Comparison Between Law of Contract & Law of Partnership

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CONTRACT LAW

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CONTRACT LAW

The general law of contract in Pakistan is contained in

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CONTRACT LAW

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DEFINITION ACCORDING TO LAW

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ELEMENTS OF CONTRACT

acceptence

Certainty

Capacity to contract

AGREEMENT

PROMISE + CONSIDERATION

PARTIES IN CONTRACT

OFFERER ACCEPTOR

A7

B

EXAMPLE

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A-offerror B-acceptor

post letter of offer

5 JanPos letter of acceptance(put the letter into aletter box)

A cannot cancelthe contract

–s.4(2)(a) - Acceptance is completedagainst A when the letter isposted

receives letter of acceptance from B

- S.4(2)(b) – acceptance completed against B

1 Jan

8 Jan

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TYPES OF CONTRACT

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LAW OF PARTNERSHIP

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The general law of Partnership in Pakistan is contained in

LAW OF PARTNERSHIP IN PAKISTAN

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ELEMENTS OF PARTNERSHIP

LEGAL ENTITY

Transferability of share

SHARING PROFIT

CAPITAL

NUMBER OF

PARTNERS

Mutual Confidence

UNLIMITED LIABILITY

Agreement

ELEMENTS

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TYPES OF PARTNERSHIP

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PARTIES IN PARTNERSHIP

PARTNER FIRM

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COMPARISON BETWEEN LAW OF CONTRACT AND LAW OF PARTNERSHIP

NO BUSINESS

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LAW OF CONTRACT LAW OF PARTNERSHIP

FORMED UNDER CONTRACT ACT 1872

FORMED UNDER PARTNERSHIP ACT 1932

BUSINESS PROFIT

IF FOR PROFITIF NOT FOR

PROFIT

NO PROFIT

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CONTRACT ACT 1872

FORMATION

PARTNERSHIP ACT 1932

OFFER

ACCEPTENCE

PROMISE

AGREEMENT

CONTRACT

DIFFERENCE

DIFFERENCE

DIFFERENCE

SAME

DIFFERENCE

SUGGEST NAME OF BUSINESS

REGISTER THAT NAME

AGREEMENT

LICENSE

D/S

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CONDITION OF MINOR

LAW OF CONTRACT

LAW OF PARTNERSHIP

CONTRACT BECOME

VOID

MINOR ENTERED INTO THE

PARTNERSHIPDIFFERENCE

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CONDITION OF UNSOUND MIND

LAW OF CONTRACT

LAW OF PARTNERSHIP

CONTRACT BECOME

VOID

PARTNERSHIP DISSOLVE

SAME

Contract become finished after certain time period

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TIME PERIOD

LAW OF CONTRACT

LAW OF PARTNERSHIP

Agreement finished not business (just for partnership

at will)

Particular partnership finished ( after completion of project)

SAME

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BREACH OF CONTRACT DISSOUTION OF PARTNERSHIP

LAW OF CONTRACTLAW OF

PARTNERSHIP

COMPALSORY

BY AGREEMENT

BY NOTICE

BY COURT

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SAME THINGS BETWEEN BOTH LAWS

CASE OF UNSOUND MIND PERSON

CASE OF DEATH OF ONE PARTY OR PARTNER

END OF TIME PERIOD (FOR PARTICULAR PARTNERSHIP)

AGREEMENT

CAPCITY OF PARTIES

COMMUNICATION BETWEEN PARTIES

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DIFFERENT THINGS BETWEEN BOTH LAWS

PROFIT AND LOSS

MINORITY

RIGHTS AND DUTIES OF PARTIES

FORMATION

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