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.