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Business and Labor Law

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Submitted By Hiraa
Words 7925
Pages 32
Origin of contract Contract act 1872

Extends to all Pakistan DEFINITION

(1)Between two or more than two parties\persons

(2)To do or not to do any particular thing

(3)Enforceable by law

(4)Creates obligation between the parties \persons

COMMUNICATION\REVOCATION\ACCEPTANCE

COMMUNICATION

(1)Offer or proposal (notice to other party)

(2)Acceptance

REVOCATION

(1)Cancellation

(2)Mode of Revocation of proposal

(a)By written notice or by conduct

(b)By failure to fulfill any condition relating to contract

(c)Death of either party

(d)Lapse of time

(e)Operation of law

(f)Refusal by offeree

ESSENTIALS OF A VALID CONTRACT

(1)Agreement

(2)Legal Relationship

(3)Competent to contract

(4)Free consent

(5)Consideration

(6)Not expressly declared void

(7)Legal objects

PERFORMANCE OF THE CONTRACT

(1)Contracts which must be performed

(2)By whom contracts must be performed

(3)Time and place for performance

(4)Performance for Reciprocal promises

(5)Contracts which need not to be performed

DISCHARGE\BREACH OF CONTRACT

(1)Whoever breaks the promise

(2)Whenever a party fails to perform his obligation

REMEDIES

(1)Damages

(a)Compensation as loss not as punishment

(2)Kinds of damages

(a)General damages

(b)Special damages
INDEMNITY AND GUARANTEE Indemnity

Promise to save the other from loss Caused by

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