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LAW OF CONTRACT
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WHAT IS LAW OF CONTRACT?
Body of law or a set oflaw that governs oral and written
agreements and subjects,
such as agency relationship, commercial
paper, and business organization,
provided such agreements fulfilled the
requirements under law.
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WHAT IS CONTRACT?
1. An agreement enforceable by law
(defined under Section 2 (h)
of Contract Act 1950)
2. A binding agreement between two or
more parties for performing, or refrainingfrom performing, some specified act(s)
in exchange for lawful consideration.
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REFRESH YOUR MIND!!!
What is the difference
between contract and
agreement?
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Agreement may not intend to have
legal relation
Some agreement might consistillegality
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HOW TO MAKE A CONTRACT
BINDING AND VALID?
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ANYBODY CAN TELL ME HOW TO
MAKE A CAKE?
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IF ONE OFTHE
INGREDIENTSIS MISSING
THEN YOUR
CAKE WILL BE
LIKE THIS!!
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A cake will not be a cake withoutthe right ingredients
If you agree with thisstatement, please raise up yourhands.
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The same goes to contract.
To have a valid contract we need to know the
right ingredients!
The ingredients are:- offer
acceptance intentionto have legal relation
consideration
capacity
certainty
consent
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OFFER!
Whatdoyouunderstandaboutoffer? discounted shoes
buy 1 free 2
buy 3 free Me 30%- 80% sale!!!
Year End Sales!
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Section 2 (a)ofContract Act 1950
when one person signifies to another
his willingness to do or not to dosomething, with a view to get/obtain
consent from the other party to the act,he is said to make a proposal
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Sound a little bit complicated
right?.....
Those who agree that thisdefinition is complicated,please blink your eyes
twice..
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LETSSHARE YOUR FINDINGS..
ANYONE WOULD LIKE TO SHARE
DEFINITION OF OFFER THAT YOU
FOUND..
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My definition..
Expression of willingness to enter intocontract with the intention to be bound incase if such willingness accepted by the otherparty.
Those who express the willingness known asofferorand those who accept is called asofferee
This definition is similar with the words undersection 2 (a) of Contract Act 1950
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ISSUE!!!
How are we going to determine
that the situation is offer or justan advertisement?
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There are two situation that similar with
offer that we call it as MERE OFFER
In law, there are 2 types of offer namely:-
VALID OFFER
MERE OFFER
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To have a contract we need to have valid
OFFER
To determine whether the offer is valid or
not, we have to differentiate between
valid and mere offer
If the situations or circumstances of
mere offer exist in a scenario , THEN
valid offer will not exist
If the circumstances of the scenario is
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WHAT ARE THE
SITUATIONS/CIRCUMSTANCES
THAT INDICATES MERE OFFER?
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Mere offer means aninvitation to deal withthe product or subject
matter
3situationsof mereoffer:-
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1. MERE OFFER
a word that simply present theintention or aims of the parties withoutany intention to bind the transaction.
Re FICKUS CASE
2. MERE INFORMATION a statement shows the informationabout the subject matter such as price,colour, capacity and etc without intentionto bind the statement
HARVEY v FACEY
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3. INVITATIONTOTREAT (ITT)
ITT is the situations where the offerorinvites peple to make further dealing
with the business.ITT is not an offer butinvitation to make a valid offer.
Divided into 3 circumtances:-
display goods in shop windows display goods on shelf
public advertisement
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HOMEWORK..
1. 3 SITUATIONS WHEREOFFERCAN BEREVOKED.
2. WHATIS ACCEPTANCE?
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