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CONTRACT
CONTRACT IN ISLAM
CONTRACT
SUBJECT WORDING OF
CONTRACTORS
MATTER CONTRACT
•Non-restricted •Present
•Specified •Sane •Unconditional
•Quantified •Mature •Non-contingent
CONDITIONAL CONTRACTS:
2. A condition, which is not against the contract, is a
valid condition.
For example a condition of free delivery to buyer’s
premises.
DEFINITION OF SALE(BAI)
exchange of a thing of value with another thing of
C o n tra c t o r tra n s a c ti o n S o ld g o o d s o r P ri c e D e l i v e ry o r p o s s e s s i o n
(A q d ) s u b j e c t m a tte r (T h a m a n ) (Q a b z a )
(M u ta ' a q u a d e e n ) o n l y i n re s p e c t o f m o v a b l e
1 2 3 g o o d s , n o t im m o v a b le 4
ELEMENTS OF A VALID SALE (Bai Sahih)
– CONTRACT ( Aqd )
Offer & Acceptance ( Ijab-o-Qobool)
Oral ( Qauli )
Implied ( hukmi )
Buyer and seller ( Muta’aquadeen ) must be
Sane
Mature
Conditions of contract ( Sharaet-e-Aqd )
sale must be non-contingent
sale must be immediate
ELEMENTS OF A VALID SALE (Bai Sahih)
Constructive ( Hukmi )
VOID/NON EXISTING SALE (BAI BAATIL)
Certain conditions are not met. These relate to:
conditions of offer and acceptance
Oral acceptance OR Implied acceptance