Professional Documents
Culture Documents
MANAGEMENT”
By RAHAT AZIZ
IBA - CEE
WORKSHOP SCHEDULE
ON
CONTRACT MANAGEMENT
DAY - 1
SESSION TIMINGS TOPICS
START 9:00 - 09:30 AM REG./INTRODUCTION
SESSION 1 9:30 - 11-00 AM CREATION OF CONTRACT
(LEGAL ASPECT)
*Annexures Attached
TEA & PHOTO-SESSION 11:00 - 11:30 AM
DISCHARGEMENT OF
SESSION 2 11:30 – 01:30 PM CONTRACT
(LEGAL ASPECT)
*Annexures Attached
Capacity S.11
Promise S.2(b)
Consent S.13
Consideration
Lawful Object S.24
Ss.2c/25
Writing & Registration
-An offer may be expressed or implied. -Acceptance must be given only by a person
to whom offer is made
- Terms of the offer must be certain and - Acceptance must be absolute and
not loose or vague. unqualified
Natural Artificial
Age Disqualification
Registered Object
Soundness of mind
> When the consent is caused by bilateral mistake, the agreement is void
(section 20)
> A contract is not voidable merely because it was a unilateral mistake as to
matter of fact (Section 22).
Rahat Aziz Contract Management Workshop– Sep 2013 IBA-CEE
LEGALITY OF THE OBJECT
The word object in the context of Contract Act 1872 means “Purpose or
Design”.
Express Implied
Creation Creation
‘In so far as
the proposal or acceptance of any promises
made in words, the promise is said to be expressed. In so
far as such proposal or acceptance is made otherwise than
in words, the promise is said to be implied.
Executed Executory
Executed Contract:
A Contract in which the task or action has been
completed by one or both the parties. The parties are said
to be ‘discharged’ of the contract.
Executory Contract:
A contract in which a task or action is yet to be
completed or partially completed.
Rahat Aziz Contract Management Workshop– Sep 2013 IBA-CEE
ENFORCEABILITY OF A
CONTRACT
C. A of 1872 S.2(g) An agreement not enforceable by law is to
be ‘void’.
C. A of 1872 S.2(h) An agreement not enforceable by law is a
‘Contract’.
S. 31 of CA 1872 defines:
“A contingent contract is a contract to do or not to do
something, if some event, collateral to such contact does
not happen.”
Example
Contractual Remidies
Damages
Specific Performance. Ss 73-75
Injunction
A C o n t r a c t i s s a i d t o b e d i s c h a r ge d w h e n
the rights and obligations are arising out of
a contract are extinguished/ eliminated .
By
Performance
By Breach of By Mutual
Contract Consent
DISCHARGEMENT
By
By Lapse of Supervening
Time Impossibility
or illegality
Example:
(1) Transfer of Property in case of sale agreement.
(2) Delivery of goods in case of shipment contracts.
Application of Doctrine of SI
APPLICATION VALID APPLICATION INVALID
INSOLVANCY
MERGER When one of the
When an inferior OPERATION parties become
Contract merges into OF LAW insolvent and court
a Superior one passes ‘order of
discharge’
When any of the above possibility comes into play, the performance /
execution of contract becomes ‘time - barred’.
ANTICIPATORY ACTUAL
It occurs before the time fixed for It occurs when a party fails to
performance of Contract. perform his/ her obligations upon
the date fixed for performance by
Contract.
SPECIFIC DAMAGES
PERFORMANCE
Whenever there is
a Breach of
NON- FINANCIAL Contract agreed FINANCIAL
Remedies (Specific party may be REMIDIES
Relief Act 1877) entitled to (Contract Act 1872)
INJUNCTION QUANTUM
MERIUT
Ordinary Damage
Special Damages
Nominal Damages
Liquidated Damages
Preventive Damages
Remoteness
Manner be supposed to have
contemplated.
Continued.
Rahat Aziz Contract Management Workshop– Sep 2013 IBA-CEE
Pledge Mortgages & Charges Concepts
“A contract by which one party promises to save the other from loss caused to him:
Examples:
Insurance
Indemnity Bond
Implied Indemnity
To perform a promise or
Discharge the liability if a third person IN CASE OF HIS DEFAULT.”
(2)
• Variance
•Loss of Security
•Invalidation.
Types:
Safe Custody: Commercial Commodatum.
Rentals (Car - Generator):
Carriage: By Sea, Air, Railways & Road
Pledge./ PAWN
Repairs
PLEDGE BAILMENT
— The pledgee has no right of using — There is no such restriction for a
the goods pledged. bailee.
— Pledgee has a right of sale of goods — No such right of sale to the bailee
on default (by going notice). exists.
PRINCIPAL AGENT
Expressed
Written
Oral
By Estoppel
Ratification
By operation of Law
Expiry of Time.
Destruction of subject.
Dissolution of Company.
Law
Judge Law Teacher
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Goods S. 2 (7), 6 -8
Price as “consideration” S.9
Sale & Agreement to Sell S.4
Auction sale S. 64
Caveat Emptor
(Buyer Beware)
Condition as to title S. 14
• Transfer of Property
• Delivery
• Remedial Measures
Classification of Terms:
Exclusion Clause.
Confidentiality Clause.
Arbitration Clause.
Jurisdiction Clause.