Cource title: business law and taxation

Degree: BBA
Registration no: 70056593
Student name Maryam ehsan ullah
Teacher name: dr. zeeshan
Date: o3,july,2020
Time : 9:35 to11
Cource code :bsoc1022

1.Define Contract. Write a short note on the essentials of a

valid contract.
A contract is an agreement that it is in written and is enforceable by law.their must be atleast two
parties needed in contract. one of them ordinarily making an offer and another accepting.
1. Essential of contract
2. Offer and acceptance
Capacity of the parties
Consideration
Consent
Fraud undue influence
Misrepresentation
Mistake
Agreement
Unlawful object
Contingent contract
Coercion

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Cource title: business law and taxation
Degree: BBA
Registration no: 70056593
Student name Maryam ehsan ullah
Teacher name: dr. zeeshan
Date: o3,july,2020
Time : 9:35 to11
Cource code :bsoc1022

2.What do you mean by capacity of parties?

the parties entering into a contract should be capable of understanding it and forming a rational
judgment as to its effect upon their interests.legal competency of each party to enter in contract.

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Cource title: business law and taxation
Degree: BBA
Registration no: 70056593
Student name Maryam ehsan ullah
Teacher name: dr. zeeshan
Date: o3,july,2020
Time : 9:35 to11
Cource code :bsoc1022

3.What is unpaid seller? Write 5 rights and duties of an unpaid

seller.
The seller who has not received price of goods sold or When a buyer did not pay his/her dues to
seller this is called unpaid seller
Rights and duties
Rights of an unpaid seller against the goods
In some cases after the sale of goods the seller continues to have possession of the sold goods. At
such times, an unpaid seller has certain rights against the goods.
These can be further studied under two heads

1- Property has passed to the buyer

When the ownership of goods is transferred to the buyer, there are three rights of an unpaid
seller. 

These are:
1.      Right of Lien

A lien is the right to retain the lawful possession of another person's piece of property until the
owner fulfills a legal duty to the person holding the property, such as the payment of lawful
charges for work done on the property. A mortgage is a common lien.
2.      Right of stoppage in transit 

Cource title: business law and taxation

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Degree: BBA
Registration no: 70056593
Student name Maryam ehsan ullah
Teacher name: dr. zeeshan
Date: o3,july,2020
Time : 9:35 to11
Cource code :bsoc1022

The right of stoppage in transit is an extension of the right of the lien. The right of the lien is the
right to retain the possession whereas the right of the stoppage in transit is a right to regain the
possession.
3.      Right of Re-sale

The right that the seller in a contract of sale has to resell the goods if the buyer does not pay the
price as agreed. If the goods are perishable or the seller tells the buyer that the goods will be
resold and the buyer still does not pay within a reasonable time, the seller may resell them and
recover from the first buyer damages for any loss.
Property has not passed
when the ownership of goods is not transferred to the buyer, there are two rights of an unpaid
seller. These are:
1.      Withhold Delivery
2.      Stoppage in transit

4.Right of stoppage in transit

Unpaid Seller has right to stop the goods in the transit itself. To exercise this right the following
conditions are to be fulfilled.
 He must be unpaid seller.
 Buyer must be insolvent.
 There should be no credit terms in the Contract of Sale. After expiry of Credit period, this
right can be exercised.
 Amount must be due on those goods only against which this right is desired.

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Cource title: business law and taxation
Degree: BBA
Registration no: 70056593
Student name Maryam ehsan ullah
Teacher name: dr. zeeshan
Date: o3,july,2020
Time : 9:35 to11
Cource code :bsoc1022

4.Write a short note on discharge of contract.

Discharge of a contract means termination of a contract. ... A discharged contract refers to

contract that is fully performed. The discharge of a contract happens when the obligations come
to an end.

A Contract is deemed to be discharged, that is, concluded and no longer binding, in the following
circumstances:

 Discharge by performance.
 Discharge of Contract by Substituted Agreement.
 Discharge by lapse of time.
 Discharge by operation of law.
 Discharge by Impossibility of Performance.
 Discharge by Accord and Satisfaction.
 Discharge by breach.

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