Legal Regulatory Framework
Structure 1.1 Law of Contract – Indian Contract Act 1872. 1.1.1 Law – Its origin 1.1.2 Definition – Contract 1.1.3 Essentials of a Valid Contract 1.1.4 Classes of Contract 1.1.5 Questions 1.2 Offer or Proposal 1.2.1 Essentials of a ValidOffer 1.2.2 Questions...
behaviour that is regarded by the persons engaged in the practice as law. Customs do not have the force of law unless they are recognized in a case. "Legal" or "trade" customs are not given recognition as law unless they are certain and not unreasonable or illegal. In Singapore, custom is a minor source...
by the conditions remaining
in India. This law regulates trade and commerce and form an
integral part of the society. The Mercantile Laws covers various
Acts such as: The Indian Contract Act 1872, the Sale of Goods Act
1930, the Partnership Act 1932, the Companies Act 1956 etc.
The Indian Contract...
cases will be considered from the legal standpoint.
Legal aspect has always been important to any kind of business. Depending on the scale of operations we can see legal departments in large multinational corporations or small companies outsoursing lawyers or getting legal consultations. Knowledge of the...
Thus, we can say that the parties to a contract, in a sense make the law for themselves. So long as they do not transgress some legal prohibition, they can frame any rules they like in regard to the subject matter of their contract and the law will give effect to their contract.
Definition of contract
of promise, it is obvious that an agreement is an accepted proposal. The two elements of an agreement are:
(i) offer or a proposal; and
(ii) an acceptance of that offer or proposal.
What agreements are contracts? All agreements are not contracts. Only those agreements which are enforceable...
Some knowledge of law is necessary for all persons since life of each member of society must proceed to a large extent in conformity with recognized rules and principles of social conduct. Life in general and business in particular could not continue without law to regulate the conduct of people and to...
or a set of promises. Ex: A makes an offer to sell his car for rs.150000 to B. B accepts the offer. This offer after acceptance becomes a promise and the promise is an agreement between A and B. 2. What is an acceptance?
An: According to section 2(b) acceptance is “when the person to whom the proposal...
two minds, which take place when an offer by one party is accepted by the other.
* Must be at least two parties.
Contract and Obligation distinguished
* One of the sources of obligation.
* There is no contract without an obligation.
* The legal tie that exists after the contract...
ELECTRONIC CONTRACT AND THE LEGAL ENVIRONMENT
Sarabdeen Jawahitha* & Noor Raihan Ab Hamid**
The World Wide Web (WWW) has brought new opportunities and challenges to various people. The businesses utilize it for their benefit by expending their activities not only in physical space...
Contract Law Notes
Offers to the public at large
What is an offer?
Supply of information
Invitation to treat
a) Advertisements in a catalogue or a curricular
Contract Law Notes
- Bilateral contracts
- Unilateral contracts
- Offers to the public at large
What is an offer?
- Mere puff
- Supply of information
- Invitation to treat
bargain is absent and there is no intention to
create legal relations are not contracts. These are:
(a) Agreements relating to social matters: An agreement between two
persons to go together to the cinema, or for a walk, does not create a legal obligation on their part to abide by it. Similarly...
There are 4 components of a contract, including offer, acceptance, consideration and intention to create legal relations. Therefore, when we advise whether it is a binding contract, we need to consider whether these components are included.
Offer is defined as “an expression of willingness to contract...
Contract of guarantee, Contract of insurance etc.
- Simple contracts.
These are contracts whose formation is not subject to any legal formalities. The contract may be oral, written or implied from the conduct of the parties e.g. Contract of sale of goods
Partnership agreements etc...
Children, physical disability, mental disability, superior skill or knowledge, and emergencies
Know the differing duties of a landowner with respect to various types of individuals entering its land or premises
* Duty to Trespassers – not to injure intentionally
* Duty to Licensees – to warn of known...
Master of Business Administration-MBA Semester III
MB0051-Legal aspects of Business-4 Credits
(Book ID: B1725)
Roll No. 1205019884
Questions: 1. It is important for any person to know as ignorance of law is no excuse. Modern Indian law has been derived from some sources. Discuss the primary...
types are there? Explain each type. What are required to form a valid contract?
I. Business agreement and its different types
Business agreement is a meeting of mind which is made between two or more legally competent parties, about their relative duties and rights regarding current or future...