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Legal Aspects of Business (LAB) : Prof. Parul Gupta
Legal Aspects of Business (LAB) : Prof. Parul Gupta
- (PGPIM)
Management
1
Course Overview
2
Evaluation Scheme
3
S.NO
.
1
3
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5
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Dr. Parul Gupta
ACTIVITY
NUMBE
R
WEIGHTAGE
Quiz Test
5%
TOTAL
WEIGHTAGE
20% (Best
Four will be
considered)
Group
Project
Group
Assignment
s
Mid Term
examinatio
n
End Term
Examinatio
n
10%
10%
10%
10%
30%
30%
30%
30%
Session Details
Session Details
Session Details
Session 6
Session 7
Session Details
Session
And
Company
Session
And
Company
Session 20
SESSION 1
12
of contracts,
Its kinds and
Essential Elements of a valid
Contract
Introduction
The Act does not lay down so many precise rights and
duties which the law will protect and enforce;
It contains a number of limiting principles, subject to
which the parties may create rights and duties for
themselves and the law will uphold those rights and
duties.
The Act is not exhaustive since it does not take into its
purview all the relevant legislations.
It does not override customs or usages.
CONTRACT
15
Acontracthasbeendefinedin
Section2(h)as
"an agreement enforceable by
law"
1.An Agreement
2. Enforceability or legal obligation
Agreement
16
Legal Obligation
17
Contract
18
Contract
19
relationships
Case
Case 1
X agrees to buy books from Y for Rs. 50. Here the
consideration of X is books and the consideration of Y
is Rs.50.
Case 2
X agrees to Kill Z for Y for Rs. 50, 000/- . Here the
consideration of Y is killing and the consideration of X
is Rs.50,ooo/-.
Dr. Parul Gupta
Case 1
X proposes, over telephone, to sell a house to Y at a
certain price.
Case 2
X owns a motor boat for taking people from Bombay to
Goa. The boat is in the waters at the Gateway of
India. the boat owner does need not speak or call the
passengers.
Dr. Parul Gupta
"Consent"
Two or more person are said to consent when
they agree upon the same thing in the same
sense.
Free consent
Consent is said to be free when it is not caused by
(1)coercion, as defined in section 15, or
(2) undue influence, as defined in section 16, or
(3) fraud, as defined in section 17, or
(4) misrepresentation, as defined in section 18,
or
(5) mistake, subject to the provisions of section 20,21,
and 22
Dr. Parul Gupta
Capacity of Parties
Sec. 11
"Every
Incompetent to contract
I. if he is a minor, according to the law to which he is subject,
II. if he is of unsound mind, and
III. if he is disqualified from contracting by any law to which
he is subject.
Dr. Parul Gupta
vague.
Agreements, the meaning of which is not certain or capable of
being made certain, are void.
Case1
Jatin agrees to sell 500 tones of oil to Marium
Case 2
Jatin, the sole trader of coconut oil agrees to sell 500
tones of oil to Marium
Dr. Parul Gupta
Case 1
A agrees with B to put life into Bs dead wife
Case 2
A agrees with B to produce treasure by magic
Legal Formalities
The contract act does not insist that the agreement must be in
writing, it could be oral.
Dr. Parul Gupta
KINDS OF CONTRACTS
33
KINDS OF CONTRACTS
34
Valid contract
Void contract
Voidable contract
Illegal contract
Unenforceable contract
KINDS OF CONTRACTS
35
KINDS OF CONTRACTS
36
KINDS OF CONTRACTS
37
Unilateral
Bilateral
No. 19
NEXT SESSION
40
SESSION 2
Legal Insights to valid Offer
Legal Aspects of Acceptance
And
Legal Aspects Capacity of
Parties
Dr. Parul Gupta
41