Business Laws MBA Concept what is law and its qualities
What is Law:
Some
rules & regulations
Some
principles
Some
customers
Legal
authority
Man is a social animal
As a man play different characters
He plays different characters imp is
contact i.e. (house owners, sellers, employer)
Law for co ordinates the other
people/state and
●
The sale of conduct. The set of
rules, principles which regulate are relations with other individuals and with
the state is known as law.
●
According the standard, “Law is the
body of principles recognized and applied by the state in the administration of
justice”.
State
= sovereign political authority
1. Code of conduct
2. set of principles rules & regulates
3. Rules & regulates.
4. Law is administrated by the state
5. Law is framed by the state
6. Law is organized by the state.
Nature of law:
1. Not
static(stable)/flexible
2. Law
respects culture sentiments & customer of the people.
Objectives of law:
1. Welfare
of the people
2. Welfare
of the state
3. Order
security hammer
Society
4. Uniformity
– all are equal in the eyes of law
5. Socio
– economic justice
6. Removal
of imbalances
7. Sense
of belongingness
8. Social
change
Need of Law:
“Ignorance
of law no excuse”
●
Civil law
●
Criminal law
●
Law of torts American
●
Constructional low
●
Income tax low
●
Sales law tax
●
Provincial tax law
●
Consumer laws
Business laws Mercantile commercial
laws these laws use for protection & your existence.
The Indian contract act 1872:
Contract
act is heart of the business
Section (2) of the contract act
describe the contract follow which is in forcible by law.
According to salmons, “ A contract
an agreement create and defining legal obligation b/w the parties”
Ex : marriage...insurance
Fixed deposit bond
Contents in a contract:
1. An
agreement
2. Enforceable by law
3. Consensus
adidem
4. Obligation
An agreement is an accepted
proposal.
An agreement is the combination of
after and acceptance
Agreement
= offer + acceptance
The parties to the agreement must
have agreed about the subject matter in
the same since and at the same time.
Unless
their is consensus adidum. Fair is no contract
Contract:
Case:
A owns two horses Raj hamsa & hamsa raj B makes the proposal the buy his
raj hamsa for Rs 1000/- but A thinks that B wants his Hamsa raj and he
accepted. Here in this case their is no same sense in the subject matter. Hence
their is no consensus adidem. Therefore there is no contract at all
Essential elements of a valid contract:
Section
(10) of Indian contract act explains about the essential elements of a valid
contract they are
●
Offer and acceptance
●
Intention to create legal
relationship
●
Lawful consideration
●
Capacity of parties(competency)
●
Free and genuine consent
●
Lawful object
●
Certainty and possibility of
performance
●
Legal formalities
Offer and acceptance:
Offer
acceptance
Offeror
offeree
Acceptance
There must be 2 parties in an agreement. One party making an
offer other party accepting the offer. The term of offer must be specific,
unconditional, absolute, transparent, definite, systematic and open. The
acceptance must be communicated to the offeror by the offeree.
An invitation to offer:
An invitation to offer is not an offer just it is an intention
to make the offer it does not create any legal relationship. It is only an
initial step in a formation of a contract.
Ex: hotel menu card, loud speaker announcement, railway time
table, display of goods with price tags
Intention to create legal relationship:
Agreement
intention
Party party
Legal
relationship
(Mr.Balfour Vs Mrs.Balfour)
When the two
parties enter into an agreement their intention must be to create legal
relationship between them of their is no such intention the parties there is no
contract between them social agreement domestic
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