BUSINESS & CORPORATE

LAW

Mubasher Nazir

Recommended Books :

Mercantile law by Khawaj Amjad Saeed

Business law by Khalid Mehmood Cheema
What is Law ?
 law is a system of rules and guidelines which are
enforced through social institutions to govern
behavior.

Classification of Law :

 Criminal law
 Civil Law

Why Do we Need law ?
Evolution of Law
Criminal Law
 Criminal law deals with conduct that is considered
harmful to social order and in which the guilty party
may be imprisoned or fined.

Types of Criminal Laws:

 Pakistan penal Code formerly IPC
 Code of Criminal Procedure
 Hudood Ordinance
Civil Law
 Civil law deals with the resolution of lawsuits
(disputes) between individuals or organizations

 Law of contract
 Law of torts
 Property law
 Law of trust
 International law
 Constitutional law
Participants of a legal system

 Legislators
 Executives
 Judiciary

 Police and Military

 Legal Professionals
 Civil society
Law Making Procedure

• Introduction of Bill
• Reference to the concerned Standing Committee
• Consideration in the Standing Committee
• Report of the Standing Committee before House
• Consideration of the bill (First Reading)
• Clause by clause Consideration (Second Reading)
• Passing of Bill (Third Reading)
• Transmission of Bill to Other House
• Same Process shall be followed in the Other House
• If Passed, Bill shall be sent for Presidential Assent
Contents of Business Law

 Law of contract (contract Act 1872)

 Sales of Goods Act(1930)
 Partnership Act (1932)
 Negotiable Instrument Act(1881)
 Law of carriage of goods( 1865,1890)
 Law of Labor
 Law of Trust(1882)
Contract Act 1872

 General Principles of All types of Contracts

 Indemnity
 Guarantee
 Bailment
 Pledge
 Agency
Contract : Def
 An Agreement Enforceable by law

Agreement Enforceable
Agreement

 An accepted proposal

P A A
r c g
o c r
p e e
o p e
s t m
a a e
l n n
c t
e
 ●
No legal Obligation
Social ●
e.g. invitation to party

●
Legal Obligation
Legal ●
e.g. Selling of Car
Enforceability

 Recognized by the Law

 Legal Obligation
 All Contracts are Agreements but all
Agreements are not Contracts
Essentials of Valid Contract

1 ●
Offer & Acceptance

2 ●
Legal Obligation

3 ●
Lawful Consideration
4 Capacity Of parties
●

5 Lawful Object
●

6 Writing & Registration

●
7 ●
Certainty of Terms

8 Possibility of Performance
●

9 Not Expressly Declared Void

●
10 Free Consent
●
 Offer and Acceptance

 Legal Obligation
 Lawful Consideration

 Capacity of Parties
 Lawful Object

 Writing & registration

 Certainty of Terms

 Possibility of Performance
 Not Expressively Declared Void

 Free Consent
 Offer
Writing &
Acceptan
Registrati
ce Legal
on
Obligatio
Not n
Expressiv
ely Void
Lawful
Consider
ation
Contract
Perfor
mance
Capacity
of Parties
Lawful
Object
Free
Certainty Consent
of Terms
 Types of Contract

Enforceability

• Valid Contract
Obligation of parties

Imp Sub Reje

• Void Contract Con
ossi A contract which
seq
ceases to become ctio
Enforceable by law

n of ting
ble uen
Void ent
to t able Eve
Types of Contract

• Void Agreement
Not Enforceable by law
Void ab-Initio
• Voidable Contract Hindr
FrauOne party option e.g. Fraud, Misrepresentation etcExpi
ance
d,Mi in ratio
stak Perfor n of
manc
e etc
Burden of Proof
e time
Types of Contract

• Unenforceable Contract
Can not be enforced

• Illegal Agreement
 Types of Contract

Formation

• Express Contract
Oral, Written
• Implied Contract
Acts, conduts
• Quasi Contract
• Special Circumstance, Equitable to contract
 Types of Contract

Performance

• Executed
• Executory
Acts, conducts
 Types of Contract

Parties

• Unilateral
E.g Finding of lost bag

• Bi-Lateral