Ca Nannu Mia's Note
Business and Commercial Law. (Knowledge Level).
2010.
Bismillahir Rahmanir Rahim.
Business and Commercial Law.
Knowledge Level.
M. Nannu Mian (A. Qasem & Co).
Page 1
Business and Commercial Law. (Knowledge Level).
2010.
contents
Sl.No
O1. 02. 03. 04. 05. 06.
Act
The Contract and Agency Act------------1872. The Sales of Goods Act---------------------1930. The Partnership Act------------------------1932. The Negotiable Instrument Act-----------1881. The Bankruptcy Act------------------------1997. The Arbitration Act-------------------------2001.
Page
3-24 25-31 32-41 42-48 49-50 51-52
M. Nannu Mian (A. Qasem & Co).
Page 2
Business and Commercial Law. (Knowledge Level).
2010.
Contract Act 1872.
1. What is contract?
An agreement enforceable by law is a contract. Therefore in a contract there must be â i). an agreement ii). the agreement must be enforceable by law. There some agreements like an agreement to play cards or to go to a cinema, which cannot be enforced through the courts of law, are not contract. So an agreement, which can be enforced through the courts of law, is called a contract.
2. What are the elements of a contract?
An agreement becomes enforceable by law when it fulfills certain conditions. These conditions, which may be called the essential elements of a contract, are explained hereunder:i). Offer and acceptance ii). Intention to create legal relationship iii). Lawful consideration iv). Capacity of the parties v). Free consent vi). Legality of the object vii). Certainty viii). Possibility of performance ix). Void agreement x). Writing, registration and legal formalities.
3. Definition of acceptance & proposal.
Proposal: When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal. Offer: A proposal is also called an offer. The promisor or the person making the offer is called offeror. The
2010.
Bismillahir Rahmanir Rahim.
Business and Commercial Law.
Knowledge Level.
M. Nannu Mian (A. Qasem & Co).
Page 1
Business and Commercial Law. (Knowledge Level).
2010.
contents
Sl.No
O1. 02. 03. 04. 05. 06.
Act
The Contract and Agency Act------------1872. The Sales of Goods Act---------------------1930. The Partnership Act------------------------1932. The Negotiable Instrument Act-----------1881. The Bankruptcy Act------------------------1997. The Arbitration Act-------------------------2001.
Page
3-24 25-31 32-41 42-48 49-50 51-52
M. Nannu Mian (A. Qasem & Co).
Page 2
Business and Commercial Law. (Knowledge Level).
2010.
Contract Act 1872.
1. What is contract?
An agreement enforceable by law is a contract. Therefore in a contract there must be â i). an agreement ii). the agreement must be enforceable by law. There some agreements like an agreement to play cards or to go to a cinema, which cannot be enforced through the courts of law, are not contract. So an agreement, which can be enforced through the courts of law, is called a contract.
2. What are the elements of a contract?
An agreement becomes enforceable by law when it fulfills certain conditions. These conditions, which may be called the essential elements of a contract, are explained hereunder:i). Offer and acceptance ii). Intention to create legal relationship iii). Lawful consideration iv). Capacity of the parties v). Free consent vi). Legality of the object vii). Certainty viii). Possibility of performance ix). Void agreement x). Writing, registration and legal formalities.
3. Definition of acceptance & proposal.
Proposal: When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal. Offer: A proposal is also called an offer. The promisor or the person making the offer is called offeror. The