BUSINESS & INDUSTRIAL LAW

2. BUSINESS & INDUSTRIAL LAW B.COM-II Facilitator: ASIF VAID SIR ADAMJEE INSTITUTE OF MANAGEMENT SCIENCES

3. ESSENTIALS OF A VALID CONTRACT 2. LEGAL OBJECT 1. OFFER & ACCEPTANCE Accepted Accepted Gave Offered his Bike for Rs.30,000 Offered Drugs worth Rs.50,000 Mr. A Mr. B Mr. A Mr. B SAIMS Offeror Offeree Contract is VOID Illegal Object With All the Details 3. LAWFUL CONSIDERATION 4. POSSIBILITY OF PERFORMANCE Accepted Govt. Officer Offered a Govt. Job for Rs.200,000 Mr. A Offered to discover Gold by Magic Mr. A Mr. B UNLAWFUL BRIBE Impossible to Perform Contract is VOID Contract is VOID Something in Return CONSIDERATION SIR ADAMJEE INSTITUTE OF MANAGEMENT SCIENCES

4. ESSENTIALS OF A VALID CONTRACT 6. CERTAINTY OF TERMS 5. FREE CONSENT Accepted SAIMS Offered his Car for Sale Signs a Contract on gunpoint Mr. B Mr. B Mr. A Mr. A COERCION Contract is VOID Has 3 different Cars Which Car ? Will / Wish CONSENT UNCLEAR IS NOT FREE IF OBTAINED WITH: MISTAKE FRAUD COERCION Contract is VOID UNDUE INFLUENCE MISREPRESENTATION SIR ADAMJEE INSTITUTE OF MANAGEMENT SCIENCES SIR ADAMJEE INSTITUTE OF MANAGEMENT SCIENCES

5. ESSENTIALS OF A VALID CONTRACT 8. LEGAL OBLIGATION 7. CAPACITIES OF PARTIES Accepted Accepted SAIMS Offers to Sell his House for Rs.10 M Offered his Car for Rs.600,000 Mr. A Mr. B Minor Mr. A Contract is VOID NOT CAPABLE FAILS TO FULFILL THE PROMISE CAN FILE A CASE ON MR.A CAPABLE NOT CAPABLE 9. WRITING NOT NECESSARY Accepted MAJOR MINOR Offered his Cell Phone for Rs.30,000 Mr. B Mr. A SOUND MIND UNSOUND MIND NOT DISQUALIFIED FROM ANY COURT OF LAW DISQUALIFIED FROM ANY COURT OF LAW ORAL OR WRITTEN SIR ADAMJEE INSTITUTE OF MANAGEMENT SCIENCES SIR ADAMJEE INSTITUTE OF MANAGEMENT SCIENCES