Legal Aspects

Of Business
By Savi Jain
  A mutual agreement between two or more parties that
something shall be done.
 An agreement enforceable at law.
What is  The agreement will create rights and obligations that
contract? may be enforced in the courts.
 A legally binding agreement.
 In other words, “ A promise or set of promises which the
law will enforce.”
Classifications
/ Types of
Contract
What is Breaches of Contract?

 Breaches of contract means failure or

refusal by the parties to perform their
respective promises.

 Party who is breaching or breaking the

contract is called DEFAULTING PARTY.

 Other party is called AGGRIEVED

PARTY.
Types Of
Breaches
Of Contact
 Material Breach of Contract: A material breach of contract is considered the most
severe type of a breach. Typically, this type of breach involves a key element of a
contract not being either undertaken or provided as agreed. For example; if you
were to buy a computer online and you only received the monitor: that would be
material breach of contract and you would be entitled to take legal action.

 Minor Breach of Contract: A minor breach of contract is also known as immaterial breach
or partial breach. It is a situation where the important aspects of a contract were
received but some small part of the obligation was missed . For example; If the
shipment of goods is late, there may be no legal remedy unless you could show
how the delay caused a financial loss.

 Anticipatory Breach of Contract: This type of breach is expressed by words or

written before the time of performance.

 Actual Breach of Contract: This kind of breach occurs on the day of performance
or during the time of performance.
Remedies for
the Breach of
Contract
  Quasi means almost or apparently but not
really or as if it were.

 Obligation between parties is not contractual

What is Quasi but one which is treated as contractual by law
Contract?
 Courts created quasi contracts to protect the
unjust enrichment of the parties in dispute over
payments of goods or services.
Types of Quasi
Contract
Thank You!