SAURABH

PREPARED BY:- SAURABH GOYAL: 

PREPARED BY:- SAURABH GOYAL TOPIC OF PRESENTATION BUSINESS LAW

Meaning of Law: Law is simply a “set of rules”. Meaning of Business Law:- “Business Law represents all those legal rules which are connected with Trade, Industry & Commerce” : 

Meaning of Law: Law is simply a “set of rules”. Meaning of Business Law:- “Business Law represents all those legal rules which are connected with Trade, Industry & Commerce”

The Law of contract:- The law of contract is contained in the Indian contract act,1872 The law of contact is applicable not only to business but also to Day-to day activity. : 

The Law of contract:- The law of contract is contained in the Indian contract act,1872 The law of contact is applicable not only to business but also to Day-to day activity.

Example of Law of contract:- 1-when you purchase a Newspaper, you enter into a contract with the vendor of newspaper. 2-When you purchase milk,you enter into a contract with the milkman. : 

Example of Law of contract:- 1- when you purchase a Newspaper, you enter into a contract with the vendor of newspaper. 2 -When you purchase milk,you enter into a contract with the milkman.

Essential of a valid contract:- : 

Essential of a valid contract:- 1 - Proper offer and acceptance 2 -Intention to create legal relationship 3 - free consent 4 -Capacity of parties- 5 - Lawful consideration 6 - Lawful object 7 - Certainty of meaning 8 - Possibility of performance 9 -Legal formalities

1-Proper offer and acceptance:- There must be at least two parties-one making the offer and the other accepting it. such offer and acceptance must be valid. 2-Intention to create legal relationship:- Example:- x invited ‘y’ to a dinner ‘y’ accepted the invitation .it is a social agreement .if ‘x’ fails to serve dinner. : 

1-Proper offer and acceptance:- There must be at least two parties-one making the offer and the other accepting it. such offer and acceptance must be valid. 2-Intention to create legal relationship:- Example:- x invited ‘y’ to a dinner ‘y’ accepted the invitation .it is a social agreement .if ‘x’ fails to serve dinner.

-to ‘y’,y cannot go to the court of law for enforcing the agreement. 3- Free Consent:- Example:- X threatens to kill y if he does not sell his house to x. y agrees to sell his house to x. in this case y’s consent has been obtained by coercion.: 

- to ‘ y’,y cannot go to the court of law for enforcing the agreement. 3- Free Consent:- Example :- X threatens to kill y if he does not sell his house to x. y agrees to sell his house to x. in this case y’s consent has been obtained by coercion.

4- Capacity of Parties:- Example:-X, a minor borrowed Rs 8000 from Y and executed mortgage of his property in favour of the leader. This was not a valid contract because X is not competent to contract. 5-Lawful consideration :- Example:-X agrees to sell his car to y for RS 100000 . Here ,y’s promise to pay RS 100000 is the consideration for x’s promise to sell the car and x’s promises to sell the car is the consideration for y’s promise to pay RS 100000. : 

4- Capacity of Parties:- Example:- X, a minor borrowed Rs 8000 from Y and executed mortgage of his property in favour of the leader. This was not a valid contract because X is not competent to contract. 5-Lawful consideration :- Example :- X agrees to sell his car to y for RS 100000 . Here , y’s promise to pay RS 100000 is the consideration for x’s promise to sell the car and x’s promises to sell the car is the consideration for y’s promise to pay RS 100000 .

6- Lawful object:- Example:-x lets a flat on hire to y, a prostitute, knowing that it would be used for immoral purposes. The agreement is void because its object is for immoral purposes. 7- Certainty of meaning :- Example:- X a dealer in different types of oils agreed to sell 100 tonnes of oil to y. : 

6- Lawful object:- Example:- x lets a flat on hire to y, a prostitute, knowing that it would be used for immoral purposes. The agreement is void because its object is for immoral purposes. 7- Certainty of meaning :- Example:- X a dealer in different types of oils agreed to sell 100 tonnes of oil to y.

-This agreement is void on the ground of uncertainty because it is not clear what kind of oil is intended to be sold. 8- Possibility of performance:- Example :- MAGICIAN 9- Legal formalities:- Example:- An oral example for sale of immovable property is unenforceable because the laws requires that agreement must be in writing.: 

-This agreement is void on the ground of uncertainty because it is not clear what kind of oil is intended to be sold. 8- Possibility of performance:- Example :- MAGICIAN 9- Legal formalities:- Example:- An oral example for sale of immovable property is unenforceable because the laws requires that agreement must be in writing.

Meaning of Bailment(section 148):- The word ‘Bailment’ is derived from the word ‘baillier’ which means ‘to deliver’. Examples of Bailment:- 1-x who is going to out station delivers a horse to y for proper care. 2- X hires a horse from x for riding.: 

Meaning of Bailmen t(section 148):- The word ‘Bailment’ is derived from the word ‘ baillier ’ which means ‘to deliver’. Examples of Bailment:- 1-x who is going to out station delivers a horse to y for proper care. 2- X hires a horse from x for riding.

Essential elements of a Bailment:-: 

Essential elements of a Bailment:- Agreement Delivery of Goods Purpose Return of Specific goods Agreement:- There must be an agreement between the bailor and the bailee .

Duties of a Bailor :-: 

Duties of a Bailor :- Duty to disclose defects. Duty to bear expenses Duty to receive back the goods Duty to bear the risk or Loss

Duties of a Bailee:: 

Duties of a Bailee : Duty to take care of the goods bailed. Duty not to make any unauthorised use of goods. Duty not to mix bailor’s goods with his own goods. Duty to return the goods. Duty to return accretions to the goods.

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