Scribd Logo
Upload

Welcome to Scribd!

  • 18 views

    Business Law Unit 1

    Uploaded by

    Aparna Sinha Shukla
    BBA FROM CSJMU NOTES OF SECOND-YEAR BUSINESS LAW.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Business Law Unit 1

    Uploaded by

    Aparna Sinha Shukla
    18 views21 pages
    BBA FROM CSJMU NOTES OF SECOND-YEAR BUSINESS LAW.

    Original Title

    BUSINESS LAW UNIT 1

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    BBA FROM CSJMU NOTES OF SECOND-YEAR BUSINESS LAW.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    18 views21 pages

    Business Law Unit 1

    Uploaded by

    Aparna Sinha Shukla
    BBA FROM CSJMU NOTES OF SECOND-YEAR BUSINESS LAW.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 21

    SUBJECT: BUSINESS LAW

    SEMESTER:3

    UNIT 1: THE INDIAN CONTRACT, 1872


    A
    C
    C
    E
    AC
    CE
    PT
    LE
    P
    PR
    ED
    GA
    OP
    LPR
    OS
    OP
    EN
    T
    AL/
    OS
    RC
    FO
    ALL/
    OF
    EA
    FE
    BI
    AG
    RT
    YITRE
    A
    EM
    EN
    T

    N
    C
    E

    C
    O
    N
    T
    R
    A
    C
    T

    Contract Act
    The Indian Contract Act, 1872 defines the term “Contract” under its section 2 (h) as “An agreement
    enforceable by law”.

    This definition has two major elements in it viz – “agreement” and “enforceable by law”.

    Agreement
    In section 2 (e), the Act defines the term agreement as “every promise and every set of promises, forming
    the consideration for each other”.

    Agreement = Offer + Acceptance.

    Promise
    The Act in its section 2(b) defines the term “promise” here as: “when the person to whom the proposal is
    made signifies his assent thereto, the proposal becomes an accepted proposal. A proposal when accepted,
    becomes a promise”.
    How a Contract is formed? Offer + acceptance = Promise

    Promise + consideration = Agreement

    Agreement + enforceable by law = Contract

    DIFFERENCE BETWEEN CONTRACT & AGREEMENT

    Contract Agreement

    A promise or a number of promises


    A contract is an agreement that is that are not contradicting and are
    enforceable by law. accepted by the parties involved is
    an agreement.

    An agreement must be socially


    A contract is only legally
    acceptable. It may or may not be
    enforceable.
    enforceable by the law.

    A contract has to create some legal An agreement doesn’t create any


    obligation. legal obligations.

    An agreement may or may not be a


    All contracts are also agreements.
    contract.

    TYEPES OF CONTRACT
    ESSENTIAL ELEMENTS OF VALID CONTRACT
    QUASI CONTRACT
    BREACH OF CONTRACT
    TYPES OF BREACH OF CONTRACT
    REMEDIES OF BREACH OF CONTRACT

    You might also like