B-LAW

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BUSINESS LAW
CHAPTER NO.1 (CONTRACT AND ITS KINDS)
ESSENTIALS OF VALID CONTRACT
Section 2(h) .A valid contract is an agreement which is binding and
Enforceable .In valid contract all the parties legally bound to
Performed the contract.
1. PROPOSAL: For valid contract proposal is necessary. There are two
Parties in proposal.
e.g.: A says to z that he will sell his cycle to him for Rs. 2500. This is
A proposal.
2. ACCEPTANCE: When the promise significant the willingness then
Proposal is said to be acceptance.
e.g.: A says to z that he will sell his cycle to him for Rs. 2500. This is
A proposal. If z accepts this offer there is an acceptance.
3. AGREEMENT: After the acceptance or offer it will be only promise.
For the valid contract there must be an agreement enforceable by
Law.
4. WRITTING AND REGISTRATION (AGREEMENT IN MUST BE IN
WRITTING): (PAGE NO.5 WITH EXAMPLE)
5. LAWFUL CONSIDERATION (LAWFUL AGREEMENT): (PAGE NO.4
WITH EXAMPLE)
6. LEGAL RELATIONSHIP: Agreement must create legal relationship
B/w the parties of the contract each party should no the rights &
Duties.
e.g.: If A offered to sell his house to B Rs 80Lac. & B agree o buy. It
Is legal relationship in both the party? (PAGE NO.3 WITH EXAMPLE is
Also best definition)
7. Lawful object: The object of the contract is not lawful. Then it is
In valid contract, Illegal or immoral object makes the contract in
Valid.
e.g.: MR Arshad promises to pay 1 Lac. To Mr Adil in condition, he
Killed Mr Ahmad. The agreement is legal but object is illegal.
8. FREE CONCENT :( PAGE NO.5 WITH EXAMPLE)
9. PARTIES CONSIDERATION: It is also essentials of valid contract
When at the wish of the promise. The promissory does or steps fro
Doing any act or promise.
10. Lawful CONSIDERATION :( PAGE NO.4 WITH EXAMPLE)
11. COMPETENCY OF THE PARTY: Only competent parties can into
The contract, According to contract act following persons is
Competent.
A) Any one the age of majority.
b) Who is sound mind?
c) Who is not disqualified to enter into the contract?
12. POSSIBLITY OF PERFORANCE :( PAGE NO.6 WITH EXAMPLE)
13. CERTAINTY OF TERMS & DEFINITE: It must be clear if the
Performance of the contract is not possible when it will not be a void
Contract. (PAGE NO.6 WITH EXAMPLE)
14. DICLEARED VOID: It is also essentials the agreements must
Happened declared void by any law of country.
A) Agreement of immoral acts.
b) Agreement wills both parties are under-mistake.
c) Agreement to stop the trade.
D) Agreement to stop legally proceedings.
E) Agreement to due an act which is possible.
F) Agreement to stop the marriage of any person.
G) Agreement by way of bet.

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