Law

Law means rules made by authority for the proper regulation of a community or society in life. They enforced by the authority or self imposed by the members of society to control of human behaviour. The ignorance of law is no excuse.

Business Law
It may be define as that branch of law which comprises law concerning trade, industry and commerce.

Indian Contract Act 1872

According to section 2 (h) of Indian contract act: an agreement enforceable by law is a contract. Two elements of contract : a An agreement b. Legal Obligation

Agreement
As per section 2 (e): every promise and every set of promises is an agreement. It came into existence when one party make a proposal and second gives his acceptance.

Legal Obligation
A agreement must enforced by the law.

Features of a Valid Contract

Offer and acceptance Legal obligation (no space for social) Capacity of parties (sound by mind) Free Consent (same interruption) Lawful Object (don't opposed to public safety) Writing and registration Certainty Possibility of performance

Kinds of Contract
Valid Contract: a valid contract is an agreement enforceable by law when all the essential elements of a valid contract.

Discharge of contract
When the rights and obligation created by a contract is come to an end is said a discharged of contract or when contractual relationship between two parties comes to an end is discharge of contract.

A contract may be discharged in following ways

By performance By agreement By Lapse of times By Operation of law By Impossibilities of performance By Breach of contract By assignment

Contract can be discharged by performance

When a contract has been performed, it discharged.

Discharge by agreement
When both of parties are agree to break or change the contract is discharge by agreement.

Discharge By Lapse of times

Every contract must be performed within a specific period of time.

Discharge by Operation of Law

Death Insolvency Complete loss of evidence

Cases not covered n impossibility

Strike, lockouts and disturbance: example: a agreed to supply certain goods to B. the goods were be imported from algeria. Due to riots, country could not be procured. There is no excuse for it.

 Failure of one of several object: not the case of impossibility. Impossibility due to conduct of third party: a agreed to sell some goods to b which procured by c, c did not supply the goods. A could not discharge from his liability and pay for damage.

ESOP
An employee share ownership plan (or "stock ownership", abbreviated to "ESOP") is the practice of companies giving staff members shares in their company as part of their salary. An Employee Share Option Plan (ESOP) is a defined contribution employee benefit plan that allows employees to become owners of stock in the company they work for. It is an equity based deferred compensation plan. Under the ESOP plan, companies provide their employees the opportunity to acquire the company's shares at a reduced price over a period of time

Breach of Contract
Breach means failure or refusal of a party to perform his obligation under a contract with out any lawful excuse. Breach of contract may be: 1. Actual Breach 2. Anticipatory Breach

Actual Breach
It occur: - During the performance of act - at the time performance is due. Anticipatory Breach: one party refuse to act before the due date.

Remedies for breach of contract

Cancellation of the contract Suit for damage For specific performance of contract Suit for injunction

Cancellation of contract
Cancell ation means