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Page 1 CONTRACT Page 2 CONTRACT Contract: Definition of Contract by Pollack “every agreement and promise enforceable at law is contract.” Page 3 CONTRACT Contract: Definition of Contract by Pollack “every agreement and promise enforceable at law is contract.” Contract Act Definition of Contract by Salmond “a contract is an agreement creating and defining obligations between the parties” Page 4 CONTRACT Contract: Definition of Contract by Pollack “every agreement and promise enforceable at law is contract.” Contract Act Definition of Contract by Salmond “a contract is an agreement creating and defining obligations between the parties” Contract Act Definition of Contract u/s 2(h) “An agreement enforceable by law is a Contract.” Page 5 CONTRACT Contract: Definition of Contract by Pollack “every agreement and promise enforceable at law is contract.” Contract Act Definition of Contract by Salmond “a contract is an agreement creating and defining obligations between the parties” Contract Act Definition of Contract u/s 2(h) “An agreement enforceable by law is a Contract.” Enforceability: An agreement is enforceable if it is recognized by court. In order to be enforceable by law, the agreement must create legal obligations between the parties.Read More
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FAQs on PPT - Law of Contract - Business Law - B Com
| 1. What is the law of contract? |  |
Ans. The law of contract refers to the body of legal rules that govern agreements between parties. It outlines the rights and obligations of each party involved in a contract and provides a framework for resolving disputes. Contracts can be written or oral and are essential for conducting business transactions.
| 2. What are the essential elements of a valid contract? | |
Ans. For a contract to be legally enforceable, it must contain certain essential elements. These include an offer, acceptance, consideration, legal capacity, genuine consent, lawful object, and certainty of terms. All these elements must be present for a contract to be valid.
| 3. Can a contract be formed without a written agreement? | |
Ans. Yes, a contract can be formed without a written agreement. Contracts can be created through verbal agreements or even through the conduct of the parties involved. However, it is always recommended to have written contracts as they provide clear evidence of the terms and conditions agreed upon by the parties.
| 4. What is the difference between a void contract and a voidable contract? | |
Ans. A void contract is one that is considered to have no legal effect from the beginning. It is invalid and unenforceable from the outset. On the other hand, a voidable contract is initially valid, but one or both parties have the option to either enforce or terminate the contract. The party with the right to terminate can choose to do so within a specified period, making the contract voidable.
| 5. What remedies are available for breach of contract? | |
Ans. When a contract is breached, the non-breaching party is entitled to certain legal remedies. These remedies may include damages, specific performance, or cancellation and restitution. Damages aim to compensate the injured party for the losses suffered as a result of the breach. Specific performance requires the breaching party to fulfill their contractual obligations. Cancellation and restitution involve terminating the contract and returning any benefits received. The appropriate remedy depends on the circumstances of the breach and the nature of the contract.
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