BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO. 17 ( PERFORMANCE OF CONTRACT OF SALE)
SECTION 31
DElivery of goods
Mode of Delivery ( 1 to 3 )
Rules of delivery of goods ( 1 to 17 )
Rights of delivery ( 1 to 10 )
Duties of the Buyer ( 1 to 8 )
page no 188 to 194 of book is the most imporatnt & much best Question with Answer with Examples and there are 5 question with Answer this answer accordings to your course and papers
Wednesday, March 18, 2009
CHAPTER NO. 15 (CONDITION AND WARRANTIES)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO. 15 (CONDITION AND WARRANTIES)
SECTION 12(2)
Diffination of condition
Diffination of Warranty
Different between Condition and Warranties
Condition treated as warranty( 1 to 2)
Express and implied Conditions and Warranties
Implied (1 to 8)
Implied Warranties ( 1 to 4)
Doctrine of Ceveat Emptor
Exception ( 1 to 8)
page no 171 to 179 of book is the most imporatnt & much best Question with Answer with Examples and there are 7 question with Answer this answer accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO. 15 (CONDITION AND WARRANTIES)
SECTION 12(2)
Diffination of condition
Diffination of Warranty
Different between Condition and Warranties
Condition treated as warranty( 1 to 2)
Express and implied Conditions and Warranties
Implied (1 to 8)
Implied Warranties ( 1 to 4)
Doctrine of Ceveat Emptor
Exception ( 1 to 8)
page no 171 to 179 of book is the most imporatnt & much best Question with Answer with Examples and there are 7 question with Answer this answer accordings to your course and papers
CHAPTER NO. 22 ( NEGOTIATION OF NEGOTIABLE INSTRUMENTS)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO. 22 ( NEGOTIATION OF NEGOTIABLE INSTRUMENTS)
Transfer by negotiation
Modes of negotiation ( 1 to 2)
Duration of negotiabilities
Endorsement
sec:15
diffenation
essentials of valid Endorsement
kinds of endorsement
( 1 to 7)
cancellation of endorcement
Negotiation Back
Instruments Obtained by Unlawful means
( 1 to 7 )
page no 238 to 244 of book is the most imporatnt & much best Question with Answer with Examples and there are 12 question with Answer this answer accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO. 22 ( NEGOTIATION OF NEGOTIABLE INSTRUMENTS)
Transfer by negotiation
Modes of negotiation ( 1 to 2)
Duration of negotiabilities
Endorsement
sec:15
diffenation
essentials of valid Endorsement
kinds of endorsement
( 1 to 7)
cancellation of endorcement
Negotiation Back
Instruments Obtained by Unlawful means
( 1 to 7 )
page no 238 to 244 of book is the most imporatnt & much best Question with Answer with Examples and there are 12 question with Answer this answer accordings to your course and papers
CHAPTER NO. 17 ( PERFORMANCE OF CONTRACT OF SALE)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO. 17 ( PERFORMANCE OF CONTRACT OF SALE)
SECTION 31
DElivery of goods
Mode of Delivery ( 1 to 3 )
Rules of delivery of goods ( 1 to 17 )
Rights of delivery ( 1 to 10 )
Duties of the Buyer ( 1 to 8 )
page no 188 to 194 of book is the most imporatnt & much best Question with Answer with Examples and there are 5 question with Answer this answer accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO. 17 ( PERFORMANCE OF CONTRACT OF SALE)
SECTION 31
DElivery of goods
Mode of Delivery ( 1 to 3 )
Rules of delivery of goods ( 1 to 17 )
Rights of delivery ( 1 to 10 )
Duties of the Buyer ( 1 to 8 )
page no 188 to 194 of book is the most imporatnt & much best Question with Answer with Examples and there are 5 question with Answer this answer accordings to your course and papers
CHAPTER NO. 15 (CONDITION AND WARRANTIES)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO. 15 (CONDITION AND WARRANTIES)
SECTION 12(2)
Diffination of condition
Diffination of Warranty
Different between Condition and Warranties
Condition treated as warranty( 1 to 2)
Express and implied Conditions and Warranties
Implied (1 to 8)
Implied Warranties ( 1 to 4)
Doctrine of Ceveat Emptor
Exception ( 1 to 8)
page no 171 to 179 of book is the most imporatnt & much best Question with Answer with Examples and there are 7 question with Answer this answer accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO. 15 (CONDITION AND WARRANTIES)
SECTION 12(2)
Diffination of condition
Diffination of Warranty
Different between Condition and Warranties
Condition treated as warranty( 1 to 2)
Express and implied Conditions and Warranties
Implied (1 to 8)
Implied Warranties ( 1 to 4)
Doctrine of Ceveat Emptor
Exception ( 1 to 8)
page no 171 to 179 of book is the most imporatnt & much best Question with Answer with Examples and there are 7 question with Answer this answer accordings to your course and papers
CHAPTER NO. 12 (BAILMENT AND PLEDGE)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO. 12 (BAILMENT AND PLEDGE)
Kinds of Bailment
1) Benefit
a)For the benefit of the bailor
b) For the benefit of bailee
c) For the benefit of the bailor & bailee
2)REwards
a)Bailment without Rewards
b)Bailment for Rewrds
( see page no. 130 -131 of book- headings & examples)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO. 12 (BAILMENT AND PLEDGE)
Kinds of Bailment
1) Benefit
a)For the benefit of the bailor
b) For the benefit of bailee
c) For the benefit of the bailor & bailee
2)REwards
a)Bailment without Rewards
b)Bailment for Rewrds
( see page no. 130 -131 of book- headings & examples)
CHAPTER NO. 12 (BAILMENT AND PLEDGE)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO. 12 (BAILMENT AND PLEDGE)
( PLEDGE)
SECTION 172
page no 140 TO 146 of book is the most imporatnt & much best Question with Answer with Examples and there are 8 question with Answer this answer accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO. 12 (BAILMENT AND PLEDGE)
( PLEDGE)
SECTION 172
page no 140 TO 146 of book is the most imporatnt & much best Question with Answer with Examples and there are 8 question with Answer this answer accordings to your course and papers
CHAPTER NO. 12 (BAILMENT AND PLEDGE)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO. 12 (BAILMENT AND PLEDGE)
page no 131 to 140 of book is the most imporatnt & much best Question with Answer with Examples and there are 8 question with Answer this answer accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO. 12 (BAILMENT AND PLEDGE)
page no 131 to 140 of book is the most imporatnt & much best Question with Answer with Examples and there are 8 question with Answer this answer accordings to your course and papers
CHAPTER NO. 12 (BAILMENT AND PLEDGE)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO. 12 (BAILMENT AND PLEDGE)
Section 148
( Meanings and Defination )
( see page no.128 - headings with examples)
Essentials of Bailment contract)
( see page no. 128 to 130- headings with examples)
1) Contarct
2) Specific Purpose
3)Delivery of Goods
4)No chnges of Ownership
5_)Return of same Goods
(KHALID MAHMOOD CHEEMA)
CHAPTER NO. 12 (BAILMENT AND PLEDGE)
Section 148
( Meanings and Defination )
( see page no.128 - headings with examples)
Essentials of Bailment contract)
( see page no. 128 to 130- headings with examples)
1) Contarct
2) Specific Purpose
3)Delivery of Goods
4)No chnges of Ownership
5_)Return of same Goods
CHAPTER NO.36 (LAW OF TRUST)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.36 (LAW OF TRUST)
ACT 1882, SECTION 3
386 TO 396
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.36 (LAW OF TRUST)
ACT 1882, SECTION 3
386 TO 396
CHAPTER NO.35 ( LAW OF INSURANCE)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.35 ( LAW OF INSURANCE)
INSURANCE ORDINANCE 2000
367 TO 384
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.35 ( LAW OF INSURANCE)
INSURANCE ORDINANCE 2000
367 TO 384
CHAPTER NO.34 ( LAW OF PARTNER SHIP)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.34 ( LAW OF PARTNER SHIP)
Ideal parntnership
1)Mutual understanding
2)Common purpose
3)Good faith
4)Sufficient capital
5)Long Duration
6)Number of partners
7)Written ageement
8)Registation
(see page no.346 of book -heading and example , it's a best deffination relate to your course and papers)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.34 ( LAW OF PARTNER SHIP)
Ideal parntnership
1)Mutual understanding
2)Common purpose
3)Good faith
4)Sufficient capital
5)Long Duration
6)Number of partners
7)Written ageement
8)Registation
(see page no.346 of book -heading and example , it's a best deffination relate to your course and papers)
CHAPTER NO.34 ( LAW OF PARTNER SHIP)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.34 ( LAW OF PARTNER SHIP)
FORMATION OF PARTNERSHIP
PARTNERSHIP DEED
TYPES OF PARTNERSHIP
REGISTRATION OF FIRMS
EFFECTS OF NON- REGISTRATION
EXCEPTIONS
aDVANTAGES OF REGISTRATION
RELATION OF PARTNERSHIP
DUTIES OF PARTNERSHIP
LIABILITIES OF PARTNERS
IMPLIED AUTHORITY OF PARTNER
NO IMPLIED OF AUTHORITY
RECOSTITUTION OF FIRM
DISSOLUTION OF FIRM
CONSEQUENCE OF DISSOLUTION
LIABILITIES OF PARTNERS ON DISSOLUTION
COMING SOON.......
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.34 ( LAW OF PARTNER SHIP)
FORMATION OF PARTNERSHIP
PARTNERSHIP DEED
TYPES OF PARTNERSHIP
REGISTRATION OF FIRMS
EFFECTS OF NON- REGISTRATION
EXCEPTIONS
aDVANTAGES OF REGISTRATION
RELATION OF PARTNERSHIP
DUTIES OF PARTNERSHIP
LIABILITIES OF PARTNERS
IMPLIED AUTHORITY OF PARTNER
NO IMPLIED OF AUTHORITY
RECOSTITUTION OF FIRM
DISSOLUTION OF FIRM
CONSEQUENCE OF DISSOLUTION
LIABILITIES OF PARTNERS ON DISSOLUTION
COMING SOON.......
CHAPTER NO.34 ( LAW OF PARTNER SHIP)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.34 ( LAW OF PARTNER SHIP)
KINDS OF PARTNERS
1)Active partner
2)Sleeping (dormant) partner
3)Noinal partner
4)Senior partner
5)Junior partner
6)partner of profits only
7)Secret partner
8))Minor partner
9)Silent partner
(see page no.347 of book -heading and example , it's a best deffination relate to your course and papers)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.34 ( LAW OF PARTNER SHIP)
KINDS OF PARTNERS
1)Active partner
2)Sleeping (dormant) partner
3)Noinal partner
4)Senior partner
5)Junior partner
6)partner of profits only
7)Secret partner
8))Minor partner
9)Silent partner
(see page no.347 of book -heading and example , it's a best deffination relate to your course and papers)
CHAPTER NO.34 ( LAW OF PARTNER SHIP)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.34 ( LAW OF PARTNER SHIP)
SECTION 3 .1932
MEANINGS AND DEFINATION
usa partenership law
Dr. Wiiliam R. Spriegel
Kimball and kimball
Prof. Haney
Partnership act sec. 4
Charactistics
1)Legal entity
2_)Aggrement
3)Number of partners
4)Existence of business
5)Sharing of profits
6)Mutual agency
7)Unlimited liabilities
8)Capital
9)Utmost goods faith
10)Management
11)Control
12)Transfer of interest
13)Duration
Tests of partnership
partner
firm
Firm's Name
page no 342 to 346 of book is the most imporatnt & much best Question with Answer with Examples , accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.34 ( LAW OF PARTNER SHIP)
SECTION 3 .1932
MEANINGS AND DEFINATION
usa partenership law
Dr. Wiiliam R. Spriegel
Kimball and kimball
Prof. Haney
Partnership act sec. 4
Charactistics
1)Legal entity
2_)Aggrement
3)Number of partners
4)Existence of business
5)Sharing of profits
6)Mutual agency
7)Unlimited liabilities
8)Capital
9)Utmost goods faith
10)Management
11)Control
12)Transfer of interest
13)Duration
Tests of partnership
partner
firm
Firm's Name
page no 342 to 346 of book is the most imporatnt & much best Question with Answer with Examples , accordings to your course and papers
CHAPTER NO.31 (PAYMENTS OF WAGES)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.31 (PAYMENTS OF WAGES)
page no 317 to 322 of book is the most imporatnt & much best Question with Answer with Examples , accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.31 (PAYMENTS OF WAGES)
page no 317 to 322 of book is the most imporatnt & much best Question with Answer with Examples , accordings to your course and papers
CHAPTER NO.27 (CARRIAGE OF GOODS BY AIR)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.27 (CARRIAGE OF GOODS BY AIR)
272 to 274
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.27 (CARRIAGE OF GOODS BY AIR)
272 to 274
CHAPTER NO.26 ( CARRIAGE OF GOODS BY SEA)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.26 ( CARRIAGE OF GOODS BY SEA)
act 1925
Contract of Affreighment
Charter PArty
KINDS of chrter paty
(1 -3)
Clause of a Charter party
(1-14)
Implied Warranties
Effects of Breach
Mate's Receipt
Bill of lading
KINDS of bill of ladings
(1- 3)
Feature
duties
liabilities
rights
1-3
page no 266 to 271 of book is the most imporatnt & much best Question with Answer with Examples . accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.26 ( CARRIAGE OF GOODS BY SEA)
act 1925
Contract of Affreighment
Charter PArty
KINDS of chrter paty
(1 -3)
Clause of a Charter party
(1-14)
Implied Warranties
Effects of Breach
Mate's Receipt
Bill of lading
KINDS of bill of ladings
(1- 3)
Feature
duties
liabilities
rights
1-3
page no 266 to 271 of book is the most imporatnt & much best Question with Answer with Examples . accordings to your course and papers
CHAPTER NO.25 ( CARRIAGE OF GOODS BY LAND)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.25 ( CARRIAGE OF GOODS BY LAND)
RAILWAYS AS A CARRIER
1890, SEC: 3
defination
forwarding note
railway receipt
DUTIES OF RAILWAY ADMINISTRATION
1) Duty to provide facilities
2)Duty to treat equally
3)Duty to follow directions
LIABILITIES OF RAILWAY ADMINISTATION
LIability at Railway's risk
LIability at owner's risk
LIability for delay detention in tansit
LIability for wrong delivery
LIability after termination of transit
LIability as a carrier of Animals
LIability in carrier of passengers luggage
LIability in Articles of special value
LIability in case of Accident of passenger
LIability in case accident of a person other than passenger
responsibilities in case of goods falsely described
Notification of cliams
page no 262 to 265 of book is the most imporatnt & much best Question with Answer with Examples . accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.25 ( CARRIAGE OF GOODS BY LAND)
RAILWAYS AS A CARRIER
1890, SEC: 3
defination
forwarding note
railway receipt
DUTIES OF RAILWAY ADMINISTRATION
1) Duty to provide facilities
2)Duty to treat equally
3)Duty to follow directions
LIABILITIES OF RAILWAY ADMINISTATION
LIability at Railway's risk
LIability at owner's risk
LIability for delay detention in tansit
LIability for wrong delivery
LIability after termination of transit
LIability as a carrier of Animals
LIability in carrier of passengers luggage
LIability in Articles of special value
LIability in case of Accident of passenger
LIability in case accident of a person other than passenger
responsibilities in case of goods falsely described
Notification of cliams
page no 262 to 265 of book is the most imporatnt & much best Question with Answer with Examples . accordings to your course and papers
CHAPTER NO.25 ( CARRIAGE OF GOODS BY LAND)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.25 ( CARRIAGE OF GOODS BY LAND)
act 1865
Defination
kinds of carreir
common carrier
features
a)common carrier
b)for hire
cc)regular business
d) inland navigation
e)All persons indiscriminately
Exception
PRIVATE CARRIER
Rights of common carrier
1)Right to get remmunication
2)Rights to ertain
3)Rights to sue
4)Rights to recover expenses
5) Rights to recover damages
6) Rights to sell
7) Rights to consession
8)Rights to refuse to carry goods
9)Rights to limit his liabilities
DUTIES OF COMMON CARRIER
1)duty to carry goods
2)duty to received goods
3_)duty to follow route
4)duty to delivered the goods
5)duty to carry goods sefely
6)duty to provide suitable carrier
7)duty to deliver at proper place
8) duty to delivered to Right person
9_duty to obey instruction
LIABILITIES OF A CAMMON CARRIER
1) Under english common law
a)The act of goods
b)Enemies of the state
c)Inherent defect
d)Defective paking
e)Fraud of fault of consignor
2)Under carrier act 1865
a)Liabilities in respect of scheduled goods
b)Liabilities in respect of non-schduled goods
c)Liabilities in case of criminal act
page no 256 to 262 of book is the most imporatnt & much best Question with Answer with Examples, accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.25 ( CARRIAGE OF GOODS BY LAND)
act 1865
Defination
kinds of carreir
common carrier
features
a)common carrier
b)for hire
cc)regular business
d) inland navigation
e)All persons indiscriminately
Exception
PRIVATE CARRIER
Rights of common carrier
1)Right to get remmunication
2)Rights to ertain
3)Rights to sue
4)Rights to recover expenses
5) Rights to recover damages
6) Rights to sell
7) Rights to consession
8)Rights to refuse to carry goods
9)Rights to limit his liabilities
DUTIES OF COMMON CARRIER
1)duty to carry goods
2)duty to received goods
3_)duty to follow route
4)duty to delivered the goods
5)duty to carry goods sefely
6)duty to provide suitable carrier
7)duty to deliver at proper place
8) duty to delivered to Right person
9_duty to obey instruction
LIABILITIES OF A CAMMON CARRIER
1) Under english common law
a)The act of goods
b)Enemies of the state
c)Inherent defect
d)Defective paking
e)Fraud of fault of consignor
2)Under carrier act 1865
a)Liabilities in respect of scheduled goods
b)Liabilities in respect of non-schduled goods
c)Liabilities in case of criminal act
page no 256 to 262 of book is the most imporatnt & much best Question with Answer with Examples, accordings to your course and papers
CHAPTER NO.24 ( BANKERS AND CUSTOMER)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.24 ( BANKERS AND CUSTOMER)
When Banker must Dishonour the cheaque
1)when Customer Counterands payment
2)Ganished the order
3)Death , insolvency or insanty of the customer
4)Notice of Assigment
5)Defective title of the party
6)Loss of cheaque
7)When the cheaque is irregular
8)Closing of account
When Banker may dishonour the cheaque
page no 253 to 255 of book is the most imporatnt & much best Question with Answer with Examples and there are 2 question with Answer this answer accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.24 ( BANKERS AND CUSTOMER)
When Banker must Dishonour the cheaque
1)when Customer Counterands payment
2)Ganished the order
3)Death , insolvency or insanty of the customer
4)Notice of Assigment
5)Defective title of the party
6)Loss of cheaque
7)When the cheaque is irregular
8)Closing of account
When Banker may dishonour the cheaque
page no 253 to 255 of book is the most imporatnt & much best Question with Answer with Examples and there are 2 question with Answer this answer accordings to your course and papers
CHAPTER NO.24 ( BANKERS AND CUSTOMER)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.24 ( BANKERS AND CUSTOMER)
Banker: sec: 3-b
Banker means a person transaction the business of acceptance for the purpose of lendings, o inestement of deposits of oney from the public repayable on demand or otherwise. and withdrawable by the cheaqye, draft, or otherwise, and include any post office saving Bank.
Customer:The term customer of Bank is not defined, anywhere, Ordinarily a person who has an account in a bank is said to be a customer of the bank,
Rights and Obligation of the banker,
Protection to the Banker
a) Protection in case of order cheaques
b)Protection in case of Bearer cheaques
c)Protection in case of Dafts
d) no Protection in Forged Signature
Protection to the Colleccting Banker
page no 252-253 of book is the most imporatnt & much best Question with Answer , accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.24 ( BANKERS AND CUSTOMER)
Banker: sec: 3-b
Banker means a person transaction the business of acceptance for the purpose of lendings, o inestement of deposits of oney from the public repayable on demand or otherwise. and withdrawable by the cheaqye, draft, or otherwise, and include any post office saving Bank.
Customer:The term customer of Bank is not defined, anywhere, Ordinarily a person who has an account in a bank is said to be a customer of the bank,
Rights and Obligation of the banker,
Protection to the Banker
a) Protection in case of order cheaques
b)Protection in case of Bearer cheaques
c)Protection in case of Dafts
d) no Protection in Forged Signature
Protection to the Colleccting Banker
page no 252-253 of book is the most imporatnt & much best Question with Answer , accordings to your course and papers
CHAPTER NO.21 ( PRESENTMENT OF NEGOTIABLE INTRUMENTS)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.21 ( PRESENTMENT OF NEGOTIABLE INTRUMENTS)
page no 232 TO 237 of book is the most imporatnt & much best Question with Answer with Examples and there are 8 question with Answer this answer accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.21 ( PRESENTMENT OF NEGOTIABLE INTRUMENTS)
page no 232 TO 237 of book is the most imporatnt & much best Question with Answer with Examples and there are 8 question with Answer this answer accordings to your course and papers
CHAPTER NO.20 ( PARTIES TO A NEGOTIABLE INSTRUMENT)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.20 ( PARTIES TO A NEGOTIABLE INSTRUMENT)
HOLDERS
section 8:
Condition ( 1 to 4)
Holders in due course
condition
( 1 to 5 )
Privilages( 1 to 9 )
Joint holders
Drawee in case of need
sec:7
Acceptor for Honour
Capacity of parties
(1 to 7 )
Liabilities of parties
( 1 to 9 )
page no 223 to 230 of book is the most imporatnt & much best Question with Answer with Examples and there are 8 question with Answer this answer accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.20 ( PARTIES TO A NEGOTIABLE INSTRUMENT)
HOLDERS
section 8:
Condition ( 1 to 4)
Holders in due course
condition
( 1 to 5 )
Privilages( 1 to 9 )
Joint holders
Drawee in case of need
sec:7
Acceptor for Honour
Capacity of parties
(1 to 7 )
Liabilities of parties
( 1 to 9 )
page no 223 to 230 of book is the most imporatnt & much best Question with Answer with Examples and there are 8 question with Answer this answer accordings to your course and papers
CHAPTER NO.19 ( NEGOTIABLE INSTRUMENTS )
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.19 ( NEGOTIABLE INSTRUMENTS )
ACT1881,
it comes into force on 1st March 1882 , This act does not affect the provisions of section 24, 33, and 35. of the State Bank of pakistan act 1956
{ sec: 1 (A)
Defination
Charactistics ( 1 to 6 )
Promisery notes
defination
sec: 4
Essentials ( 1 to 9 )
Important points
Bill of Exchange
defination
sec:5
Essentials ( 1 to 8 )
important points
Difference between pronotes and a bill of Exchnged
Cheaque
defination
sec:6
Essentials
( 1 to 6 )
Types of Cheaque
( 1 to 2 )
CRossing of a cheaque
Types of crossing cheaque
( 1 to 2 )
Classifcation of Negotiable Instruments
( 1 to 18 )
Maturity of Negotiable Instruments
( calculation of date maturity
Payments i due course
( 1 to 4)
page no 202 to 221 of book is the most imporatnt & much best Question with Answer with Examples and there are 12 question with Answer this answer accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.19 ( NEGOTIABLE INSTRUMENTS )
ACT1881,
it comes into force on 1st March 1882 , This act does not affect the provisions of section 24, 33, and 35. of the State Bank of pakistan act 1956
{ sec: 1 (A)
Defination
Charactistics ( 1 to 6 )
Promisery notes
defination
sec: 4
Essentials ( 1 to 9 )
Important points
Bill of Exchange
defination
sec:5
Essentials ( 1 to 8 )
important points
Difference between pronotes and a bill of Exchnged
Cheaque
defination
sec:6
Essentials
( 1 to 6 )
Types of Cheaque
( 1 to 2 )
CRossing of a cheaque
Types of crossing cheaque
( 1 to 2 )
Classifcation of Negotiable Instruments
( 1 to 18 )
Maturity of Negotiable Instruments
( calculation of date maturity
Payments i due course
( 1 to 4)
page no 202 to 221 of book is the most imporatnt & much best Question with Answer with Examples and there are 12 question with Answer this answer accordings to your course and papers
CHAPTER NO.18 ( RIGHTS OF UNPAID SELLER)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.18 ( RIGHTS OF UNPAID SELLER)
SECTION 45
Defination of unpaid seller
Feature of unpaid seller
Rights of an unpaid seller ( 1 to 2 )
Buter's rights against for non-delivery ( 1to 5)
Auction sale
ules regardings Auction sale ( 1 to 9 )
page no 193 to 200 of book is the most imporatnt & much best Question with Answer with Examples and there are 5 question with Answer this answer accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.18 ( RIGHTS OF UNPAID SELLER)
SECTION 45
Defination of unpaid seller
Feature of unpaid seller
Rights of an unpaid seller ( 1 to 2 )
Buter's rights against for non-delivery ( 1to 5)
Auction sale
ules regardings Auction sale ( 1 to 9 )
page no 193 to 200 of book is the most imporatnt & much best Question with Answer with Examples and there are 5 question with Answer this answer accordings to your course and papers
CHAPTER NO.16 (TRANSFER OF PROPERTY
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.16 (TRANSFER OF PROPERTY
SECTION 18
( 1 TO 8 )
Sale by Non-Owner
exception ( 1 to 10 )
page no 181 to 187 of book is the most imporatnt & much best Question with Answer with Examples and there are 2 question with Answer this answer accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.16 (TRANSFER OF PROPERTY
SECTION 18
( 1 TO 8 )
Sale by Non-Owner
exception ( 1 to 10 )
page no 181 to 187 of book is the most imporatnt & much best Question with Answer with Examples and there are 2 question with Answer this answer accordings to your course and papers
CHAPTER NO.14 (Contract of Sales of Goods)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.14 (Contract of Sales of Goods)
section 66 act 1930
Sale of Goods act
Defination of contract of sale
Essentials of a contract of sale (1 to 7 )
Different between sale & agreement to sell
kinds of goods (1 to 3)
Destruction of goods(1 to 3)
Fixation of price
Mode of fixation the price ( 1 to 4)
page no 163 to 170 of book is the most imporatnt & much best Question with Answer with Examples and there are 6 question with Answer this answer accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.14 (Contract of Sales of Goods)
section 66 act 1930
Sale of Goods act
Defination of contract of sale
Essentials of a contract of sale (1 to 7 )
Different between sale & agreement to sell
kinds of goods (1 to 3)
Destruction of goods(1 to 3)
Fixation of price
Mode of fixation the price ( 1 to 4)
page no 163 to 170 of book is the most imporatnt & much best Question with Answer with Examples and there are 6 question with Answer this answer accordings to your course and papers
CHAPTER NO.13 (cONTRACT OF AGENCY)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.13 (cONTRACT OF AGENCY)
SECTION 182
AGENT AND PRINCIPAL
ESSENTIALS OF AGENCY ( 1 TO 5)
TEST OF AGENCY
PURPOSE OF AGENCY
GENERAL RULES OF AGENCY
KINDS OF AGENTS ( 1 TO 12)
CREATION OF AGENCY ( 1TO 4)
DUTIES OF AGENCY ( 1 TO 9 )
RIGHTS OF AGENTS ( 1 TO 7 )
RIGHTS OF PRINCIPAL (1 TO 3)
DUTIES OF PRINCIPAL ( 1 TO 4)
TERMINATION OF AGENCY ( 1 TO 11)
page no 147 TO 161 of book is the most imporatnt & much best Question with Answer with Examples and there are 11 question with Answer this answer accordings to your course and papers
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.13 (cONTRACT OF AGENCY)
SECTION 182
AGENT AND PRINCIPAL
ESSENTIALS OF AGENCY ( 1 TO 5)
TEST OF AGENCY
PURPOSE OF AGENCY
GENERAL RULES OF AGENCY
KINDS OF AGENTS ( 1 TO 12)
CREATION OF AGENCY ( 1TO 4)
DUTIES OF AGENCY ( 1 TO 9 )
RIGHTS OF AGENTS ( 1 TO 7 )
RIGHTS OF PRINCIPAL (1 TO 3)
DUTIES OF PRINCIPAL ( 1 TO 4)
TERMINATION OF AGENCY ( 1 TO 11)
page no 147 TO 161 of book is the most imporatnt & much best Question with Answer with Examples and there are 11 question with Answer this answer accordings to your course and papers
CHAPTER NO.11 (INDEMNITY AND GUARANTEE)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.11 (INDEMNITY AND GUARANTEE)
Discharged of Surity from liabilities:
1) Notice of revocation
2)Death of surity
3)Change in terms of contract
4)Release or discharged of prinicipal debtor
5)Arrangeent with out surety's consent
6)Creditor's act or omision
7)Loss of securities
8)Invalidation of the contract of guarantee
(see page no. 123 to 125 of book - headings with exampls)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.11 (INDEMNITY AND GUARANTEE)
Discharged of Surity from liabilities:
1) Notice of revocation
2)Death of surity
3)Change in terms of contract
4)Release or discharged of prinicipal debtor
5)Arrangeent with out surety's consent
6)Creditor's act or omision
7)Loss of securities
8)Invalidation of the contract of guarantee
(see page no. 123 to 125 of book - headings with exampls)
CHAPTER NO.11 (INDEMNITY AND GUARANTEE)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.11 (INDEMNITY AND GUARANTEE)
Contract of Guarantee
section 126
(see page 116 of book -headings with examples)
Essentials features
1) Secondary Contract
(see page 117 of book -headings with examples)
2)Consideration
(see page 117 of book -headings with examples)
3)Misrepresentation
(see page 117 of book -headings with examples)
4)Concealment
(see page 118 of book -headings with examples)
5)Writting not necessary
(see page 118 of book -headings with examples)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.11 (INDEMNITY AND GUARANTEE)
Contract of Guarantee
section 126
(see page 116 of book -headings with examples)
Essentials features
1) Secondary Contract
(see page 117 of book -headings with examples)
2)Consideration
(see page 117 of book -headings with examples)
3)Misrepresentation
(see page 117 of book -headings with examples)
4)Concealment
(see page 118 of book -headings with examples)
5)Writting not necessary
(see page 118 of book -headings with examples)
CHAPTER NO.11 (INDEMNITY AND GUARANTEE)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.11 (INDEMNITY AND GUARANTEE)
RIGHTS
1) Rights against the creditors
(see page no.121 of book= headings with examples)
a)Right to securities
b) Right to cliam set-off
2)Rights against the principal debtor
(see page no. 122 of book= headings with examples)
a)Right of Subrogation
b)ARight of indemnity
3)Right against co-surities
(see page no.122 to 123 of book= headings with examples)
a)Similar amount
b)Different amount
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.11 (INDEMNITY AND GUARANTEE)
RIGHTS
1) Rights against the creditors
(see page no.121 of book= headings with examples)
a)Right to securities
b) Right to cliam set-off
2)Rights against the principal debtor
(see page no. 122 of book= headings with examples)
a)Right of Subrogation
b)ARight of indemnity
3)Right against co-surities
(see page no.122 to 123 of book= headings with examples)
a)Similar amount
b)Different amount
CHAPTER NO.11 (INDEMNITY AND GUARANTEE)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.11 (INDEMNITY AND GUARANTEE)
Kinds of guarantee
1) Specific Guarantee
(see page no. 120 of book -headings with examples)
2) Continuing guarantee
(see page no. -121 of book -headings with examples)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.11 (INDEMNITY AND GUARANTEE)
Kinds of guarantee
1) Specific Guarantee
(see page no. 120 of book -headings with examples)
2) Continuing guarantee
(see page no. -121 of book -headings with examples)
CHAPTER NO.11 (INDEMNITY AND GUARANTEE)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.11 (INDEMNITY AND GUARANTEE)
Contract of indemnity
section 124
(see page 115 -headings with example)
Essentials of Contract of indemnity
(see page 115 -headings with example)
Rights of Indemnity Holder
(see page 116 -headings with example)
Rights of Indemnifier
(see page 116 -headings with example)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.11 (INDEMNITY AND GUARANTEE)
Contract of indemnity
section 124
(see page 115 -headings with example)
Essentials of Contract of indemnity
(see page 115 -headings with example)
Rights of Indemnity Holder
(see page 116 -headings with example)
Rights of Indemnifier
(see page 116 -headings with example)
Suit for specific performance
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.10 (REMEDIES FOR BREACH OF CONTRACT)
Suit for specific performance
112
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.10 (REMEDIES FOR BREACH OF CONTRACT)
Suit for specific performance
112
CHAPTER NO.10 (REMEDIES FOR BREACH OF CONTRACT)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.10 (REMEDIES FOR BREACH OF CONTRACT)
Q. suit upon Quantum Meruit?
page no. 112
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.10 (REMEDIES FOR BREACH OF CONTRACT)
Q. suit upon Quantum Meruit?
page no. 112
CHAPTER NO.10 (REMEDIES FOR BREACH OF CONTRACT)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.10 (REMEDIES FOR BREACH OF CONTRACT)
KINDS OF DAMAGES
1)Ordinary damages sec:73
2)Special damages sec:73
3)Exemplary damages
4)Liqidated damages
5)Nominal damages
(see page no. 109 to 111 of books -headings with examples)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.10 (REMEDIES FOR BREACH OF CONTRACT)
KINDS OF DAMAGES
1)Ordinary damages sec:73
2)Special damages sec:73
3)Exemplary damages
4)Liqidated damages
5)Nominal damages
(see page no. 109 to 111 of books -headings with examples)
CHAPTER NO.10 (REMEDIES FOR BREACH OF CONTRACT)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.10 (REMEDIES FOR BREACH OF CONTRACT)
Q. What is the Breach contract? discuss its remedies available to an agrieved party?
When a party bracks the contract by refusing to performed his promise the breach of contract takes place.
Breach: Acording to section 75: when one of the party to a contract commits a breach of contract the other party is released from his obligations under the contract.
e.g: A contract to supply goods to B on 15 april & Bagrees to supply on the appointed date . ,B is dischareged from the liabilities to pay the price, even B can cliam the damages on A.
Remedies of Breach contract:
1) Suit for rescission
2) Suit for damages
( see page no. 109 of books- headings with exaples)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.10 (REMEDIES FOR BREACH OF CONTRACT)
Q. What is the Breach contract? discuss its remedies available to an agrieved party?
When a party bracks the contract by refusing to performed his promise the breach of contract takes place.
Breach: Acording to section 75: when one of the party to a contract commits a breach of contract the other party is released from his obligations under the contract.
e.g: A contract to supply goods to B on 15 april & Bagrees to supply on the appointed date . ,B is dischareged from the liabilities to pay the price, even B can cliam the damages on A.
Remedies of Breach contract:
1) Suit for rescission
2) Suit for damages
( see page no. 109 of books- headings with exaples)
CHAPTER NO.9 (DISCHARGED OF CONTRACT)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.9 (DISCHARGED OF CONTRACT)
DISCHARGED BY SUBSEQUENT IMPOSSIBLITY
Initial impossible
Subsequent impossible
Factors causing impossibility of performance
(a) Destruction of subject matter
(b)Failure of purpose
(c) Death or personal incapacity
(d) Change of law
(e) Declaration of war
( see page no. 103 to 105 of books- headings with examples)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.9 (DISCHARGED OF CONTRACT)
DISCHARGED BY SUBSEQUENT IMPOSSIBLITY
Initial impossible
Subsequent impossible
Factors causing impossibility of performance
(a) Destruction of subject matter
(b)Failure of purpose
(c) Death or personal incapacity
(d) Change of law
(e) Declaration of war
( see page no. 103 to 105 of books- headings with examples)
CHAPTER NO.9 (DISCHARGED OF CONTRACT)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.9 (DISCHARGED OF CONTRACT)
DISCHARED BY AGREEMENT
(a)Novation
(b)Alteration
(c) Rescision
(d) Remission
(e) Waiver
(see page no. 101 to 103 of book - headings with examples)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.9 (DISCHARGED OF CONTRACT)
DISCHARED BY AGREEMENT
(a)Novation
(b)Alteration
(c) Rescision
(d) Remission
(e) Waiver
(see page no. 101 to 103 of book - headings with examples)
CHAPTER NO.9 (DISCHARGED OF CONTRACT)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.9 (DISCHARGED OF CONTRACT)
Discharged by operation of law
(a) Insolvency
(b) Merger
(c) Material Alternation
( see page no. 105 -106 of book - headings with examples)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.9 (DISCHARGED OF CONTRACT)
Discharged by operation of law
(a) Insolvency
(b) Merger
(c) Material Alternation
( see page no. 105 -106 of book - headings with examples)
CHAPTER NO.9 (DISCHARGED OF CONTRACT)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.9 (DISCHARGED OF CONTRACT)
Discharged by laps of time 105
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.9 (DISCHARGED OF CONTRACT)
Discharged by laps of time 105
CHAPTER NO.9 (DISCHARGED OF CONTRACT)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.9 (DISCHARGED OF CONTRACT)
Discharged by breach of contract
(a) Actual breach
(b)Aticipatory breach
(i)Express breach
(ii)Implied breach
Effect of ananticipatory breach
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.9 (DISCHARGED OF CONTRACT)
Discharged by breach of contract
(a) Actual breach
(b)Aticipatory breach
(i)Express breach
(ii)Implied breach
Effect of ananticipatory breach
CHAPTER NO.9 (DISCHARGED OF CONTRACT)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.9 (DISCHARGED OF CONTRACT)
DISCHARED BY PERFORMANCE
(a) Actual performance
(b) Tender
Essentials os a valid tender
Effect of refusal
(see page no. 100 to 101 of books -headings with example_)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.9 (DISCHARGED OF CONTRACT)
DISCHARED BY PERFORMANCE
(a) Actual performance
(b) Tender
Essentials os a valid tender
Effect of refusal
(see page no. 100 to 101 of books -headings with example_)
CHAPTER NO.8 (PERFORMANCE OF CONTRACTS)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.8 (PERFORMANCE OF CONTRACTS)
1) Performance of a single promise (see page no. 88 to 90 -headings with example)
2)Performance of joint promise (see page no.90 to 92 -headings with example)
3)Assignment of contract (see page no.92 -headings with example)
4)reciprocal promise (see page no.93to 94 -headings with example)
5)Time and place of performance(see page no. 95 to 96 -headings with example)
6)Time as essence of contract (see page no.95 -headings with example)
7)Appropriation of payments (see page no.97 to 98 -headings with example)
8)Contracts need not be performed (see page no.98 to 99 -headings with example)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.8 (PERFORMANCE OF CONTRACTS)
1) Performance of a single promise (see page no. 88 to 90 -headings with example)
2)Performance of joint promise (see page no.90 to 92 -headings with example)
3)Assignment of contract (see page no.92 -headings with example)
4)reciprocal promise (see page no.93to 94 -headings with example)
5)Time and place of performance(see page no. 95 to 96 -headings with example)
6)Time as essence of contract (see page no.95 -headings with example)
7)Appropriation of payments (see page no.97 to 98 -headings with example)
8)Contracts need not be performed (see page no.98 to 99 -headings with example)
CHAPTER NO.7 (CONTIGENT AND QUASI CONTRACTS)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.7 (CONTIGENT AND QUASI CONTRACTS)
REsponsibilities/ duties/rights of finder of goods
page 85 86
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.7 (CONTIGENT AND QUASI CONTRACTS)
REsponsibilities/ duties/rights of finder of goods
page 85 86
CHAPTER NO.7 (CONTIGENT AND QUASI CONTRACTS)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.7 (CONTIGENT AND QUASI CONTRACTS)
Q. QUASI ( IMPLIED ) CONTRACT / ESSENTIALS / KINDS?
SECTION 68 -72
QUASI
KINDS OF IMPLIED CONTRACT
1)) SUPPLY OF NECESSARY
2)PAYMENT BY AN INTERSTED PERSON
3) lIABILITY TO PAY FOR NON - GRATUITION ACTS
(SEE PAGE NO. 83 TO 85 OF BOOK -HEADINGS WITH EXAMPLE)
4) GIFT OR PRESENT: in the gifts o presents are given any persons , it is willingness or desire , so in this case when you presents something to your feelings than you are not liable for ask of rewards .
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.7 (CONTIGENT AND QUASI CONTRACTS)
Q. QUASI ( IMPLIED ) CONTRACT / ESSENTIALS / KINDS?
SECTION 68 -72
QUASI
KINDS OF IMPLIED CONTRACT
1)) SUPPLY OF NECESSARY
2)PAYMENT BY AN INTERSTED PERSON
3) lIABILITY TO PAY FOR NON - GRATUITION ACTS
(SEE PAGE NO. 83 TO 85 OF BOOK -HEADINGS WITH EXAMPLE)
4) GIFT OR PRESENT: in the gifts o presents are given any persons , it is willingness or desire , so in this case when you presents something to your feelings than you are not liable for ask of rewards .
CHAPTER NO.7 (CONTIGENT AND QUASI CONTRACTS)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.7 (CONTIGENT AND QUASI CONTRACTS)
Contigent Contract / circumstances/ Essentials: Contigent ( Conditional) contract section 31,: defined as :If any contract performance depend upon the happening or not happening of the uncertain events,is called contingent or conditional contract.
Example: MR A contract to B to pay rupees 12000 if during this week India team won's the match.
Essentials of contigent contract
The basic essentials for the conditional contract i that his performance depends upon happening or not happening of an uncertain future. contigent depend upon the act of the party & not on the wish of the party.
Collateral contract: Colateral contract is also neccessary of the event.must be collateral to the subjet matter.
Particulars (peformance) of Contigent contract
1) happening of an event
2)non-happening of an event
3)Dependimg on future conduct
4)Happining of an event within a fixed time
5)non-Happining of an event within a fixed time
6)Happining of an impoosible event
( see page no. 80 to 82 of book headings with examples)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.7 (CONTIGENT AND QUASI CONTRACTS)
Contigent Contract / circumstances/ Essentials: Contigent ( Conditional) contract section 31,: defined as :If any contract performance depend upon the happening or not happening of the uncertain events,is called contingent or conditional contract.
Example: MR A contract to B to pay rupees 12000 if during this week India team won's the match.
Essentials of contigent contract
The basic essentials for the conditional contract i that his performance depends upon happening or not happening of an uncertain future. contigent depend upon the act of the party & not on the wish of the party.
Collateral contract: Colateral contract is also neccessary of the event.must be collateral to the subjet matter.
Particulars (peformance) of Contigent contract
1) happening of an event
2)non-happening of an event
3)Dependimg on future conduct
4)Happining of an event within a fixed time
5)non-Happining of an event within a fixed time
6)Happining of an impoosible event
( see page no. 80 to 82 of book headings with examples)
Sunday, March 8, 2009
CHAPTER NO.6 (VOID AGREEMENT)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.6 (VOID AGREEMENT)
SECTION 2 (g)
coming soon
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.6 (VOID AGREEMENT)
SECTION 2 (g)
coming soon
CHAPTER NO.5 (FREE CNSENT)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.5 (FREE CNSENT)
MISTAKE
SECTION 20
(page no. 76 TO 71 of books with headings and example)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.5 (FREE CNSENT)
MISTAKE
SECTION 20
(page no. 76 TO 71 of books with headings and example)
CHAPTER NO.5 (FREE CNSENT)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.5 (FREE CNSENT)
MISREPRESENTATION
SECTION 18
(page no. 62 TO 65 of books with headings and example)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.5 (FREE CNSENT)
MISREPRESENTATION
SECTION 18
(page no. 62 TO 65 of books with headings and example)
CHAPTER NO.5 (FREE CNSENT)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.5 (FREE CNSENT)
FRAUD
section 17
(page no. 59 to 62 of books with headings and example)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.5 (FREE CNSENT)
FRAUD
section 17
(page no. 59 to 62 of books with headings and example)
CHAPTER NO.5 (FREE CNSENT)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.5 (FREE CNSENT)
UNDUE INFLUENCE
section 16(1)
(page no.54 to 57 of books with headings and example)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.5 (FREE CNSENT)
UNDUE INFLUENCE
section 16(1)
(page no.54 to 57 of books with headings and example)
CHAPTER NO.5 (FREE CNSENT)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.5 (FREE CNSENT)
COERCION
Section 15
(page no 52 to 54 of book all headings and example)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.5 (FREE CNSENT)
COERCION
Section 15
(page no 52 to 54 of book all headings and example)
CHAPTER NO.5 (FREE CNSENT)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.5 (FREE CNSENT)
DEFFINATION: section 13 "An agreement is valid only when it is made with free consent of parties. " Two or more person are said to consent they agree upon the same thing in the same sense.
section 14 :Consent is said to be free when it is not caused by corcion , undue influence , fraud, misrepresentation , or mistake.
in the other words the consent is obtained by coercion , undue influence , fraud, misrepresentation , or mistake. there is no free consent and the contract is voidable at the option of the party whose consents was not free,
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.5 (FREE CNSENT)
DEFFINATION: section 13 "An agreement is valid only when it is made with free consent of parties. " Two or more person are said to consent they agree upon the same thing in the same sense.
section 14 :Consent is said to be free when it is not caused by corcion , undue influence , fraud, misrepresentation , or mistake.
in the other words the consent is obtained by coercion , undue influence , fraud, misrepresentation , or mistake. there is no free consent and the contract is voidable at the option of the party whose consents was not free,
CHAPTER NO.4 (CAPACITY OF PARTY)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.4 (CAPACITY OF PARTY)
The contracting parties must be competent to contract .Every person is competent to contract who is of the age of the majority according to the law to which he is subject, and who is of sound mind, and is not disqualified from contracting by any law to which he is subject .
Section 11 "The following persons are incompetent to contract .
1 Minor
2) Persons of unsound mind
3)Persons disqualified by law.
Age of majority
Nature of minor's agreement
1) void agreement
2) minor and ratification
3) Minor and ectoppel
4)Minor and Repayment
5) Minor and necessaries
6)Agreement by guardian on behalf of minor
7)Minor can bea promisee or beneficiary
8) Minor as aagent
9)Minor as a partner
10)Surety for a Minor
11)Minor as a member of a company
12)Minor and insolvvency
13) Contract by Minor and adult jointly
14) Position of Minor 's parents
15) Minor and negotiable instruments
( see page no. 43-48 of book with example)
Persons of unsound mind
sound mind
CUASES OF UNSOUND MIND
EFFECT ON AGREEMENT
BURDEN OF PROOF
( see page no. 48 TO 49 of book with example)
Disqualified Persons
1) Joint stock company
2)Diplomatic agent
3)Alien Enemies
4) Insolvent
5)Convict
( see page no. 49 to51 of book with example)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.4 (CAPACITY OF PARTY)
The contracting parties must be competent to contract .Every person is competent to contract who is of the age of the majority according to the law to which he is subject, and who is of sound mind, and is not disqualified from contracting by any law to which he is subject .
Section 11 "The following persons are incompetent to contract .
1 Minor
2) Persons of unsound mind
3)Persons disqualified by law.
Age of majority
Nature of minor's agreement
1) void agreement
2) minor and ratification
3) Minor and ectoppel
4)Minor and Repayment
5) Minor and necessaries
6)Agreement by guardian on behalf of minor
7)Minor can bea promisee or beneficiary
8) Minor as aagent
9)Minor as a partner
10)Surety for a Minor
11)Minor as a member of a company
12)Minor and insolvvency
13) Contract by Minor and adult jointly
14) Position of Minor 's parents
15) Minor and negotiable instruments
( see page no. 43-48 of book with example)
Persons of unsound mind
sound mind
CUASES OF UNSOUND MIND
EFFECT ON AGREEMENT
BURDEN OF PROOF
( see page no. 48 TO 49 of book with example)
Disqualified Persons
1) Joint stock company
2)Diplomatic agent
3)Alien Enemies
4) Insolvent
5)Convict
( see page no. 49 to51 of book with example)
CHAPTER NO.3 (Consideration and object)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.3 (Consideration and object)
Q. Unlawful consideration?
Unlawful consideration: The consideration in b/w two parties on any unlawful object so the consideration of any party in the unlawful object is unlawful consideration . it is defined in contract act section 10:
Causes of unlawful consideration
1)Prohabited by law: If any action which is forbidden by law it will be unlawful consideration .
e.g:If Mr Adil wants to use the car of Mr Ali for th epurpose of murder. For the consideration for b/w these two person is illegal according to islam & its unlawful is well.
2) Fraudulent Case: If the object of a agreement is unlawful & confused then consideration is also unlawful.
e.g:MR Zaid & MR Akram enters in to a agreement then they will divided the money acquired by fraud equll. so again the agrement is void.
3) Immoral: In case of immoral act ,greement is void & can not be enforced by law.
e.g: A married women was given money to obtain divorce from her husband and then to marry the lender .Held ,the agreement was imoral and the lender could not recover the money.
4) Injury to other person: If a agreement involved & injury to any other person for any property .fincial property is void.
e.g: If Mr A & B jointly made an agreement to kill Mr c for the purpose of property ot any financial profit so the consideration is this agreement is unlawful.
5) Against the public policy: In the case also the object or consideration of an agreement is said to be unlawful . There are certain clases of act which are said to be against the public policy.
e.g: The agreement to influence judges.
/ The agreement with an alien enemy.
6)Nature of agreement : The consideration or object of an agreement is unlawful if it is of such nature that if it is permitted . it would defeat the provision of law.
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.3 (Consideration and object)
Q. Unlawful consideration?
Unlawful consideration: The consideration in b/w two parties on any unlawful object so the consideration of any party in the unlawful object is unlawful consideration . it is defined in contract act section 10:
Causes of unlawful consideration
1)Prohabited by law: If any action which is forbidden by law it will be unlawful consideration .
e.g:If Mr Adil wants to use the car of Mr Ali for th epurpose of murder. For the consideration for b/w these two person is illegal according to islam & its unlawful is well.
2) Fraudulent Case: If the object of a agreement is unlawful & confused then consideration is also unlawful.
e.g:MR Zaid & MR Akram enters in to a agreement then they will divided the money acquired by fraud equll. so again the agrement is void.
3) Immoral: In case of immoral act ,greement is void & can not be enforced by law.
e.g: A married women was given money to obtain divorce from her husband and then to marry the lender .Held ,the agreement was imoral and the lender could not recover the money.
4) Injury to other person: If a agreement involved & injury to any other person for any property .fincial property is void.
e.g: If Mr A & B jointly made an agreement to kill Mr c for the purpose of property ot any financial profit so the consideration is this agreement is unlawful.
5) Against the public policy: In the case also the object or consideration of an agreement is said to be unlawful . There are certain clases of act which are said to be against the public policy.
e.g: The agreement to influence judges.
/ The agreement with an alien enemy.
6)Nature of agreement : The consideration or object of an agreement is unlawful if it is of such nature that if it is permitted . it would defeat the provision of law.
CHAPTER NO.3 (Consideration and object)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.3 (Consideration and object)
Q. Doctrine of privity of contract?
deffination
stranger to a contract cannot sue
1)trust
2)charge
3)family settlement
4)agent
5)assignment
( see page no 38 -39 of book with example)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.3 (Consideration and object)
Q. Doctrine of privity of contract?
deffination
stranger to a contract cannot sue
1)trust
2)charge
3)family settlement
4)agent
5)assignment
( see page no 38 -39 of book with example)
CHAPTER NO.3 (Consideration and object)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.3 (Consideration and object)
Q. Consideration & exception of consideration & essentials / Exception?
Consideration: Contract act 1872 section 2 (d),defined considerarion in the following words,"When at the desire of the promiser ,the promisery is done or abstained from doing or does such act is called considerarion for the promisery .
In the other words considerarion is rewards accepted or given in wriiten for the promiser .it is the effect that with out considerarion agreement is not valid.
Justice Patterson: "The considerarion means something which is of some value in the eye of law. it may be some benefit to the plaintiff or some detriment to the defendent.
Lush J: :A valuable considerarion may consist of some rights, interesr, profit, or benefit accuring to one party, and some forbearance , loss or responsibility given ,suffered or undertaken by other.
Pollock: :The considerarion is the price for which the promise of the other is bought and the promise thus given for value is enforceable.
E.g: A promise to repair B's car and B promise to pay Rs 1Lac. The promise of one party is the considerarion for the other party.
Essentials of considerarion
considerarion by the promisery or any other person is the most important factor. it should be given & desire of the promiser.
e.g:Mr Adil agrees to sell his house for Rs 20 Lac to Mr Ashraf ,Mr Ashraf to promises to pay this amount is the considerarion for Mr Adil promise.
Consideration may be Past, Present ,& Future
considerarion IS AN ACT which has already to be done or in progress out to be done in future at the desire of the promiser.
1)Past e.g: Mr Neseem loss his car & MR Faheem is a finder delivered to it him. Mr Faheem can not demand payment of his services due to the paST considerarion.
2)Present e.g: Mr Ali sell a house to Mr Umar . HE pays it price immidiatly it is called present considerarion.
3)Future e.g: Mr Rauf promises to delivered a shop to Mr Anwar after a 1 Month for Rs 20 Lac. ypon the promise of Mr Khan to pay the agree price at the time of delivery , it is called future considerarion.
considerarion must be Oral
considerarion must be ristricted competent .if considerarion is physically illegal & uncertain it will be void.
Needs not to be adequate: The law only insist on the present of considerarion is not on its adequentedit may create the -about the free consent of two party but it is valid if free consent is proved,
Lawful considerarion:considerarion should not be unlawful because it can not performed valid contract ,it should not be against the public policy.
Exceptions
No doubt with out considerarion agreement is void .but it has also exceptions which are followings:
1-Case of an agent: A contract of agency required no considerarion where the contract is a promise to appoint an agent.
2- Case of voluntry services: In a case of compensation for voluntary services there is relaxation of considerarion .
3- Case of affection ( love): considerarion is not compulsary is an agreement is made b/w the parties for nature affection.
4- Case of donation: Agreement made for donationis not enforceable for want of considerarion .A promised amount can not be legally recovered where the promisery has done nothing on the base of promise.
e.g: If Mr Shah promise to denote 1 Lac for the repair of a college .College principal did nothing for repair .Mr Shah refused to pay if a principal of a college cannot sue on Mr Shah because Mr shah cannot be liable for any loss of promise.
5)In case of present /gift:In case of gift there is no need of any considerarion . Any gift which is actuall delivered will be valid, it cannot be demanded back an there is no need of considerarion.
6)Extention in time limit: There is no need of any considerarion , if agreement is ade to extend time for the enforceable of the contract .
7)Case of tie barred debt: If the debtor promises to pay a time barred debt. Then there is no need of considerarion. the promise must be written & signed by the debtor & creditor.
(for more detail/ information see page no. 32 to 37 of the book with example)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.3 (Consideration and object)
Q. Consideration & exception of consideration & essentials / Exception?
Consideration: Contract act 1872 section 2 (d),defined considerarion in the following words,"When at the desire of the promiser ,the promisery is done or abstained from doing or does such act is called considerarion for the promisery .
In the other words considerarion is rewards accepted or given in wriiten for the promiser .it is the effect that with out considerarion agreement is not valid.
Justice Patterson: "The considerarion means something which is of some value in the eye of law. it may be some benefit to the plaintiff or some detriment to the defendent.
Lush J: :A valuable considerarion may consist of some rights, interesr, profit, or benefit accuring to one party, and some forbearance , loss or responsibility given ,suffered or undertaken by other.
Pollock: :The considerarion is the price for which the promise of the other is bought and the promise thus given for value is enforceable.
E.g: A promise to repair B's car and B promise to pay Rs 1Lac. The promise of one party is the considerarion for the other party.
Essentials of considerarion
considerarion by the promisery or any other person is the most important factor. it should be given & desire of the promiser.
e.g:Mr Adil agrees to sell his house for Rs 20 Lac to Mr Ashraf ,Mr Ashraf to promises to pay this amount is the considerarion for Mr Adil promise.
Consideration may be Past, Present ,& Future
considerarion IS AN ACT which has already to be done or in progress out to be done in future at the desire of the promiser.
1)Past e.g: Mr Neseem loss his car & MR Faheem is a finder delivered to it him. Mr Faheem can not demand payment of his services due to the paST considerarion.
2)Present e.g: Mr Ali sell a house to Mr Umar . HE pays it price immidiatly it is called present considerarion.
3)Future e.g: Mr Rauf promises to delivered a shop to Mr Anwar after a 1 Month for Rs 20 Lac. ypon the promise of Mr Khan to pay the agree price at the time of delivery , it is called future considerarion.
considerarion must be Oral
considerarion must be ristricted competent .if considerarion is physically illegal & uncertain it will be void.
Needs not to be adequate: The law only insist on the present of considerarion is not on its adequentedit may create the -about the free consent of two party but it is valid if free consent is proved,
Lawful considerarion:considerarion should not be unlawful because it can not performed valid contract ,it should not be against the public policy.
Exceptions
No doubt with out considerarion agreement is void .but it has also exceptions which are followings:
1-Case of an agent: A contract of agency required no considerarion where the contract is a promise to appoint an agent.
2- Case of voluntry services: In a case of compensation for voluntary services there is relaxation of considerarion .
3- Case of affection ( love): considerarion is not compulsary is an agreement is made b/w the parties for nature affection.
4- Case of donation: Agreement made for donationis not enforceable for want of considerarion .A promised amount can not be legally recovered where the promisery has done nothing on the base of promise.
e.g: If Mr Shah promise to denote 1 Lac for the repair of a college .College principal did nothing for repair .Mr Shah refused to pay if a principal of a college cannot sue on Mr Shah because Mr shah cannot be liable for any loss of promise.
5)In case of present /gift:In case of gift there is no need of any considerarion . Any gift which is actuall delivered will be valid, it cannot be demanded back an there is no need of considerarion.
6)Extention in time limit: There is no need of any considerarion , if agreement is ade to extend time for the enforceable of the contract .
7)Case of tie barred debt: If the debtor promises to pay a time barred debt. Then there is no need of considerarion. the promise must be written & signed by the debtor & creditor.
(for more detail/ information see page no. 32 to 37 of the book with example)
CHAPTER NO.2 (OFFER AND ACCEPTANCE)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.2 (OFFER AND ACCEPTANCE)
REVOCATION OF OFFER
1) Notice of Revocation
2)laps of time
3)failure to fulfil condition
4)Death or insanity of the offeror
5)Revocation of offer by offeree
6)Counter offer by the offeree
7)Death or insanity of the offeree
8)Subsequent illegality
9)Destruction of subject atter
see page no. 20 to 23 of book -diff with e.g
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.2 (OFFER AND ACCEPTANCE)
REVOCATION OF OFFER
1) Notice of Revocation
2)laps of time
3)failure to fulfil condition
4)Death or insanity of the offeror
5)Revocation of offer by offeree
6)Counter offer by the offeree
7)Death or insanity of the offeree
8)Subsequent illegality
9)Destruction of subject atter
see page no. 20 to 23 of book -diff with e.g
CHAPTER NO.2 (OFFER AND ACCEPTANCE)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.2 (OFFER AND ACCEPTANCE)
Q. How can an offer be accaptable? OR (State rule of raelating to the accaptance & offer)?
Acceptance: It is contract act section 2 (b) defined in the following words "When the persom to who the proposal is made significe his consent to the propoal is said to be acceptd. "
Proposal & acceptance both can made by words & conduct, without the acceptance or proposal no agreement come into existance.
Example: Suppose MR Shah to offers t sell his hotel to MR Azam for 50 Lac. rupees .MR Azam accaeptes the offer to purchase the hotel for 50 Lac. This is called Acceptance.
Essesntials of valid accaptance
1)Acceptance of authorized person: Comunication of acceptance should be made by a person who has the authority to accepted .if unauthorized person provide the information it is i effective .
e.g: Mr.Akram sold his company to Mr A to Rs 10LAc. , Mr Ashraf now gives the suply order for the goods to Mr Akram,Mr A received to order & supplies . There was no contract b/w A & Ashraf.
2) Specific time: If time limit specific then acceptance must be given with in that period.
e.g: Mr Akram sold his company to Mr Nawaz for 50 Lac. & Mr Nawaz to pay a money during five year if Me NAwaz to failed to a pay a money the acceptance & proposal is un valid.
3)Acceptance before offer lapses: The acceptance is made offer the laps of offer then it is not a valid acceptance.Acceptance must be made before offer lapses.
4) Acceptance after comunocation : Before the communication is offer acceptance can not be given .Acceptance can not be valid if it is given before the communication.
5)Particular manner: Proposal or offfer nust be made with proper manner . A proposal should communicated with verbal or written from , So it can be accepted.
6) It may be Express or implied: When an acceptance is given by words spoken or written .it is called express acceptance. When it is given by conduct is called implied acceptance .
e.g: A wrote a letter to B to sell his cycle for 200 , B accepted his offer and sent a letter of acceptance . it is an expreess acceptance.
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.2 (OFFER AND ACCEPTANCE)
Q. How can an offer be accaptable? OR (State rule of raelating to the accaptance & offer)?
Acceptance: It is contract act section 2 (b) defined in the following words "When the persom to who the proposal is made significe his consent to the propoal is said to be acceptd. "
Proposal & acceptance both can made by words & conduct, without the acceptance or proposal no agreement come into existance.
Example: Suppose MR Shah to offers t sell his hotel to MR Azam for 50 Lac. rupees .MR Azam accaeptes the offer to purchase the hotel for 50 Lac. This is called Acceptance.
Essesntials of valid accaptance
1)Acceptance of authorized person: Comunication of acceptance should be made by a person who has the authority to accepted .if unauthorized person provide the information it is i effective .
e.g: Mr.Akram sold his company to Mr A to Rs 10LAc. , Mr Ashraf now gives the suply order for the goods to Mr Akram,Mr A received to order & supplies . There was no contract b/w A & Ashraf.
2) Specific time: If time limit specific then acceptance must be given with in that period.
e.g: Mr Akram sold his company to Mr Nawaz for 50 Lac. & Mr Nawaz to pay a money during five year if Me NAwaz to failed to a pay a money the acceptance & proposal is un valid.
3)Acceptance before offer lapses: The acceptance is made offer the laps of offer then it is not a valid acceptance.Acceptance must be made before offer lapses.
4) Acceptance after comunocation : Before the communication is offer acceptance can not be given .Acceptance can not be valid if it is given before the communication.
5)Particular manner: Proposal or offfer nust be made with proper manner . A proposal should communicated with verbal or written from , So it can be accepted.
6) It may be Express or implied: When an acceptance is given by words spoken or written .it is called express acceptance. When it is given by conduct is called implied acceptance .
e.g: A wrote a letter to B to sell his cycle for 200 , B accepted his offer and sent a letter of acceptance . it is an expreess acceptance.
CHAPTER NO.2 (OFFER AND ACCEPTANCE)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.2 (OFFER AND ACCEPTANCE)
Q. Commonication of offer ,Acceptance and REvocation
Deffination:
1) Communication of an Offer
2)Communication of an Acceptance
3)Communication of an Revocation
time of revocation of offer and Accceptance.
(see page no 26 to 28 of book it is best deffi. & example )
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.2 (OFFER AND ACCEPTANCE)
Q. Commonication of offer ,Acceptance and REvocation
Deffination:
1) Communication of an Offer
2)Communication of an Acceptance
3)Communication of an Revocation
time of revocation of offer and Accceptance.
(see page no 26 to 28 of book it is best deffi. & example )
CHAPTER NO.2 (OFFER AND ACCEPTANCE)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.2 (OFFER AND ACCEPTANCE)
Q. Loss of letter of Acceptance?
1)Position of an offer
2)Position of Acceptor
3)Accidental formation of contract
4)Contract over telephone
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.2 (OFFER AND ACCEPTANCE)
Q. Loss of letter of Acceptance?
1)Position of an offer
2)Position of Acceptor
3)Accidental formation of contract
4)Contract over telephone
CHAPTER NO.2 (OFFER AND ACCEPTANCE)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.2 (OFFER AND ACCEPTANCE)
Q: DEfine proposal or offer & described the essentials of valid offer?
Proposal: (offer) section 2(a)Proposal or offer are in use in s same sense & there is no diference in their meanings.
" When one person signifiese to another to his willingness to do or abstain from doing anything with the view to absatining a consent of that other such or such act said to make a propossal".
e.g: A promise to sel his cycle to S for Rs 1500 , A makes an offer toS.
Promiser/ offer: The person who said the proposal is called promiser.
Promisee/ offeree: To whom the proposal is made is calledpromisee.
There are four types of offer.
1) General
2) Specific
3)Express
4)Implied
1) General:When proposal is made with the entire words it is called general proposal .The contract is made only with the person who performed the condition of a proposal.
2) Specific proposal: It is made to specific person or specific class it is also accepted by specific proposal.
3) Express proposal: When proposal is expressed words & writting it is called express proposal.
e.g: A says to N that he will sell his house to him for Rs 2Lac. it is an express proposal.
4) Implied proposal: When proposal is conveyed by the contract of the offered it is called implied proposal.
Essentials of the valid offer
Following are the essetial point of valid contract.
1. Legal ralationship: It is essential valid offer that it must be made with the intention of creation relationship otherwise it will be onl invitation. A social initation may not create legal relationship.
e.g: MR Kamal invite MR Hasan to dinner create a legal relationship.
2. Clear term & Condition: Proposal should be cleared understand & simple. it may not create confusion in a mind of proposee it must be cleared & definite.
e.g: MR Mohsin offered to sell his house to MR Kashif for Rs 5 Lac. & he agrees . its a contract which create legal relationship.
3. General & Specific offer: When peoposal is opened to general public it is called general proposal. on the other hand when it is made to specific person. it is called specific offer In case of generel peoposal contract is made with person to accept the offer.
e;g; A announes in a TV a reward of Rs 5000 for any who will return his lost radio, it is a general offer .
2= A makes an offer to N to sell his bike for Rs 50000 it is a specific offer . in this case only N can accept.
4. Communicated: It is also important role for the vilidity of proposal. wihout communication acceptance of proposal by the proposee/ . how& offer can be accepted unless had been brought to the knowledge of a person to who it is made.
5 .Object: Proposal with out legal object withnot be void. The object of the proposal must be to get the consent of the other party to whom the offfer has been made.
6. Distinguished b/w proposal & invitation: Proposal is different than the invitation of tenders price list of goods & quatation . These are only initvation .
7. Communication Methods: There are three method of communication by which proposal by made orally, written or by conduct general proposal are made orally or written.
8. Acceptable proposal: If the acceptance of the proposal is not possible then it wil not be a valid proposal it is essentials that accceptance must be possible.
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.2 (OFFER AND ACCEPTANCE)
Q: DEfine proposal or offer & described the essentials of valid offer?
Proposal: (offer) section 2(a)Proposal or offer are in use in s same sense & there is no diference in their meanings.
" When one person signifiese to another to his willingness to do or abstain from doing anything with the view to absatining a consent of that other such or such act said to make a propossal".
e.g: A promise to sel his cycle to S for Rs 1500 , A makes an offer toS.
Promiser/ offer: The person who said the proposal is called promiser.
Promisee/ offeree: To whom the proposal is made is calledpromisee.
There are four types of offer.
1) General
2) Specific
3)Express
4)Implied
1) General:When proposal is made with the entire words it is called general proposal .The contract is made only with the person who performed the condition of a proposal.
2) Specific proposal: It is made to specific person or specific class it is also accepted by specific proposal.
3) Express proposal: When proposal is expressed words & writting it is called express proposal.
e.g: A says to N that he will sell his house to him for Rs 2Lac. it is an express proposal.
4) Implied proposal: When proposal is conveyed by the contract of the offered it is called implied proposal.
Essentials of the valid offer
Following are the essetial point of valid contract.
1. Legal ralationship: It is essential valid offer that it must be made with the intention of creation relationship otherwise it will be onl invitation. A social initation may not create legal relationship.
e.g: MR Kamal invite MR Hasan to dinner create a legal relationship.
2. Clear term & Condition: Proposal should be cleared understand & simple. it may not create confusion in a mind of proposee it must be cleared & definite.
e.g: MR Mohsin offered to sell his house to MR Kashif for Rs 5 Lac. & he agrees . its a contract which create legal relationship.
3. General & Specific offer: When peoposal is opened to general public it is called general proposal. on the other hand when it is made to specific person. it is called specific offer In case of generel peoposal contract is made with person to accept the offer.
e;g; A announes in a TV a reward of Rs 5000 for any who will return his lost radio, it is a general offer .
2= A makes an offer to N to sell his bike for Rs 50000 it is a specific offer . in this case only N can accept.
4. Communicated: It is also important role for the vilidity of proposal. wihout communication acceptance of proposal by the proposee/ . how& offer can be accepted unless had been brought to the knowledge of a person to who it is made.
5 .Object: Proposal with out legal object withnot be void. The object of the proposal must be to get the consent of the other party to whom the offfer has been made.
6. Distinguished b/w proposal & invitation: Proposal is different than the invitation of tenders price list of goods & quatation . These are only initvation .
7. Communication Methods: There are three method of communication by which proposal by made orally, written or by conduct general proposal are made orally or written.
8. Acceptable proposal: If the acceptance of the proposal is not possible then it wil not be a valid proposal it is essentials that accceptance must be possible.
BUSINESS LAW/,CHAPTER NO.1 (CONTRACT AND ITS KINDS)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.1 (CONTRACT AND ITS KINDS)
DISCUSS THE VARIOUS KINDS OF CONTRACT DISTINGUISHED b/W VALID, VOID, VOIDABLE, UNFORCEABLE, CONTRACT?
1) VALID CONTRACT: According to the contract act "A valid contract is that which is enforceable at law , it creates legal responsible/ obligations b/w the parties .It enable one party to compell another party to due something or not to due something.
Partyies obligation: In a case of valid contract all the party to the contract are legally responsible for the performance of contract. if one party bracks the contract other as rights to enforce to the court.
e.g: Ali purpose sell his one land to Naeem for 1Lac. .The party of capable to do the contract by law. so, his contract is Valid. If Ali fails to delivered the land Naeem can cliam hi in the court for the delivery of land, on the other hand Naeem fails to makes payments so Ali can sue hi o recovery of payment.
2) VOID CONTRACT: An agreement not enforceable a law is void contract.:" Originally it is valid contract but due to certain reason it become void. After its formation a void contract. can not be enforce by either party . The basic features of void contract.are ,
1) It is not enforceable by law.
2)Its create not legal obligation /rights.
3)its create no responsibility any party.
4) An agreement which is against the public policy or against to law.
5)under this contract no compensation can be paid to any party.
6) an agreement is restraint of mange & trade arecommon examples of void contract.
e.g: Wasim & Nadia contracts to marriage on next sunday.Wasim die before the Sunday the contract becomes void.
Rights & duties: In this case the parties are not legally responsible to fulfill the contract . If any party hae received any benefits his bound to return. this contract takes place when the consent of one of the party is not free.
3) VOIDABLE CONTRACT: According to contract act," An agreement which is enforceable by law at the option of one or more of the parties. Their to but not act the option of but not act the opton of the other &othersis voidable contract.
The important features of voidable contract.
1)It is enforceable by lawat the option of one or more party .
2)Avoidable contract can only be objected by the party who has been subject to fraud, coercion ,misrepresentation, & undue influence.
3) If the conteract is revoked bya person rightfully .Then he can also received the compensation .
4)The contract is voidable at the option of the party whoes consent is caused.
5) Contract caused by fraud ,coercion ,misrepresentation, & undue influence ,are voidable contract.
e.g: Mr. Qadir threatens to shoot Mr Nasir to purchase a car of 50 lac. Mr nasir agrees the contract wa made by coercion so itis voidable contract.
Rights & duties: The aggreived party can cancelled such contract with in a reasnable time, it is also & entitled to be copellsented by the other party.
Proof: It is the responsibilty of aggreived party to proof that her consent was obtained by fraud if it is failed to proof in the court than contract will remained if contract is not wriitten or registrated. it can not be enforce.
e.g: Suppose Mr Rashid borrows the money from Mr Kashif & writtens a pro-note but proper amount stamps are not posted on the peo-notes. now in this case the contract is valid but not enforceable.
4) UNFORCEABLE CONTRACT: When due to soe technical deficulties or lack of any formality required by the special provision of law a valid contract but not enforceable incourt.
(FOR MORE INFORMATION SEE PAGE NO. 7-11)
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.1 (CONTRACT AND ITS KINDS)
DISCUSS THE VARIOUS KINDS OF CONTRACT DISTINGUISHED b/W VALID, VOID, VOIDABLE, UNFORCEABLE, CONTRACT?
1) VALID CONTRACT: According to the contract act "A valid contract is that which is enforceable at law , it creates legal responsible/ obligations b/w the parties .It enable one party to compell another party to due something or not to due something.
Partyies obligation: In a case of valid contract all the party to the contract are legally responsible for the performance of contract. if one party bracks the contract other as rights to enforce to the court.
e.g: Ali purpose sell his one land to Naeem for 1Lac. .The party of capable to do the contract by law. so, his contract is Valid. If Ali fails to delivered the land Naeem can cliam hi in the court for the delivery of land, on the other hand Naeem fails to makes payments so Ali can sue hi o recovery of payment.
2) VOID CONTRACT: An agreement not enforceable a law is void contract.:" Originally it is valid contract but due to certain reason it become void. After its formation a void contract. can not be enforce by either party . The basic features of void contract.are ,
1) It is not enforceable by law.
2)Its create not legal obligation /rights.
3)its create no responsibility any party.
4) An agreement which is against the public policy or against to law.
5)under this contract no compensation can be paid to any party.
6) an agreement is restraint of mange & trade arecommon examples of void contract.
e.g: Wasim & Nadia contracts to marriage on next sunday.Wasim die before the Sunday the contract becomes void.
Rights & duties: In this case the parties are not legally responsible to fulfill the contract . If any party hae received any benefits his bound to return. this contract takes place when the consent of one of the party is not free.
3) VOIDABLE CONTRACT: According to contract act," An agreement which is enforceable by law at the option of one or more of the parties. Their to but not act the option of but not act the opton of the other &othersis voidable contract.
The important features of voidable contract.
1)It is enforceable by lawat the option of one or more party .
2)Avoidable contract can only be objected by the party who has been subject to fraud, coercion ,misrepresentation, & undue influence.
3) If the conteract is revoked bya person rightfully .Then he can also received the compensation .
4)The contract is voidable at the option of the party whoes consent is caused.
5) Contract caused by fraud ,coercion ,misrepresentation, & undue influence ,are voidable contract.
e.g: Mr. Qadir threatens to shoot Mr Nasir to purchase a car of 50 lac. Mr nasir agrees the contract wa made by coercion so itis voidable contract.
Rights & duties: The aggreived party can cancelled such contract with in a reasnable time, it is also & entitled to be copellsented by the other party.
Proof: It is the responsibilty of aggreived party to proof that her consent was obtained by fraud if it is failed to proof in the court than contract will remained if contract is not wriitten or registrated. it can not be enforce.
e.g: Suppose Mr Rashid borrows the money from Mr Kashif & writtens a pro-note but proper amount stamps are not posted on the peo-notes. now in this case the contract is valid but not enforceable.
4) UNFORCEABLE CONTRACT: When due to soe technical deficulties or lack of any formality required by the special provision of law a valid contract but not enforceable incourt.
(FOR MORE INFORMATION SEE PAGE NO. 7-11)
CHAPTER NO.1 (CONTRACT AND ITS KINDS)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
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 contrac all the parties legally bound to performed the contract. (page no.3)
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 an proposal.
2.ACCEPTANCE: When the promisee significe 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 an 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 relationshipin both the party.(PAGE NO.3 WITH EXAMPLE is also best diffination)
7. lawful object: The object of the contract is not lawful . Then it is in validcontract ,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 agreeent is legal but object is illegal.
8. FREE CONCENT:(PAGE NO.5 WITH EXAMPLE)
9. PARTIES CONSIDERATION: It is also essentilas of valid contract when at the wish of the promiser . THe promisery 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 are competent.
a)Any one the age of majurity.
b)Who is soundmind.
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 ontract.(PAGE NO.6 WITH EXAMPLE)
14. DICLEARED VOID: It is also essentials the agreements must happened decleared void by any law of country.
a)Agreement of immoral acts.
b)Agreement will 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.
(KHALID MAHMOOD CHEEMA)
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 contrac all the parties legally bound to performed the contract. (page no.3)
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 an proposal.
2.ACCEPTANCE: When the promisee significe 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 an 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 relationshipin both the party.(PAGE NO.3 WITH EXAMPLE is also best diffination)
7. lawful object: The object of the contract is not lawful . Then it is in validcontract ,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 agreeent is legal but object is illegal.
8. FREE CONCENT:(PAGE NO.5 WITH EXAMPLE)
9. PARTIES CONSIDERATION: It is also essentilas of valid contract when at the wish of the promiser . THe promisery 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 are competent.
a)Any one the age of majurity.
b)Who is soundmind.
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 ontract.(PAGE NO.6 WITH EXAMPLE)
14. DICLEARED VOID: It is also essentials the agreements must happened decleared void by any law of country.
a)Agreement of immoral acts.
b)Agreement will 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.
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.1 (CONTRACT AND ITS KINDS)
DISCUSS THOSE GROUNDS ON WHICH CONTRACT IS DECLEARED VOIDABLE
(DISTINGUISHED BETWEEN VOID & VOIDABLE)
1 Contract by fraud: In the contract if the consent of any party is taken by fraud to an agreement it becomes a voidable at the option of injuired party.
2 Contract by coercion: If the consent of the party of the other party is obtained by coercion in the contract it is oidable contract.
3 Contract by undue influence: In the contract if the consent of any party is taken by undue influence in the contract it becomes voidable contract at the option of that party whose consent was obtained by undue influence.
4 Contract by misrepresentation: The agreement becomes voidable at the option of that party whose consent was taken by misrepresentation.
5 Contract by minor: A contract with a minor about sale & partnership is voidable during minority or before attaining age of maturity .
6 Contract by unsoundmind: A man who is senseless or drunk or mad he can't enters to the agreement.
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.1 (CONTRACT AND ITS KINDS)
DISCUSS THOSE GROUNDS ON WHICH CONTRACT IS DECLEARED VOIDABLE
(DISTINGUISHED BETWEEN VOID & VOIDABLE)
1 Contract by fraud: In the contract if the consent of any party is taken by fraud to an agreement it becomes a voidable at the option of injuired party.
2 Contract by coercion: If the consent of the party of the other party is obtained by coercion in the contract it is oidable contract.
3 Contract by undue influence: In the contract if the consent of any party is taken by undue influence in the contract it becomes voidable contract at the option of that party whose consent was obtained by undue influence.
4 Contract by misrepresentation: The agreement becomes voidable at the option of that party whose consent was taken by misrepresentation.
5 Contract by minor: A contract with a minor about sale & partnership is voidable during minority or before attaining age of maturity .
6 Contract by unsoundmind: A man who is senseless or drunk or mad he can't enters to the agreement.
BUSINESS LAW., CHAPTER NO.1 (CONTRACT AND ITS KINDS)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.1 (CONTRACT AND ITS KINDS)
DISCUSS THOSE GROUNDS ON WHICH CONTRACT IS DECLEARED VOIDABLE
(DISTINGUISHED BETWEEN VOID & VOIDABLE)
1 Contract by fraud: In the contract if the consent of any party is taken by fraud to an agreement it becomes a voidable at the option of injuired party.
2 Contract by coercion: If the consent of the party of the other party is obtained by coercion in the contract it is oidable contract.
3 Contract by undue influence: In the contract if the consent of any party is taken by undue influence in the contract it becomes voidable contract at the option of that party whose consent was obtained by undue influence.
4 Contract by misrepresentation: The agreement becomes voidable at the option of that party whose consent was taken by misrepresentation.
5 Contract by minor: A contract with a minor about sale & partnership is voidable during minority or before attaining age of maturity .
6 Contract by unsoundmind: A man who is senseless or drunk or mad he can't enters to the agreement.
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.1 (CONTRACT AND ITS KINDS)
DISCUSS THOSE GROUNDS ON WHICH CONTRACT IS DECLEARED VOIDABLE
(DISTINGUISHED BETWEEN VOID & VOIDABLE)
1 Contract by fraud: In the contract if the consent of any party is taken by fraud to an agreement it becomes a voidable at the option of injuired party.
2 Contract by coercion: If the consent of the party of the other party is obtained by coercion in the contract it is oidable contract.
3 Contract by undue influence: In the contract if the consent of any party is taken by undue influence in the contract it becomes voidable contract at the option of that party whose consent was obtained by undue influence.
4 Contract by misrepresentation: The agreement becomes voidable at the option of that party whose consent was taken by misrepresentation.
5 Contract by minor: A contract with a minor about sale & partnership is voidable during minority or before attaining age of maturity .
6 Contract by unsoundmind: A man who is senseless or drunk or mad he can't enters to the agreement.
BUSINESS LAW .CHAPTER NO.1 (CONTRACT AND ITS KINDS)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.1 (CONTRACT AND ITS KINDS)
CONTRACT WHICH HAVE BE DECLAIRED VOID
(AGREEMENT RESTRAIGHT OF MARRIAGE VOID)
(AGREEMENT RESTRAIGHT FOR LEGAL PROCEEDINGS VOID)
void contract are those which are not enforceable by law ,following contracts have been declaired void.
1/Agreement of restraight of marriage:An agreement in which adults person is prevented from marriage is decleared void by law .The law regards marriage as the right of every person but law does not fever the minor.
e.g: Mr Ashraf agrees with Ms Nadia that she will not marry with Arsalan so this contract decleared void.
2/Agreement in restraint of business: section 27 Any lawful proffision trade or business of any kinds , restraint by any agreement is decleared void.
e.g: Mr.Adil a publisher offered Rs 1Lac.to Mr A not to deal in a business .A accepted the agreement is void.
3/Mistake by both parties: If both the party of agreement are undermistake as to matter of effect , essential to agreement is void.
4/Agreement by way of wages: Acording to section 30: the agreement by way of wages is oid with certain assumption .The wagering contract wager is game of chance .In which loss or gane depends on uncertain events.
e.g: Mr Shah bets with r hasan & losses agreement b/w .So the contract is void.
5/Uncertainty in agreement : For the valid agreement it is necessary that it should be certain of all aspect if the meanings of the agreement is not cleared . it is not capable being certain.
6/Unlawfull object: (TARGET) if the object & consideration of the agreement is against the law will decleared void any target / object of the agreement which is forbitten by law of its defeats the law .
7/Immoral: If any agreement is against the moral values of the society is decleared void.
8/Fradulent: if the object or consideration of an agreement is to demolishthe other is also void agreement ,
9/The agreement with out object: section 23 :The agreement may not existeswith out object is void.
10/Agreement to due impossible acts: section 56:if the target of agreement is not possible such types of agreement is void.
" An agreement to due in act impossible in its self is void.
e.g: Suupose Mr A agrees to pay Mr Q Rs 1000 if he out the moon on his hand .
11/Agreement is restraint of legal proceedings: section 28: Every is allowed by law to obtain is legal writes through the legal proceedings.
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.1 (CONTRACT AND ITS KINDS)
CONTRACT WHICH HAVE BE DECLAIRED VOID
(AGREEMENT RESTRAIGHT OF MARRIAGE VOID)
(AGREEMENT RESTRAIGHT FOR LEGAL PROCEEDINGS VOID)
void contract are those which are not enforceable by law ,following contracts have been declaired void.
1/Agreement of restraight of marriage:An agreement in which adults person is prevented from marriage is decleared void by law .The law regards marriage as the right of every person but law does not fever the minor.
e.g: Mr Ashraf agrees with Ms Nadia that she will not marry with Arsalan so this contract decleared void.
2/Agreement in restraint of business: section 27 Any lawful proffision trade or business of any kinds , restraint by any agreement is decleared void.
e.g: Mr.Adil a publisher offered Rs 1Lac.to Mr A not to deal in a business .A accepted the agreement is void.
3/Mistake by both parties: If both the party of agreement are undermistake as to matter of effect , essential to agreement is void.
4/Agreement by way of wages: Acording to section 30: the agreement by way of wages is oid with certain assumption .The wagering contract wager is game of chance .In which loss or gane depends on uncertain events.
e.g: Mr Shah bets with r hasan & losses agreement b/w .So the contract is void.
5/Uncertainty in agreement : For the valid agreement it is necessary that it should be certain of all aspect if the meanings of the agreement is not cleared . it is not capable being certain.
6/Unlawfull object: (TARGET) if the object & consideration of the agreement is against the law will decleared void any target / object of the agreement which is forbitten by law of its defeats the law .
7/Immoral: If any agreement is against the moral values of the society is decleared void.
8/Fradulent: if the object or consideration of an agreement is to demolishthe other is also void agreement ,
9/The agreement with out object: section 23 :The agreement may not existeswith out object is void.
10/Agreement to due impossible acts: section 56:if the target of agreement is not possible such types of agreement is void.
" An agreement to due in act impossible in its self is void.
e.g: Suupose Mr A agrees to pay Mr Q Rs 1000 if he out the moon on his hand .
11/Agreement is restraint of legal proceedings: section 28: Every is allowed by law to obtain is legal writes through the legal proceedings.
BUSINESS LAW /CHAPTER NO.1 (CONTRACT AND ITS KINDS)
BUSINESS LAW
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.1 (CONTRACT AND ITS KINDS)
Q. WHAT IS CONTRACT?
CONTRACT:Any agreement enforceable by law is called contract. the contract act 2(h)1872 .
(An agreement which enables a man to compell another to due some thing or not to due something it is called Contract.)
(section 1-75 )General principle goerning
(section 124-238) Contract of Indemnity-Guarantee-Bailent-Pledge-and Agency
(section 76-123) Sale of good
(section239-266) Partnership
pollack: Every agreement and promise enforceableat law is a contract.
salmond: A contract is an agreement creating and defining obligations b/w the parties.
sir william anson: An agreement enforceable by law made b/w two or more persons by which rights are acquiryby one or more to acts or forbearance on the part of other or others.
EXAMPLE: Suppose there is an agreement b/w MR. Nawaz & Ms.Anam . THn Mr. Nawaz purchSE a car fro Karachi for ms Anam & Ms Anam will pay rupee 10 Lac. to MR Nawaz .
Q.what is agreement? what are the types of agreements?
/AN AGREEMENT ENFORCEABLE BY LAW IN CONTRACT , DISCUSS.?
AGREEMENT: Section s(e)defined agreement as ,"Every promise and every set of promise ,forming the consideration for each other.There are 2 condition of agreement.
1-promise
2-consideration for both the parties.
TYPES OF AGREEMENT:1)Legal agreement 2)Social agreement
1)Legal agreement:Legal agreement ,legal relationship obligation are create b/w the parties which will be contract.
2)Social agreement: Social agreement are social in nature and does not crete any legal obligation.
e.g: A invite B to a dinner. B accepts but does not attend. A cannot sue B for damages. It is a social agreement because it does not create legal obligations. It is not a contract.
(KHALID MAHMOOD CHEEMA)
CHAPTER NO.1 (CONTRACT AND ITS KINDS)
Q. WHAT IS CONTRACT?
CONTRACT:Any agreement enforceable by law is called contract. the contract act 2(h)1872 .
(An agreement which enables a man to compell another to due some thing or not to due something it is called Contract.)
(section 1-75 )General principle goerning
(section 124-238) Contract of Indemnity-Guarantee-Bailent-Pledge-and Agency
(section 76-123) Sale of good
(section239-266) Partnership
pollack: Every agreement and promise enforceableat law is a contract.
salmond: A contract is an agreement creating and defining obligations b/w the parties.
sir william anson: An agreement enforceable by law made b/w two or more persons by which rights are acquiryby one or more to acts or forbearance on the part of other or others.
EXAMPLE: Suppose there is an agreement b/w MR. Nawaz & Ms.Anam . THn Mr. Nawaz purchSE a car fro Karachi for ms Anam & Ms Anam will pay rupee 10 Lac. to MR Nawaz .
Q.what is agreement? what are the types of agreements?
/AN AGREEMENT ENFORCEABLE BY LAW IN CONTRACT , DISCUSS.?
AGREEMENT: Section s(e)defined agreement as ,"Every promise and every set of promise ,forming the consideration for each other.There are 2 condition of agreement.
1-promise
2-consideration for both the parties.
TYPES OF AGREEMENT:1)Legal agreement 2)Social agreement
1)Legal agreement:Legal agreement ,legal relationship obligation are create b/w the parties which will be contract.
2)Social agreement: Social agreement are social in nature and does not crete any legal obligation.
e.g: A invite B to a dinner. B accepts but does not attend. A cannot sue B for damages. It is a social agreement because it does not create legal obligations. It is not a contract.
Subscribe to:
Posts (Atom)