Presentation Transcript

1. Definition of Law

   Citizen Point of View Lawyer Legislator Judge

2. Definition of Law

   Rules of conduct if recognized by state & enforced by it on people are termed as law

3. Sources of Law

   English Mercantile law Statute Law Judicial Deacons Customs & Usages

4. Definition of Agreement

   Every promise and every set of promises forming consideration for each other

5. Essentials of Valid Contract

   Offer & Acceptance Intention to create legal relationship Balfour Vs Balfour Lawful Consideration Capacity of Parties Free Consent Lawful Object Agreement not declared void Certainty & possibility of performance Legal formalities

6. Classification of Contracts

   Voidable Contract Void Contract Illegal Agreement Unenforceable Contract Express Contract Implied Contract Executed Contract Executory Contract Unilateral Contract

7. Offer & Acceptance

   Legal rule as to offer Should give rise to legal obligations Terms must be definite Taylor vsPortington Offer be different from intention Must be communicated LalmanvsGauridutt Should be with intention to receive assent No terms of non-compliance Statement of price not an offer

8. Special terms in contract

   Parker vs SE Rail Cross offers

9. Legal Rules as to Acceptance

   It must be absolute Neale vsMerret Must be communicated BrogdenvdMetroploitan Rail Co According to mode prescribed Reasonable time It cannot precede an offer Must have intention to fulfill terms of the promise Acceptance only by party to whom offer is made Accept before offer lapses Cannot be implied from silence

10. Communication of offer, Acceptance and Revocation

11. Free Consent

    There is free consent in the absence of Coercion Undue influence Fraud Misrepresentation Mistake

12. Mistake

    Mistake is of two types Mistake of law Mistake of fact

13. Mistake of law

    1. Mistake of law of the country 2. Mistake of the foreign country

14. Mistake of Fact

    1. Bilateral Mistake 2. Unilateral Mistake

15. Bilateral Mistake

    1. Mistake as to the subject matter 2. Mistake as to the possibility of performance

16. Mistake as to the subject matter

    1. Mistake as to the existence of subject matter Case Courturiervs Hastie 2. Mistake as to the identity of subject matter RaffelvsWichelhaus 3. Mistake as to the quality of subject matter nicholsonvs smith 4. Mistake as to the quantity of subject matter 5. Mistake as to the title of subject matter 6. Mistake as to the price of subject matter

17. Unilateral Mistake

    1. Mistake as to the identity of the person 2. Mistake as to the nature of the contract

18. Coercion

    Effect of Coercion 2. Threat to commit suicide

19. Undue influence

    Effect of Undue influence 2. Burden of proof 3. Rebutting of the presumption

20. Misrepresentation & Fraud

    Requirements of misrepresentation Material fact It must have induced Must have acted It is wrong & person making believes it to be true No intention to deceive Need not be made directly

21. Fraud

    The statement is not true and person making it knows about it Active concealment of fact Promise made with no intention to perform Any act to deceive Any act declared to be fraudulent

22. Consequences of Misrepresentation

    Can rescind the contract Insist to be placed in the same situation

23. Essentials of fraud

    There is representation which is false The representation must relate to material fact Representation made before conclusion of contract Had the knowledge that it is false makes it recklessly The party acted on it Must have been deceived Suffered a loss