University Of Central Punjab

Punjab Group Of Colleges Kamoke

Corporate law

Presented By: Marvell League

K1F14MCOM0006 Umme RubabK1F14MCOM0016 Sana LiaqatK1F14MCOM0017 Noor-ul-AinK1F14MCOM0026 MahnoorK1F14MCOM0038 Zohaib Azam K1F14MCOM0039 Asad AdnanK1F14MCOM0042 Sidra Liaqat

Con

trac

t &

Det

ails

Essentials of

contract

Performance of contract

Types of

contract

What is law?

COMMON

SENSE

Is

justLaw

Agreement

Enforceability

Contract

What is

Contract?

Relevant provision Section 2h

Agreement and Promise

Promise Consideration Agreement

Offer Acceptance Promise

Sec 2b

Sec 2e

Formation of contractOffer

Communication

Acceptance

Promise

Consideration

Agreement

Enforceability

Contract

Contract’sformation

Difference between

Agreement & Contract

AgreementOffer and its acceptance constitute an agreement

An agreement may or may not create a legal obligation

Every agreement need not necessarily be a contract

Agreement is not concluded or binding

ContractAgreement and its enforceability constitute a

contract

A contract necessarily create a legal obligation

All contracts are necessarily agreements.

Contract is concluded and binding on the concerned parties

Essentials of contract

Valid offer & acceptance

Oral or written

Parties’ competency

Legal Consideration

Legal relationship

Free consent of parties

Lawful objective

Legally and physically possible

Clarity of terms

Not declared to be void

Sec 10

Cont.……

Valid offer & acceptanceOral or writte

n

Minor

Mentally

unstable

Intoxicated

 Person

disqualified

by any law

Parties’ competency

Sec 11

Cont.……

Legal consideration

Something in return

Sec 23

Lawful objective

Not forbidden by

law

Not fraudulent

Not involves injury

Not immoral

Not opposed to

public policy

Sec 23

Legal relationship

Clarity of terms

Cont.……

Free consent of parties

Coercion (Sec 15)

Undue influence (Sec 16)

Mistake (Sec 20, 21, 22)

Mispresentation (Sec 18)

Fraud (Sec 17)

Sec 13 & 14

Legally and physically possible

Not declared to be void

Wagering contract

Contract with enemy

country

Smuggling

Sec 56

Performance of contract

Performance of contract

Refusal to perform promise

Refusal to accept offer

Cont.……

Actual performance

Attempted performance

All liabilities have been

performed by promisor

Agreement is due and promisee

refuses the performance by

promisor

Types of contractTypes of

contract

On basis of validity

On basis of formation

On basis of liability

On basis of performanc

e

Valid contract

Void contract

Void ab-initio

Voidable

Un-enforceable

Express

Implied

Quasi

Unilateral

Bi-lateral

Executed

Executory

Valid contract

Void contract

Void ab-initio

Voidable

Un-enforceable

On basis of validity

Cont.……All essential of contract are

fulfilled

Cannot be enforced by law

At first valid but becomes void due to certain reasons

Void from its very initial stage

Valid but cannot be enforced due to technical defect

Cont.……

On basis of formation

Express

Implied

Quasi

May be oral or written

Finder of lost goods

Not expressed but intentions show contract exists

Cont.……

On basis of

liability

On basis of performance

Unilateral

Bi-lateral

Executed

Executory

Obligation lies with one party

Obligation lies with both parties

Both parties have performed their promise

Promise is yet to performed by one party

Case lawLALMAN SHUKLA VS. GAURIDUTT

Gauridutt sent his servant Lalman to find his lost nephew. when the servant had left, Gauridutt announced reward to anyone, who will trace the boy. Lalman found the boy and brought him home . When Lalman came to know he claimed for reward.

Facts of case

Lalman’s plea was cancelled on the grounds that he can not accept the offer unless he is not aware of it.

Decision in this case

Cont.……

Offer was not communicated to the person demanding reward.

Case lawHARRISON VS. NICKERSON

An auctioneer advertised in a newspaper that a sale of office furniture would be held. A broker came from a distant place to attend that auction, but all the furniture was withdrawn. The broker thereupon sued the auctioneer for his loss of time and expenses.

Facts of case

Cont.……Decision in this case

A declaration of intention to do a thing did not create a binding contract with those who acted upon it, so that the broker could not recover.

Intentions do not result in formation of contract.

Thank you