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2010 11 pgp1-lab_group presentation_section b_group 10_15_nov2010

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LAB Group 10 – Section B Abhinav Srivastava | Archit Srivastava | Pratichi Sharan | Sumit Kumar | Yuvraj Patil | Legal Aspects of Business 15 November 2010 Essential Elements of a Valid Contract
Agenda Introduction Definition of Contract Proposal | Acceptance Lawful Consideration | Capacity of Parties Free and Genuine Consent Lawful Objects | Void Contracts | Legal Formalities Date: 15 Nov 2010 Source: Session Material LAB Group 10
Agenda Introduction Definition of Contract Proposal | Acceptance Lawful Consideration | Capacity of Parties Free and Genuine Consent Lawful Objects | Void Contracts | Legal Formalities Date: 15 Nov 2010 Source: Session Material LAB Group 10
Introduction ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Agreement ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Social and Legal Agreement ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Legal Enforceability ,[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Essential Elements of a Contract 1. Proposal 2. Acceptance 3. Lawful consideration 4. Capacity of parties 5. Free and genuine consent 6. Lawful object 7. Not a contract expressly declared to be void 8. Compliance with legal formalities Date: 15 Nov 2010 Source: Session Material LAB Group 10
Agenda Introduction Definition of Contract Proposal | Acceptance Lawful Consideration | Capacity of Parties Free and Genuine Consent Lawful Objects | Void Contracts | Legal Formalities Date: 15 Nov 2010 Source: Session Material LAB Group 10
Proposal ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Legal Rules as to offer ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Termination of Offer ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Acceptance ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Agenda Introduction Definition of Contract Proposal | Acceptance Lawful Consideration | Capacity of Parties Free and Genuine Consent Lawful Objects | Void Contracts | Legal Formalities Date: 15 Nov 2010 Source: Session Material LAB Group 10
Lawful Consideration ,[object Object],[object Object],[object Object],[object Object],[object Object],Need for Consideration ,[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Lawful Consideration - II Rules Regarding Consideration ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
How the thing works Party A Party B Past Consideration Present Consideration Future Consideration ‘ A’ promises to pay in June Buying giving cash/kind ‘ A’ promises to pay ‘ B’ performs a service in May Selling taking cash/kind ‘ B’ promises to do a service Date: 15 Nov 2010 Source: Session Material LAB Group 10
Lawful Consideration - III Rules Regarding Consideration ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Lawful Consideration - IV Exceptions to the doctrine of Consideration ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Capacity of Parties ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Agenda Introduction Definition of Contract Proposal | Acceptance Lawful Consideration | Capacity of Parties Free and Genuine Consent Lawful Objects | Void Contracts | Legal Formalities Date: 15 Nov 2010 Source: Session Material LAB Group 10
Free and Genuine Consent ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Coercion ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Undue influence ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Undue influence - II ,[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Misrepresentation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Fraud ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Mistake ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Mistake - II ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Agenda Introduction Definition of Contract Proposal | Acceptance Lawful Consideration | Capacity of Parties Free and Genuine Consent Lawful Objects | Void Contracts | Legal Formalities Date: 15 Nov 2010 Source: Session Material LAB Group 10
Lawful Objects ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Lawful Objects - II ,[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Contracts expressly declared to be void ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
Legal Formalities ,[object Object],[object Object],[object Object],Date: 15 Nov 2010 Source: Session Material LAB Group 10
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2010 11 pgp1-lab_group presentation_section b_group 10_15_nov2010

  • 1. LAB Group 10 – Section B Abhinav Srivastava | Archit Srivastava | Pratichi Sharan | Sumit Kumar | Yuvraj Patil | Legal Aspects of Business 15 November 2010 Essential Elements of a Valid Contract
  • 2. Agenda Introduction Definition of Contract Proposal | Acceptance Lawful Consideration | Capacity of Parties Free and Genuine Consent Lawful Objects | Void Contracts | Legal Formalities Date: 15 Nov 2010 Source: Session Material LAB Group 10
  • 3. Agenda Introduction Definition of Contract Proposal | Acceptance Lawful Consideration | Capacity of Parties Free and Genuine Consent Lawful Objects | Void Contracts | Legal Formalities Date: 15 Nov 2010 Source: Session Material LAB Group 10
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  • 8. Essential Elements of a Contract 1. Proposal 2. Acceptance 3. Lawful consideration 4. Capacity of parties 5. Free and genuine consent 6. Lawful object 7. Not a contract expressly declared to be void 8. Compliance with legal formalities Date: 15 Nov 2010 Source: Session Material LAB Group 10
  • 9. Agenda Introduction Definition of Contract Proposal | Acceptance Lawful Consideration | Capacity of Parties Free and Genuine Consent Lawful Objects | Void Contracts | Legal Formalities Date: 15 Nov 2010 Source: Session Material LAB Group 10
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  • 14. Agenda Introduction Definition of Contract Proposal | Acceptance Lawful Consideration | Capacity of Parties Free and Genuine Consent Lawful Objects | Void Contracts | Legal Formalities Date: 15 Nov 2010 Source: Session Material LAB Group 10
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  • 17. How the thing works Party A Party B Past Consideration Present Consideration Future Consideration ‘ A’ promises to pay in June Buying giving cash/kind ‘ A’ promises to pay ‘ B’ performs a service in May Selling taking cash/kind ‘ B’ promises to do a service Date: 15 Nov 2010 Source: Session Material LAB Group 10
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  • 21. Agenda Introduction Definition of Contract Proposal | Acceptance Lawful Consideration | Capacity of Parties Free and Genuine Consent Lawful Objects | Void Contracts | Legal Formalities Date: 15 Nov 2010 Source: Session Material LAB Group 10
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  • 30. Agenda Introduction Definition of Contract Proposal | Acceptance Lawful Consideration | Capacity of Parties Free and Genuine Consent Lawful Objects | Void Contracts | Legal Formalities Date: 15 Nov 2010 Source: Session Material LAB Group 10
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