Legal aspects-of-business
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The document discusses various legal aspects of contracts under Indian law. It defines key concepts like valid contracts, void contracts, voidable contracts, and illegal contracts. It explains essential elements for a valid contract like agreement, lawful consideration, lawful object, and intention to create a legal obligation. It also discusses important concepts related to formation of a contract like offer, acceptance, free consent, contractual capacity, and termination of offer. Finally, it elaborates on vitiating factors like coercion, undue influence, fraud, and misrepresentation that can invalidate a contract.
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Legal aspects-of-business
- 1. LEGAL ASPECTS OF BUSINESS