contract Act 1871 (Indian Contract Act) Agreement enforceable by law is known as contract.Agreement enforceable by law is known as contract. Agreement is offer and acceptance.Agreement is offer and acceptance. All Agreement are not contract but all contract are agreement.All Agreement are not contract but all contract are agreement. Agreement within intention of creating a legal relationship are thoseAgreement within intention of creating a legal relationship are those Agreement which can form contact any of the parties failing he may be suedAgreement which can form contact any of the parties failing he may be sued in the court of law.in the court of law. A promise in return of a promise is consideration.A promise in return of a promise is consideration. Consideration is some thing in return of something.Consideration is some thing in return of something. Sell PenSell Pen X YX Y Rs. 100/-Rs. 100/- XX consideration is Rs. 100/-consideration is Rs. 100/- YY consideration is a pen.consideration is a pen. Because X sell pen and got Rs.100/- Y give Rs.100 and got pen.Because X sell pen and got Rs.100/- Y give Rs.100 and got pen. 3. ProposalProposal When a person signifies to another his willingness to do abstain from doingWhen a person signifies to another his willingness to do abstain from doing anything, with a view to obtaining the assent of that other to such act oranything, with a view to obtaining the assent of that other to such act or abstinence, he is said to make proposalabstinence, he is said to make proposal Sec2(a)Sec2(a) AcceptanceAcceptance A Proposal is said to be accepted when the person to whom the signifiesA Proposal is said to be accepted when the person to whom the signifies his assent there to . An offer when accepted because a promise.his assent there to . An offer when accepted because a promise. Sec.2(b)Sec.2(b) Essential Of Valid OfferEssential Of Valid Offer 1.1. Offer must intend to create legal relationship.Offer must intend to create legal relationship. 2.2. Terms of offer must be define ,unambiguous and certain.Terms of offer must be define ,unambiguous and certain. 3.3. Offer must be communicated to the person to when it is made.Offer must be communicated to the person to when it is made. 4.4. Offer should not contain a term, the non- compliance of which may beOffer should not contain a term, the non- compliance of which may be assumed amount to acceptance.assumed amount to acceptance. 5.5. An invitation is not a offer.An invitation is not a offer. 6.6. A statement of price is not a offer.A statement of price is not a offer. 7.7. A offer must be made to assent of that other personA offer must be made to assent of that other person 4. Offer :Type of offerOffer :Type of offer 1.1. Express:Express: written or oral formwritten or oral form 2.2. Implied:Implied: These offer are made by conduct or situation.These offer are made by conduct or situation. 3.3. Specific:Specific: those offer which are made for a specific person or group Ex.those offer which are made for a specific person or group Ex. Bank Provide Citizen person 8% interest.Bank Provide Citizen person 8% interest. 4.4. General:General: An offer which is made for every one.An offer which is made for every one. Essential of valid Acceptance:Essential of valid Acceptance: 1.1. It must be absolute and unqualified.It must be absolute and unqualified. 2.2. It must be according to the manner described or usual & reasonableIt must be according to the manner described or usual & reasonable manner.manner. 3.3. Must be communicated to the offer.Must be communicated to the offer. 4.4. Must be given within reasonable time.Must be given within reasonable time. 5.5. Must be given before the offer lapses or withdrawn.Must be given before the offer lapses or withdrawn. 6.6. Must be given the party to whom the offer is made.Must be given the party to whom the offer is made. 7.7. Acceptance can not proceeded and offer.Acceptance can not proceeded and offer. 8.8. Silence does not amount to acceptance.Silence does not amount to acceptance. 5. ConsiderationConsideration 1.1. Consideration may not be adequate (Enough).Consideration may not be adequate (Enough). 2.2. Consideration may not be past, future & present.Consideration may not be past, future & present. 3.3. Consideration must not be illusory (Must be fact).Consideration must not be illusory (Must be fact). 4.4. Consideration must be law-full (with a law full Object)Consideration must be law-full (with a law full Object) Competent PartiesCompetent Parties :: Who have the capacity to enter the contract, Parties who are notWho have the capacity to enter the contract, Parties who are not Competent Parties.Competent Parties. 1.1. Unsound Mind person.Unsound Mind person. 2.2. Person disqualified by law.Person disqualified by law. Miner are those person who are not attained age of majority (18 yrs.)Miner are those person who are not attained age of majority (18 yrs.) In case the court appointed some one as the guartion of a miner to lookIn case the court appointed some one as the guartion of a miner to look after the miner and his property. Than the age of majority will be 21 years.after the miner and his property. Than the age of majority will be 21 years. Unsound Mind personUnsound Mind person IdiotIdiot Insane / lunaticInsane / lunatic DrunkardDrunkard 6. Sound MindSound Mind A person said to be sound mind who can understand the nature ofA person said to be sound mind who can understand the nature of contract, contained subject of the contract, understand the effect of thecontract, contained subject of the contract, understand the effect of the contract and can take rational decisioncontract and can take rational decision Idiot:Idiot: Permanently unsound mindPermanently unsound mind Insane / lunatic:Insane / lunatic: Permanently unsound mindPermanently unsound mind Drunkard:Drunkard: Who looses controlled over his mindWho looses controlled over his mind Person disqualified by law.Person disqualified by law. 1.1. Alien Enemy:Alien Enemy: Declared enemy to the country.Declared enemy to the country. 2.2. Convicts:Convicts: Convicts is disqualified Punished by court.Convicts is disqualified Punished by court. 3.3. Diplomats:Diplomats: Ambassador of the country, Do not contract.Ambassador of the country, Do not contract. 4.4. Corporations:Corporations: A company can be enter into contract only to the extentA company can be enter into contract only to the extent they are allow as per there memorandum of association.they are allow as per there memorandum of association. 5.5. Insolvent:Insolvent: this person not fill the liability they are not contract,this person not fill the liability they are not contract, 7. Free ConsentFree Consent Consent Agreeing upon some thing in the same sense consent is said to beConsent Agreeing upon some thing in the same sense consent is said to be free if it is not caused by co- erosion.free if it is not caused by co- erosion. 1.1. Undue influenceUndue influence 2.2. Mis- representationMis- representation 3.3. FraudFraud 4.4. MistakeMistake co- erosionco- erosion co- erosion is the committing or threatening to commit any act forbidden byco- erosion is the committing or threatening to commit any act forbidden by IPC (Indian Panel Court) or the un-law full detaining or threatening to detainIPC (Indian Panel Court) or the un-law full detaining or threatening to detain any property to be prejudice of any person with the intention of causing anyany property to be prejudice of any person with the intention of causing any person to enter into contract. Ex- Black mal to contract.person to enter into contract. Ex- Black mal to contract. Undue influenceUndue influence One of the party is in a dominance Position.One of the party is in a dominance Position. Induces the other party to enter into contract.Induces the other party to enter into contract. He takes unfair advantage out of the contract.He takes unfair advantage out of the contract. Undue influence to graudan supperior an infirior.Undue influence to graudan supperior an infirior. 8. Mis- representationMis- representation A false representation of fact innocently . The person making itA false representation of fact innocently . The person making it honestly belives to the true or which he does not know to be fase Ex-honestly belives to the true or which he does not know to be fase Ex- Re-selling Bike contract.Re-selling Bike contract. Fraud:Fraud: A fake representation.A fake representation. The representation must be material fact.The representation must be material fact. Re-presentation must be flase and intentedRe-presentation must be flase and intented Other party actually decieved.Other party actually decieved. Other party must have suffered the loss.Other party must have suffered the loss. Mistake:Mistake: It occurs when the party is entending to do one thing by error end upIt occurs when the party is entending to do one thing by error end up doing something .else, mistake is erroneous belief about something.doing something .else, mistake is erroneous belief about something. Ex.Ex. Boxer and Hero honda.Boxer and Hero honda. MistakeMistake Mistake of lawMistake of law (Sec.21)(Sec.21) Mistake of factMistake of fact (Sec.20)(Sec.20) Indian LawIndian Law Foreign LawForeign Law 9. Contract ClassificationContract Classification 1.1. Express Contract :Express Contract : 2.2. Implied Contract:Implied Contract: 3.3. Contingent Contract:Contingent Contract: 4.4. Quasi Contract:Quasi Contract: 5.5. Executed Contract:Executed Contract: 6.6. Excutory Contract:Excutory Contract: 7.7. Formal Contract:Formal Contract: 8.8. Simple Contract:Simple Contract: 9.9