Business Law

Assignment š ŵ


Subm|tted toť
Mohammad All (lCA)
Course lnsLrucLor
8uslness Law



Subm|tted byť
Adeel Ahmed khan
SLudenL lu # 2007Ŵ1Ŵ36Ŵ7736
lnsLlLuLe of 8uslness ManagemenL






CcLober 16ţ 2011

able of Contents
8ackground ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 4
lnLroducLlon ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 4
ueflnlLlon of LawŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 4
1ypes of Law ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 4
Þubllc Law ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 4
ÞrlvaLe Law ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 4
Sources of Law ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 3
lormal Sources ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 3
MaLerlal Sources ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 3
WhaL ls a 8uslness? ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 6
lorms of buslnesses ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 6
Sole ÞroprleLorshlps ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 6
Ceneral ÞarLnershlps ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 6
LlmlLed LlablllLy Company ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 6
Legal SysLem of ÞaklsLan ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 7
Sources of Law ln ÞaklsLan ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 7
Poly CuranŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 7
^eceuentŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 8
LeglslaLlonŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 8
CusLom ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 9
ConLracL ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 9
AgreemenLŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 9
LssenLlals of valld AgreemenL ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 9
1Ŧ CapaclLy ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 9
2Ŧ ConsenL ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 9
3Ŧ Lawful Cb[ecL ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 9
4Ŧ WrlLlng Ǝ 8eglsLraLlon ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 9
LnforceablllLy ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 10
1Ŧ Cffer and accepLance ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 10
2Ŧ Legal relaLlonshlp ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 10
3Ŧ CapaclLy of Lhe parLles ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 10
4Ŧ Lawful conslderaLlon ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 10
3Ŧ lree consenL ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 10
6Ŧ Lawful ob[ecL ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 10
7Ŧ WrlLlng and reglsLraLlon ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 10
8Ŧ CerLalnLy ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 11
9Ŧ ÞosslblllLy of performance ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 11
10Ŧ noL expressly declared vold ŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦŦ 11



Background
Some knowledge of lawţ may lL be ln a greaLer or lesser exLenL ls necessary for all personsţ because
lgnorance of law ls no excuseŦ Lvery slngle person ls lnvolved wlLh slLuaLlons LhaL demands law Lo be
followed for correcL acLlonŦ
WlLhouL law our dally llfe and parLlcularly our buslness llfe could noL conLlnueţ because every buslness
has Lo follow some seL of rules deflned by lawŦ
Introduction
Definition of Law
Law can be deflned asť
#u|e made by author|ty for the proper regu|at|on of a commun|ty or soc|ety or
for correct conduct |n ||feŦ"________________________Cxford Lng||sh D|ct|onary
#aw denotes ru|es and pr|nc|p|es e|ther enforced by an author|ty or se|f |mposed
by the members of a soc|ety to contro| and regu|ate peop|e's behav|or w|th a
v|ew to secure [ust|ceţ peacefu| ||v|ng and soc|a| secur|tyŦ"_________MŦCŦ kuchha|
#Commands wh|ch ob||ges a person or persons genera||y to act or forbearance of
a c|assŤ const|tut|on or unconst|tut|ona| prov|s|onsŦ"____________Muhammad A||
\es of Law
1here are Lwo maln branches of lawť
1Ŧ Þubllc Law
2Ŧ ÞrlvaLe Law
ublic Law
lL ls concerned wlLh Lhe publlc as a whole and ls dlvlded lnLo Lhree furLher classesť
1Ŧ ConsLlLuLlonal Law
2Ŧ AdmlnlsLraLlve Law
3Ŧ Crlmlnal LawŦ
rivate Law
lL perLalns Lo lndlvldualsť
1Ŧ ConLracL
2Ŧ Agency
3Ŧ Sales
4Ŧ SureLyŴshlp
3Ŧ negoLlable lnsLrumenLs eLcŦ
ÞrlvaLe Laws are also Lermed as us|ness awţ Commerc|a| aw or Mercant||e awŦ
ources of Law
1here are Lwo maln sources of lawť
1Ŧ lormal Sources
2Ŧ MaLerlal Sources
ormal ources
1hese are laws of sLaLe manlfesLed by sLaLues or declslons of Lhe courLŦ
Material ources
1hese are sources from whlch Lhe law derlves lLs maLLerŦ MaLerlal sources can beť
1Ŧ PlsLorlcal
2Ŧ Legal
Hlxtorlcul Sourcex
1hey conslsL of seL of rules framed LradlLlonally ln an unauLhorlzed way buL laLer have been adopLed and
accepLed ln legal rules or prlnclples by usageŦ Such sources have framed Common Law and LqulLyŦ
Iegul Sourcex
1hese are Lhe lnsLrumenLs of sLaLe by whlch legal rules are framedŦ 1here are four maln Lypes of legal
sourcesť
ŵ. Legislation
LeglslaLlon ls LhaL source of law whlch conslsLs ln Lhe declaraLlon of legal rules by a compeLenL
auLhorlLyŦ LeglslaLure ls Lhe dlrecL source of lawŦ LeglslaLure frames new laws amendsţ Lhe old
laws and cancels Lhe exlsLlng ln all counLrlesŦ ln modern Llmes Lhls ls Lhe mosL lmporLanL source
of law maklngŦ 1he Lerm leglslaLure means any form of law maklngŦ lLs scope has now been
resLrlcLed Lo a parLlcular form of law maklngŦ lL noL only creaLes new rules of law lL also sweeps
away exlsLlng lnconvenlenL rulesŦ
Ŷ. ^eceuent
ÞrecedenL ls one of Lhe sources of lawŦ 1he [udgmenLs passed by some of Lhe learned [urlsLs
became anoLher slgnlflcanL source of lawŦ When Lhere ls no leglslaLure on parLlcular polnL whlch
arlses ln changlng condlLlonsţ Lhe [udges depend on Lhelr own sense of rlghL and wrong and
declde Lhe dlspuLesŦ Such declslons become auLhorlLy or gulde for subsequenL cases of a slmllar
naLure and Lhey are called precedenLs
ŷ. astoma^ onuacts
A cusLom ls a rule whlch ln a parLlcular famlly or ln a parLlcular dlsLrlcL or ln a parLlcular secLlonţ
Class or Lrlbeţ has from long usage obLalned Lhe force of lawŦ 1he dlcLlonary of Lngllsh law

deflnes cusLom as a law noL wrlLLenţ whlch belng esLabllshed by long use and consenL of our
ancesLors has been and dally ls puL lnLo pracLlceŦ
Ÿ. Ag^eements
ln all sorLs of conLracLs Lhe parLles lncorporaLe number of sLlpulaLlon volunLarlly whlch becomes
blndlng on Lhe conLracLlng parLles ln Lhe duraLlon of performance of conLracLŦ
at is a Business?
A buslness can be deflned as an organlzaLlon LhaL provldes goods and servlces Lo oLhers who wanL or
need LhemŦ 1he common purpose of a buslness ls Lo earn proflLŦ
orms of businesses

ole ro\rietorsi\s
A sole proprleLorshlp ls a buslness owned and managed by one lndlvldualŦ A sole proprleLorshlp ls noL a
legal enLlLyŦ lL refers Lo an lndlvldual who owns Lhe buslness and ls personally responslble for lLs debLsŦ
Cwners may freely commlngle buslness and personal asseLsŦ Cwners cannoL ralse caplLal by selllng and
lnLeresL ln Lhe buslnessŦ 1he owner reporLs all lncome and expenses on Lhe owner's personal Lax reLurnŦ
1he buslness LermlnaLes on Lhe owner's deaLh or wlLhdrawalŦ Poweverţ an owner can sell Lhe buslnessţ
buL can no longer remaln Lhe proprleLorŦ
Ceneral artnersi\s

A general parLnershlp ls a buslness organlzaLlon formed when 2 or more lndlvlduals or enLlLles form a
buslness for proflLŦ All parLners share ln Lhe managemenL and ln Lhe proflLs and declde on maLLers of
ordlnary buslness operaLlons by ma[orlLy of Lhe parLners or by percenLage ownershlp of each parLnerŦ
Lach parLner ls llable for all buslness debLs and bears responslblllLy for Lhe acLlons of Lhe oLher parLnersŦ
A parLnershlp dlssolves on Lhe deaLh or wlLhdrawal of a parLner unless Lhe parLnershlp agreemenL
provldes oLherwlseŦ ÞarLnershlps are relaLlvely easy and lnexpenslve Lo form and requlre few ongolng
formallLlesŦ
Limited Liabilit Com\an

A llmlLed llablllLy company (LLC) ls a new and flexlble buslness organlzaLlon of one or more owners LhaL
offer Lhe advanLage of llablllLy proLecLlon wlLh Lhe slmpllclLy of a parLnershlpţ lŦeŦ parLners are noL llable
for buslness debLsŦ LLCs may dlssolve on Lhe deaLh or wlLhdrawal of an owner dependlng on sLaLe lawŦ
An LLC ls noL approprlaLe for buslnesses seeklng Lo become publlc or ralse caplLalŦ LLCs requlre few
ongolng formallLles buL usually requlre perlodlc flllngs wlLh Lhe sLaLe and also requlre annual feesŦ LLCs
are more expenslve Lo form Lhan parLnershlpsŦ 1he dlfferenL forms of llmlLed llablllLy Companles areť
1Ŧ ÞrlvaLe
2Ŧ Þubllc
aŦ LlsLed
bŦ non llsLed

ÞrlvaLe companles are owned by prlvaLe owners and are noL avallable for lnvesLmenL for Lhe general
publlc whereasţ ln publlc companles lnvesLors and lnvesL Lhelr moneyŦ Þubllc companles are furLher sub
caLegorlzed lnLo llsLed and non llsLed companlesŦ 1he maln dlfference ls LhaL llsLed companles are llsLed
on Lhe SLock Lxchange of Lhe counLryŦ
Legal stem of akistan
As ÞaklsLan before becomlng an lndependenL enLlLy was under Lhe 8rlLlsh ruleţ Lherefore lL has adopLed
many Lhlngs from Lhe 8rlLlshţ and slmllarly has lnherlLed Lhe well esLabllshed legal sysLem of 8rlLlshŦ
uemocraLlc values and parllamenLary sysLem has a paramounL lmporLance ln 8rlLlsh sysLemţ buL Lhe
ÞaklsLanl sysLem has added a new arLlcle ln Lhe consLlLuLlon of lslamlc ln[uncLlon based upon Lhe Poly
Curan and SunnaŦ
1he maln reason of addlng lslamlc Law ln Lhe legal sysLem was because mosL of Lhe Lhlngs LhaL are
Paraam ln lslam were allowed ln Lhe 8rlLlsh SysLemŦ lor exampleţ Wlne was common ln ÞaklsLan before
1973Ŧ As a resulL of Lhls exerclse now Lhe legal sysLem alLhough baslcally lL remalns on Lhe foundaLlon of
Lhe 8rlLlsh legal sysLemţ yeL lLs characLerlsLlcs are lslamlc based upon Lhe o|den Þr|nc|p|es of Is|amŦ
ources of Law in akistan
1here are four maln sources of law ln ÞaklsLanŦ
Hol Quran
lundamenLal laws of lslam are conLalned ln Poly Curan and Lhls ls Lhe pr|mary source of |aw |n Is|amŦ
1hls ls Lhe flrsL and Lhe greaL leglslaLlve Code of lslamŦ lL ls Lhe orlglnalţ prlmaryţ baslc and mosL
fundamenLal source of the Is|am|c Shar|ahŦ lL ls Lhe lasL 8ook of Pls revelaLlons for enLlre humanlLyŦ
Penceţ lLs Leachlngs shall ever remaln Lhe founLaln of all guldance of all Llmesţ ages and peopleŦ Cn
polnLs and maLLers where Lhere ls dlrecL mandaLe of Lhe Poly Curan Lhe same are Lo be declded and
handled ln accordance LherewlLhŦ
1he ordlnances conLalned ln Lhe Curan were revealed Lo seLLle quesLlons whlch arose for deLermlnaLlon
by Lhe propheL and Lo repeal Lhe ob[ecLlonable cusLoms llke unŴforbldden gambllngţ usury and unllmlLed
polygamy among Arabs and or effecLlng soclal reforms llke Lhe provldlng proLecLlon Lo mlnors and
persons sufferlng from dlsablllLles and Lo provlde punlshmenL of malnLalnlng law and orderŦ

, means consensusţ LhaL lsţ accepLance of a maLLer by a speclfled group of peopleţ on a parLlcular
case on a quesLlon of lawŦ lew examples of l!MA areť
1hree Lalaq aL one slLLlng ls valldŦ
1araweeh ls 20 rakƌahŦ
lnLeresL ls prohlblLedŦ
lnLenLlonally mlssed prayer musL be made upŦ
Womenƌs leadershlp ls prohlblLedŦ
1ahlyyaLŴulŴ Mas[ld prayer ls a SunnaŦ
H
LlLerally means sLrlvlngţ exerLlng and as a Lerm of [urlsprudence lL means Lhe appllcaLlon by a lawyer
(laqlh) of all hls faculLles Lo Lhe conslderaLlon of Lhe auLhorlLles of Lhe law (lŦeŦ Lhe Curanţ he Lradlng
and Lhe l[ma) wlLh a vlew Lo flnd ouL whaL ln all propablllLy ls Lhe lawŦ
ln oLher words l[Lhad ls Lhe capaclLy for maklng deducLlons ln maLLer of law ln cases Lo whlch no express
LexL or a rule already deLermlned by l[ma ls appllcableŦ

^eceuent
A precedenL ls a legal prlnclple whlch has been esLabllshed by a courL whlch should be used when
conslderlng slmllar casesŦ

rlnclple for uJlclul receJent
lour Lhlngs should be kepL ln mlnd whlle maklng a precedenLť
1Ŧ uextlon of Iuw lf a reference Lo a precedenL case has been glvenţ Lhen Lhe [udge wlll check lf
Lhe quesLlon resolved ln Lhe precedenL case ls Lhe same as Lhe quesLlon Lo be resolved ln Lhe
pendlng caseŦ
2Ŧ uextlon of Fuctx 1he slgnlflcanL facLs of Lhe precedenL case are also presenL ln Lhe pendlng
caseţ and no addlLlonal facLs appear ln Lhe pendlng case LhaL mlghL be LreaLed as slgnlflcanLŦ
3Ŧ utlo eceJenJl lL musL form parL of Lhe raLlo decendl of Lhe caseŦ 1haL ls Lhe reason for Lhe
declslon should be sameŦ
Ÿ. unk of the Court 1he precedlng courL musL have had a superlor sLaLus Lo Lhe laLer courLŦ

Legislation
lL ls a parL of sLaLe formed by Lhe parllamenLŦ 1he Members of Lhe naLlonal Assembly (MnAs) pass Lhe
bllls whlch are dlscussed ln Lhe parllamenL and lf Lhey are voLed and passed ln consulLaLlon wlLh Lhe
SenaLeţ Lhey become parL of LawŦ
LeglslaLlng or maklng laws ls one of Lhe maln funcLlons of Lhe LeglslaLure or Lhe ÞarllamenLţ oLher
funcLlons belng represenLaLlon of consLlLuenLs and overslghL of Lhe governmenL admlnlsLraLlonţ pollcles
and expendlLureŦ A proposed lawţ before lL ls passed by Lhe ÞarllamenLţ ls called a 8lllŦ Cnce a 8lll has
been voLed lnLo an AcL of ÞarllamenLţ lL becomes parL of Lhe domesLlc lawŦ 1he [udlclary Lhen applles
and lnLerpreLs lLŦ
naLlonal laws are Lhose laws LhaL everyone ln Lhe counLry musL followŦ Laws made by lndlvldual
provlnces are only valld ln LhaL provlnceŦ
1he 8llls relaLlng Lo Lhe lederal LeglslaLlve LlsL or ConcurrenL LlsL can orlglnaLe ln elLher Pouse of Lhe
lederal ÞarllamenL lŦeŦ Lhe naLlonal Assembly and Lhe SenaLeŦ

Custom
Any unlform behavlor LhaL esLabllshes lLself ln any socleLy ls called usageţ and when LhaL usage ls
observed ln LhaL socleLy ln general and for long yearsţ lL becomes CusLomŦ CusLoms are lmporLanL
source of lawţ and Lhe law LhaL ls based upon cusLoms ls known as CusLomary LawŦ
1he cusLomary laws have been amended Lo a greaL exLenL ln ÞaklsLanţ as Lhere were some good and
some bad cusLoms LhaL were belng followed ln dlfferenL parLs of Lhe counLryŦ
!lrgah and ÞanchalL are examples of god cusLoms of ÞaklsLanţ whereas cusLoms llke karo karl were bad
cusLoms LhaL were belng followedŦ
Contract
ConLracL by deflnlLlon ls an agreemenL enforceable by lawŦ lL ls an agreemenL creaLlng and deflnlng
obllgaLlons of Lhe parLlesŦ lL musL be noLed LhaL every conLracL ls an agreemenL buL every agreemenL ls
noL a conLracLŦ
Contract ƹ Agreement + Lnforceab|||ty
greement
Def|n|t|on of Agreementť #A promlse wlLh commerclal conslderaLlon ls an Agreement"
Agreement ƹ Þrom|se + Cons|derat|on
ssentials of Valid greement
An agreemenL ls sald Lo be valld when Lhe followlng condlLlons are saLlsfledť
1Ŧ Ca\acitť 1he parLles lnvolved musL be compeLenL Lo be conLracLedŦ A person ls consldered Lo
be compeLenL Lo conLracL lf he saLlsfles Lhe followlng crlLerlonť
aŦ 1he person has reached Lhe age of ma[orlLyŦ
bŦ 1he person ls of sound mlndŦ
cŦ 1he person ls noL dlsquallfled from conLracLlng by any lawŦ
Ŧ Consentť 1here musL be free and genulne consenL of Lhe parLles Lo Lhe agreemenLŦ lL should
noL be obLalned by mlsrepresenLaLlonţ fraudţ coerclonţ undue lnfluence or mlsLakeŦ
3Ŧ Lawful Ub|ectť 1he ob[ecL of Lhe agreemenL musL noL be lllegal or unlawfulŦ
4Ŧ riting & Registrationť AgreemenL should be ln wrlLLen or reglsLered lf requlredŦ
nforceabilit
lL musL be noLed LhaL every conLracL ls an agreemenL buL every agreemenL ls noL a conLracLŦ lor a
conLracL Lo be appllcable and enforceable by law Lhe followlng essenLlals musL be presenLť
ŵ. Uffer and acce\tance
An offer ls a deflnlLe and unequlvocal sLaLemenL of wllllngness Lo be bound on speclfled Lerms
wlLhouL furLher negoLlaLlonsŦ An offer can be ln any form Ŷ oral or wrlLLenŦ Poweverţ lL ls noL
effecLlve unLll lL has been communlcaLed Lo Lhe offereeŦ
AccepLance ls Lhe unquallfled and uncondlLlonal assenL Lo all Lhe Lerms of Lhe offerŦ lL can be
oral or wrlLLenŦ
Ŷ. Legal relationsi\
1he parLles Lo Lhe conLracL musL creaLe legal relaLlonshlpŦ 1hls arlses when parLles know LhaL lf
one of Lhem falls Lo fulflll hls duLles he shall be llable for Lhe fallure of Lhe conLracLŦ AgreemenLs
ln soclal and domesLlc arrangemenLs Lo noL creaLe legal relaLlonshlps Lhus Lhey are noL llable for
Lhe breach of Lhe LermsŦ
ŷ. Ca\acit of te \arties
1he parLles lnvolved musL be compeLenL Lo be conLracLedŦ A person ls consldered Lo be
compeLenL Lo conLracL lf he saLlsfles Lhe followlng crlLerlonť
1he person has reached Lhe age of ma[orlLyŦ
1he person ls of sound mlndŦ
1he person ls noL dlsquallfled from conLracLlng by any lawŦ
Ÿ. Lawful consideration
Lvery slmple conLracL musL be supporLed by conslderaLlon from each parLyŦ As a general rule
conslderaLlon musL be sufflclenLŤ need noL be adequaLeŦ ConslderaLlons are Lhe reasons of a
conLracLŦ lL can be deflned as Lhe prlce pald by one parLy for Lhe promlse of Lhe oLherŦ Cnly
Lhose conslderaLlons are valld whlch are lawfulŦ
Ź. ree consent
ÞarLles musL enLer lnLo Lhe conLracL wlLh free consenLŦ Accordlng Lo secLlon 14 of Lhe conLracL
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XXW^SZVSUUW Business Law Part1 | Limited Liability Company | Civil Law (Legal System)

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