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.