On the basis of Creation Express Contract Made by words - written or oral Implied Contract Inferred from the conduct of a person / circumstance The Law of Contracts is Not Whole Law of Obligations Type of obligation Law of contract covers or not Obligations which arise out of agreements Yes Obligations which do not arise out of agreements Noĭistinction Between An Agreement And Contract An Agreement Basis- Offer and its acceptance Legal Obligation- may or may not create One in Other – Every agreement need not be a contract A Contract Basis- Agreement and its enforceability Legal Obligation – necessary creates the obligation One in Other – All contracts are necessarily agreements Ĭlassification Of Contracts Basis of classification Creation Execution Enforce- ability Type of Agreement Law of contract Covers or not Agreements with legal obligations Yes Agreements without legal obligations No The Law of Contract Is Not The Whole Law of Agreements. Ī Contract Contract Agreement Enforceability Of an Agreement Offer/ Proposal Acceptance of Offer Legal obligation Arising out of An agreement Īgreement = Offer (or Proposal) + Acceptance of Offer (or Proposal) Įnforceability Of Agreement An Agreement is said to be enforceable by law if it creates some legal obligation. PROMISOR AND PROMISEE - The person making the proposal is called the “promisor”, and the person accepting the proposal is called the “promisee”. As is clear from the definition, only person to whom proposal is made can signify his assent. Thus, when a proposal (offer) is accepted, it becomes a ‘promise’. A proposal, when accepted, becomes a promise. MEANING OF ‘PROMISE’ - When the 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.” A contract must have following two elements- An agreement, and Enforceability of an agreement Ĭontract= An agreement + Enforceability of an agreement Īn Agreement Acc to section 2(e) of Indian Contract Act,1872 “ Every promise and every set of promises forming the consideration for each other is an agreement”. An agreement which can be enforced in a court of law is known as a contract. Meaning Of Contract “ An agreement enforceable by law is a contract”. Applicable not only to business but also to all day-to-day personal dealings. Sometimes, a section may have sub sections or clauses too. The Law Of Contract The Law of Contract is contained in the Indian Contract Act,1872 Came into force on the first day of September,1872 It extends to the whole of India except the State of Jammu and Kashmir This Act is divided into smaller units, each called a section. Sources Of Mercantile Law Sources of M Law in India English Mercantile Law Indian Statute Law Judicial Decisions Customs And Usages Law relating to Partnership Law relating to Companies Law relating to Negotiable Instruments Law relating to Insurance It includes laws to various contracts, partnership, companies, negotiable instruments, insurance, carriage of goods, arbitration. Mercantile Law or Commercial Law M Law deals with the rights and obligations of mercantile persons arising out of mercantile transactions in respect of mercantile property. LAW Law means a “set of rules” Defined as the rules of conduct recognized and enforced by the state to control and regulate the conduct of people, to protect their property and contractual rights with a view to securing justice, peaceful living and social security. BUSINESS Legislation Reference Book – P.C.
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