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Mercantile Law Short Notes by Syed Ali Raza

Mercantile Law Short Notes by Syed Ali Raza

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Published by raza110
these short notes are prepared using book title BUSINESS LAW written by khalid mehmood cheema
these short notes are prepared using book title BUSINESS LAW written by khalid mehmood cheema

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Categories:Types, Business/Law
Published by: raza110 on Feb 06, 2012
Copyright:Attribution Non-commercial

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01/18/2015

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Paper B-5... CA, Module-B Mercantile Law 
 
ali_ca12@yahoo.com
Page 1
 
Prepared by: Syed Ali Raza
SUBJECT: BUSINESS LAW
(from book written by Khalid Mehmood Cheema)
 
Contract Act 1872
1.
 
Offer { sec 2(a) }2.
 
Acceptance { sec 2(b) }3.
 
Consideration { sec 2(d) }4.
 
Agreement { sec 2(e) }5.
 
Reciprocal promises {sec 2(f) }6.
 
Void Agreement { sec 2(g) }7.
 
Contract { sec 2(h) }8.
 
Voidable Contract { sec 2(i) }9.
 
Void Contract { sec 2(j) }
Contract:sec 2(h):
An agreement enforceable by law is contract1.
 
Agreement 2. Enforceability
Essentials for a Valid contract (
section 10)1.
 
Offer and Acceptance2.
 
legal relationship3.
 
Lawful Consideration4.
 
Capacity of Parties(section 11)5.
 
Free Consent (section 14)6.
 
Lawful Object7.
 
Writing and Registration8.
 
Certainty of Terms (section 29)9.
 
Possibility of Performance10.
 
 Not Expressly Declared Void
Kinds of Contract
 The contract can be divided according to enforceability, formation, and performance.
 
Enforceability
 1.
 
Valid Contract2.
 
Void Contract{sec(j)}3.
 
Void Agreement{sec(g)}4.
 
Voidable Contract {sec(i)}5.
 
Unenforceable Contract6.
 
Illegal Agreement (section 23)
 
Formation
 1.
 
Express contract (section 9)2.
 
Implied contract (section 9)3.
 
Quasi contract
 
Performance
 1.
 
Executed contract2.
 
Executory contract
 
Unilateral contract
 
Bilateral contract
 
Paper B-5... CA, Module-B Mercantile Law 
 
ali_ca12@yahoo.com
Page 2
 
Prepared by: Syed Ali Raza
OFFER AND ACCEPTANCE
 
OFFER :
sec 2(a)Section 2(a) defines a proposal as,“When one person signifies to another his willingness to do or to abstain from doing any thing,with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal.
Essentials for valid Offer :
 1.
 
It may Express or Implied2.
 
It must create legal relations3.
 
It must be definite and clear 4.
 
It is different from invitation of offer 5.
 
It may be Specific or General6.
 
It must communicated to the Offeree7.
 
It should not contain negative conditions8.
 
It may be subject to any conditions9.
 
It must not contain cross offer 
Revocation of Offer :
 1.
 
 Notice of Revocation2.
 
Lapse of time3.
 
Failure to fulfill Condition4.
 
Death or insanity of Offeror 5.
 
Revocation of Offer by Offeree6.
 
Death or insanity of Offeree7.
 
Counter offer by Offeree8.
 
Subsequent Illegality9.
 
Destruction of subject matter 10.
 
Failure to Accept according to Mode
ACCEPTANCE :
sec 2(b)Section 2(b) defines acceptance as follows:When the person to whom proposal is made signifies his assent thereto, the proposal is said to beaccepted. A proposal when accepted becomes a promise (agreement).
Essentials for a Valid Acceptance :
 1.
 
It must given by the Offeree2.
 
It must absolute and unconditional3.
 
It must be in prescribed Manner 4.
 
It must be communicated to the Offeree5.
 
It may be express or implied6.
 
It must follow the offer 7.
 
It must be given within reasonable time
 
Paper B-5... CA, Module-B Mercantile Law 
 
ali_ca12@yahoo.com
Page 3
 
Prepared by: Syed Ali Raza
CONSIDERATION
 
Consideration
: sec 2(d)sec 2(d) of contract Act define consideration as,“When at the desire of the promisor, the promisee or any other person has done or abstainedfrom doing, or does or abstains from doing, or promises to do or abstain from doing something,such act or abstinence or promise is called a consideration for promise.”
Essentials for a Valid Consideration
 1.
 
It must be given at the desire of the promisor 2.
 
It may move form the promisee or any other Person3.
 
It may be any Act, Abstinence or Promise4.
 
It may be Past, Present or Future5.
 
It need not be sufficient6.
 
It must be real
Exception to Consideration :
 1.
 
Agreement on Account of Natural Love and Affection2.
 
Agreement for compensate for Past Voluntary services3.
 
Agreement to pay a Time-Barred Debt4.
 
Agreement to give something as Gift5.
 
Agreement to Act as Agent6.
 
Agreement to Remit by the Promisee
UNLAWFUL OBJECT or CONSIDERATION :
 “According to section 23 the consideration or object of an agreement is unlawful in the followingcases:1.
 
If it is Forbidden by Law2.
 
If it Defeat the Provision of any Law3.
 
If it is Fraudulent4.
 
It it involves Injury to Person or property of another 5.
 
If the court regard it as Immoral6.
 
If the court regards it as opposed to Public Policy

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