Dr. Kishori J. Bhagat - Business Law Insights and Analysis
Dr. Kishori J. Bhagat, a highly qualified academic, delves into various aspects of business law, including Indian Contract Act, contract definitions, offer and acceptance rules, considerations, and contract creation. Explore her expertise in commercial law through insightful content and visuals.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
Dr. (Mrs) Kishori J Bhagat M.Com., M.Phil., M.B.A., NET, Ph.D.(Commerce), Ph.D. (Management Studies)
1. Indian Contract Act 1872 I 2. Indian Contract Act 1872 II 3. Special Contracts 4. The Sale of Goods Act 1930 5. The Negotiable Instruments (Amended)Act 2015 Dr Kishori J Bhagat Business Law 2
Indian Contract Act 1872 I Dr Kishori J Bhagat Business Law 3
Contract Definition of Contract and Agreement, Essentials of valid Contract, Classification of Contract Offer & Acceptance Rules of valid offer and acceptance, counter offer, standing or open offer, distinguish between offer and invitation to offer, concept of communication and revocation of offer and acceptance (sec 3,5) Capacity to contract- minor, unsound mind disqualified by law (sec 10-12) Consideration (sec 2 &25) concept and importance, legal rules of consideration, exception to the Rule No Consideration, No Contract , unlawful consideration (sec 23) Dr Kishori J Bhagat Business Law 4
Agreement = Offer + Acceptance Contract = Agreement + Enforceability Offer + Acceptance All Agreements are not Contracts but all Contracts are Agreements All Agreements are not Contracts but all Contracts are Agreements Dr Kishori J Bhagat Business Law 5
Offer Acceptance Legal relationship Capacity Free consent Object lawful Consideration Not void Capable of performance Legal formalities Dr Kishori J Bhagat Business Law 6
Contract s Creation Enforceability Execution Conti ngen t Express Impl ied Partly executed Executed Quasi Executory Voi d C Void Ag Voidable C Illegal Ag Valid Unenforceable C Dr Kishori J Bhagat Business Law 7
Offer/ proposal When willingness to do or abstain from doing anything with a view to obtaining the assent of that other to such act or abstinence, he is said to make proposal one person signifies to another his Acceptance When a person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted A proposal when accepted becomes a promise Dr Kishori J Bhagat Business Law 8
Offer Acceptance Who can accept Absolute Mode of acceptance Communication Mental Acceptance is no acceptance Time limit Before lapse of time No acceptance without knowledge of offer Intention to create legal relation Certain Different from invitation Communication Different from mere declaration Special terms Dr Kishori J Bhagat Business Law 9
Counter offer When the offeree/ acceptor accepts the offer not per se, he is said to make counter offer Standing offer Is called open or continuing offer. An offer which is allowed to remain open for acceptance over a period of time Dr Kishori J Bhagat Business Law 10
Offer Is the readiness by the offeror to be bound by his offer if the offeree choose to accept Offer Invitation to offer One party proposes certain terms without finality and is wanting the other party to negotiate Invitation to offer 1 2 Once offer is accepted, contract comes into existence Once the other person expresses his terms, he is making offer 3 An offer may be express or implied It cannot be implied 4 5 An offer can be terminated Amit offers to sell his iphone for Rs 1L It cannot be terminated Menu card of a hotel Prospectus of a college Dr Kishori J Bhagat Business Law 11
Completion of Communication of offer Communication of acceptance Communication of Revocation of offer Communication of Revocation of acceptance Dr Kishori J Bhagat Business Law 12
Every person is competent to contract, except Minor Unsound mind Disqualified by law Dr Kishori J Bhagat Business Law 13
Unenforceable Enforceable Validity No ratification No estoppels No insolvency As shareholder Benefit Property liable for necessaries Partner Hold property or interest Dr Kishori J Bhagat Business Law 14
Factors affecting soundness of mind Lunacy mental disorder Idiocy IQ below 20 Drunkenness influence Dr Kishori J Bhagat Business Law 15
Incorporated bodies Convicts Foreign sovereign Alien enemy Insolvent Dr Kishori J Bhagat Business Law 16
quid pro quo - Something in return Importance No consideration, no contract Dr Kishori J Bhagat Business Law 17
Act at the desire of promisor May move from one person to another Past/present/future Some value Real Something other than existing obligation lawful Dr Kishori J Bhagat Business Law 18
Registered agreements love & affection Past voluntary services Pay time barred debts Creation of agency Gifts Dr Kishori J Bhagat Business Law 19
Forbidden by law Defeats any provision of any law Fraudulent Involves injury to person or property Immoral Opposed to public policy Dr Kishori J Bhagat Business Law 20
Agreement with enemy Sale of public title Restraint - Parental rights Restraint - Marriage Restraint - Legal proceedings Restraint - Trade Restraint - Personal liberty Create monopoly Marriage brokerage Void for uncertainty Partly unlawful Dr Kishori J Bhagat Business Law 21
Dr Kishori J Bhagat Business Law 22
