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Ainvites B to a dinner. B accepts the invitation but does not attend. A cannot sue B for damages. It is a social agreement. A promises to sell his car to B for Rs. It is a legal agreement because it creates legal obligations.

This agreement is a contract. Essentials of a Valid Contract A valid contract is binding and enforceable. In a valid contract, all the parties are legally bound to perform the contract. Thus, a contract can be enforced by either of the parties. If one party refuses to perform the contract, the other party can enforce it through court.

In order to be enforceable, an agreement must possess the essentials of a valid contract. Where necessary, the agreements must satisfy the requirements of law regarding writing, attestation or registration.

Offer and Acceptance In order to form an agreement, there must be a lawful offer by one party and a lawful acceptance of that offer by the other party. The term lawful means that the offer and acceptance must satisfy the requirements of Contract Act. This is an offer. If B accepts this offer, there is an acceptance. Legal Obligation The parties to an agreement must create legal obligations. It means that if one party does not fulfill his promise, he shall be liable for breach of contract.

It is presumed in commercial agreements that parties intend to create legal relations. A offers to sell his watch to B for Rs. B agrees to buy. It is a contract as it creates legal obligation. Later, the parties separated and the husband refused to pay.

The wife sued. Held, that the wife was not entitled as agreement did not create legal obligations. Belfour vs. Belfour 3. Lawful Consideration For a valid contract, the consideration should be lawful. Consideration is the price paid by one party for the promise of the other party.

An agreement is enforceable only when both the parties give and take something. That something given or taken is called consideration. A agrees to sell his house to B for As. For A Rs. A promises B to get him a government job and B promises to pay Rs. The agreement is void as the consideration is unlawful. Capacity of Parties An agreement is enforceable if it is made by parties who are competent to contract. In order to be competent to contract, it is essential that the parties are of the age of majority, have sound mind and are not disqualified from contracting by law.

Contract by a person of unsound mind is void ab-initio from the beginning. M, a person of unsound mind agrees to sell his house to S for Rs. Itis not a valid contract because M is not competent to contract. A, aged 20 promises to sell his car to B for Rs. It is a valid contract because A is competent to contract. Free Consent For a valid contract, it is essential that the consent of parties must be free. Consent is free when it is not obtained by coercion, undue influence, fraud, misrepresentation or mistake.

If the consent of either of the parties is not free, the agreement cannot become a contract. It is not a valid contract as the consent of B is not free. Lawful Object It is necessary that agreement is made for a lawful object. The object of agreement must not be fraudulent, illegal, immoral, opposed to public policy, imply injury to the person or property of another.

Every agreement with unlawful object or consideration is illegal and therefore void. A, promises to pay B Rs. The agreement is illegal as its object is unlawful. A hires a house to use for gambling. The object of the agreement is unlawful, so the agreement is illegal and void. Writing and Registration A contract may be oral or in writing. It is preferable that the contract be in writing because it is easy to prove in court. If required by law, a particular contract must be in writing, signed, attested by witnesses and registered, e.

X verbally promises to sell his book to Y for Rs. It is a valid contract because the law does not require it to be in writing. A verbally promises to sell his house to B. It is not a valid contract because the law requires it to be in writing. If the terms are uncertain, the agreement is void. A promises to sell 20 books to B without specifying their titles. The agreement is void because the terms are not clear. The price was to be paid over two years. Held, there was no contract as the terms were not certain about rate of interest and mode of payment Scammel vs.

An agreement to do an impossible act is void. If the act is legally or physically impossible to perform, the agreement cannot be enforced by law. A agrees with B to discover a treasure by magic, the agreement is not enforceable. A agrees with B to put life into B's dead brother. The agreement is void as it is impossible to perform.

Not Expressly Declared Void The agreement must not be one of those agreements which have been expressly declared to be void by the law. Sections explain certain agreements which have been expressly declared to be void, e. A promises to, close his business on the promise of B to pay him Rs. A promises to pay Rs. The agreement is void being a wagering agreement. According to Enforceability According to enforceability, a contract can be divided as under: a.

Valid Contract A valid contract is enforceable by law. An agreement becomes enforceable by law when all the essentials of a valid contract are present. Obligation of Parties In valid contract, all parties are legally responsible for the performance of the contract.

If one of the parties breaches the contract, the other party can enforce it through the court of law. If it fulfills all the essentials of a contract, it is a valid contract.

If A fails to deliver the car, B can sue him and if B fails to pay, A can sue him. Void Contract The word void means not binding in law. Section 2 j defines "A contract which ceases to be enforceable by law becomes void, when it ceases to be enforceable.

It is valid contract when it is made but subsequently it becomes void due to certain reasons. Obligation of Parties In void contract both the parties are not legally responsible to fulfill the contract. Under this contract the party who has received any benefit is bound to return it to the other party. A contract becomes void under the following circumstances: i. Impossibility of Performance A contract becomes void due to impossibility of performance. A contract becomes void before performance when it becomes impossible to be performed by any party due to any reason.

The house is burnt next day. The contract becomes void. Subsequent Illegality A contract becomes void by subsequent illegality. A contract may become illegal before performance due to certain reasons. The contract is voidable at the option of B. B may accept or reject it. If B rejects the contract it becomes void. Contract and Its Kinds 7 iv. Impossibility of depending Event The performance of a contingent contract depends upon the happening or non-happening of a certain event.

It becomes void when that event does not happen. Sec 32 A contracts to give Rs. B fails to get admission. Void Agreement An agreement not enforceable by law is said to be void. The void agreement does not create legal obligations among the parties. An agreement which is void from the beginning is void ab-initio.

In void agreement, there is absence of one or more essentials of valid contract except free consent. Agreement with minor and agreement without consideration are void from the beginning. Both the parties are not responsible for the performance of the agreement. A promises to buy a dog from B for Rs. The dog was dead before the contract. The parties were unaware. The agreement is void. It is a valid contract until it is avoided by the party having the right to avoid it.

If the Party decides to confirm it, it remains valid. A contract becomes voidable under the following circumstances: A contract becomes voidable when the consent of one or more of the Parties to a contract is obtained by coercion, undue influence, misrepresentation or fraud.

A compels B to sell his car at gunpoint. The contract is made by coercion and is voidable atthe option of B. A deceives B by stating that his factory produces 90 kg of sugar daily and induces B to buy it. When one party promises to do something for the other party but the other party prevents him from performing his promise, the contract becomes voidable at his option. A is ready to paint but B prevents him from doing so. This contract is voidable at the option of A.

When a party to the contract promises to do a certain thing within a specified time, but fails to do it, then the contract becomes voidable at the option of the promisee, if time is essence of the contract.

A, does not come within the specified time. Obligation of Parties The following are obligations of the parties: 4. Itis a valid contract for both the parties if it is not rejected by the party having the right to reject. The law gives an option to one of the parties to avoid it. The party entitled to cancel the contract is not bound to cancel. If he confirms it, the other party remains bound to perform. The aggrieved party can get damages from the other party.

If one party has received some benefit, he must return it to we other. Burden of Proof The burden of proof lies on plaintiff i. It means that the party, who claims that his consent is unfree, has to prove in the court of law.

If he fails to prove, the contract remains valid. When these defects are removed, the contract. It is unenforceable because pronote is undervalued. Obligation of Parties In an unenforceable contract, the parties may perform the contract. But in case of breach cf such contract, the aggrieved party is not entitled to legal remedies. Contract and Its Kinds 9 f. Illegal Agreement An agreement is illegal when its performance is forbidden by any law.

Such an agreement can never become a contract. An agreement is illegal and void if it is forbidden by law or is of such a nature that if permitted, it would defeat the provisions of any law or is fraudulent or involves injury to the person or property of another or the Court regards it as immoral or opposed to public policy. The agreement is illegal and the money cannot be recovered. Obligation of Parties The parties to the agreement are not responsible to perform their promises.

There is punishment for the parties according to law. According to Formation According to formation, a. Express Contract Express contract is one which is expressed in words spoken or written. When such a contract is formed, there is no difficulty in understanding the rights and obligations of the parties. In express contract, the parties directly state the terms of the contract. Implied Contract An implied contract is made otherwise than by words spoken or written.

It arises from acts, conduct of parties, and course of dealings or circumstances. It arises when one person, without being requested to do so, renders services under circumstances indicating that he expects to be paid for them and tte other person knowing such circumstances accepts the benefit of those services. Awent into a reStaurant and had a cup of tea. It is an implied contract and A wil! M, a shoe shiner starts polishing the shoes of W in his presence, and W allows him to do so.

It is an implied contract. Quasi Contract In a quasi contract, the law imposes certain obligations under some special circumstances. In fact, it is not a contract but creates relations similar to contract.

It is also called constructive contract. A, finds lost goods of B. A is bound to return the goods to B. B treats them as his own and uses them. It is a quasi contract. B is bound to pay for the goods. According to Performance According to performance a contract is of the following two kinds: a. Executed Contract A contract is said to be executed when both the parties have completely performed their obligations. It means that nothing remains to be done by either party under the contract.

A buys a book from B. A delivers the books and B pays the price. It is an executed contract. A agrees to paint a picture for B for Rs. When A paints the picture and B pays the price, the contract is said to be executed. Executory Contract In an executory contract something remains to be done.

In other words a, contract is said to be executory when both the parties to a contract have yet to perform their obligations. Msells his car to N for Rs. N has not yet paid the price and M has not delivered the car. The contract between M and N is executory. A agrees to teach B, in May and B promises to pay Rs. It is an executory contract because the promises are yet to be performed. According to parties According to parties a contract may be of the following two kinds: a.

Unilateral contract In a unilateral contract only one party makes a commitment. In other words, it is a contract where only one party is bound but the other party chooses to be bound by it. B finds the bag and returns it to A. It is a unilateral contract which comes into existence when the bag is found. Contract and Its Kinds 11 b. Bilateral contract : It is a contract where both parties are bound by it, as soon as the contract is made.

In other words, it is a contract in which both the parties have yet to perform their obligations. Sas A promises to paint a picture for B and B promises to pay Rs. Enforceability A void agreement is. Enforced A void agreement can never be enforced, 3. Restoration of Benefit In a void agreement, the. A void contract is enforceable when itis made.

It becomes unenforceable later on, A void contract can be enforced before it becomes unenforceable. Prohibited An illegal agreement is prohibited by law. Punishable An illegal agreement is punishable 3. Nature An illegal agreement is also void agreement. A void agreement is not prohibited by law. A void agreement is not punishable. A void agreement is not illegal agreement. Object The object of illegal agreement is illegal. Collateral Agreement A collateral agreement to an illegal agreement is not enforceable.

Restoration of benefit In illegal agreement the money paid cannot be claimed back. Contract and Its Kinds The object of void agreement is not illegal. A collateral agreement to a void agreement is enforceable, In void agreement the money received must be returned to the other party.

Collateral Agreement When an agreement is illegal, other agreement which is collateral to it is also illegal and so not enforceable by law. A borrows Rs. Business law book by khalid mehmood cheema free disqus,. Thanks for Your Precious Words :. Home About Privacy Policy Contact. Header Ads. Business Law by Khalid Mehmood Cheema. Riaz Academy September 22, B. A great and excellent book on Business Law especially for B.

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