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WHAT IS BUSINESS?

Any economic activity carried out to maximize profits.

WHAT IS LAW? An embodiment of agreed upon principles to regulate the conduct of a society.

WHO MAKES THE LAW?


What are the three pillars of a society?
 Legislature.  Judiciary.  Executive.  Media.

BUSINESS LAW An embodiment of agreed upon principles to regulate various profit maximizing activities to the best interest of the public. CLASSIFICATION OF LAW. Public law Criminal law - (code of Criminal Procedures) CrPC. (Pakistan Penal Code) PPC Constitutional law. Shariah Law

   




Private law
Contract Act, Law of Agency, Sale of Goods, Nego. Instruments Etc

 CONTRACT

ACT OF 1872

 SEC

10. WHAT AGREEMENTS ARE CONTRACTS:

 All

agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void.  Nothing herein contained shall affect any law in force in Pakistan , by which any contract is required to be made in writing or in the presence of witnesses, or any law relating to the registration of documents.

ESSENTIALS OF A CONTRACT. AGREEMENT.(CONSENSUS AD IDEM) A: Offer B: Acceptance OBLIGATION (ENFORCIBILITY)


       

 

A: Capacity of parties. B: Consent and Free consent. C: Lawful Consideration and Object. D: Meaning should be certain. E: Intention to create legal relations. F: Possibility of performance. G: Legal formalities if required. H: Not specifically declared to be void.

AGREEMENT  Agreement is the outcome of the consensus between the contracting parties. Two or more persons are said to consent when they agree on the same thing in the same sense.
 Every

promise or set of promises forming consideration for each other.

Offer  When one person signifies to another his willingness to do or to abstain from doing anything with a view to obtaining the assent of the other to such act or abstinence, he is said to make a proposal.  May be in writing, orally or, by conduct.  Must be capable of creating legal relations.  Must be precise and definite.  Must be distinguished from an invitation to make offer.  May be made either to a specific person (s) or to the world at large.  Must be communicated.  Must not contain a negative condition.

      

Acceptance When the person to whom proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal once accepted becomes a promise. May be made in writing orally or by conduct. Silence does not amount to acceptance. May be in any manner prescribed or indicated. Must be made before the offer lapses or is withdrawn. Must be absolute & unqualified and correspond to the terms of offer. Must be made by the person to whom offer was made. Must be accepted by the specific person.

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