Corporate Law

Topics: Contract, Law, Contract law Pages: 11 (3661 words) Published: February 3, 2013
[Type the company name]|
Corporate and Business Law|
Mid Term Assignment|
Gulraiz HamidFarhan SaeedKhurram MustafaQurat ul Ain TariqSidra AsifNaila Naz| To: Mr.Umar Zaka|

A report of Contracts, Social Agreements, and Employment Contract for better concepts as a part of the Mid Term Assignment.|

A contract is an agreement entered into voluntarily by two parties or more with the intention of creating a legal obligation, which may have elements in writing, though contracts can be made orally. The remedy for breach of contract can be "damages" or compensation of money. Example 1

My cousin wanted to go abroad for his job he wanted to sell his bike in market I also need a bike for daily travelling so I asked him for his bike and made a contract with him to sale his bike HONDA CD 70(2010) to me for rupees 40,000 I requested him for the installment of this amount in the form of 10,000 per month. He agreed and hand over (sale) his bike to me with a written stamp paper. And in next 4 months I pay the entire amount due and full fill a valid contract. It was a valid contract and meting all the fundamentals of a valid contract a view of the fundamentals has been given below with the context of this contract Offer & acceptance

There must always be a law full offer and an acceptance in this regard for being a contract in the above contract I offered my cousin for the sale of his bike and he accepted. This offer also creating lawful relations and law full offer and acceptance as well. Oral or written

A contract may be in Oral or written form But it is better to be written because it provide the proof if required in the court in this contract the offer was oral but when it turned into a contract a written document in the form of stamp paper has been prepared. If I didn’t full fill the contract my cousin was able to sue against me and he can also prove me guilty for the breach of contract. Capacity of Parties

Parties must be competent to contract according to contract Act the parties must have the following characteristics 1. Major not of un sound mind
2. not disqualified by law
In this contract this essential is also going to be full filled because we both are major (more than 18years) totally rationally and sound minded .We have not any kind of criminal record so we are not disqualified by law and we made a contract with sound minds and also discharged by the performance that were required for this contract Lawful consideration

Consideration means something in return. It is actually a price which could be in form of some benefit paid by one party for the promise of the other party. The consideration should be lawful. My contract also full fill this essential of a valid contract bike is my need for daily travelling so bike is a consideration for me and 40000 Rupees is the need of my cousin regarding his foreign job so money is a consideration for my cousin and these consideration are lawful for both of us

Legal relationship
Parties in an agreement must create legal relationship I offered my cousin to sell his bike to me and he accept it so it is a valid contract as it creates a legal relationship Free consent
Parties to an agreement said to have consent if are agreed upon some thing in the same sense. Consent is said to be free when it is not obtained by coercion undue influence fraud misrepresentation or mistake. In this contract the consent of both of us was free no one force us to enter in to a contract with these actions that are mentioned above. Clarity of term

In this contract all the term and conditions were clear to each other I know about the model, color price and my cousin also know that I shall pay him in installments Possibility of performance
For being a valid contract it must be capable or being performed and it should not be legally or physically impossible. In our contact the element of performance was include and it was legally and physically possible...
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