Business Regulatory Framework by Esther Martina
An overview of law and its significance in society, covering classifications of law, essential elements of contracts, lawful objects, and contract classifications.
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Presentation Transcript
Business Regulatory Framework ESTHER MARTINA
Introduction to LAW Law means a set of rules of conduct recognised and enforced by the state = to control and regulate the conduct of people = to protect their property and contractual design = to securing justice, peaceful living and social security
Importance of law Serves as a norm of conduct Keeps the society running Acts as a guideline Easy adoption to changes Gives protection to victims
Classifications of law International law Municipal law International Public law International Private law Municipal Public law Municipal private law Constitutional law
Administrative law Criminal law Personal law Property law Contract law
Contract- Meaning Section 2 (h) of the Indian contract act defines a contract as an agreement enforceable by law Contract essentially contains two elements Agreement Enforceability by law Agreement: every promise and every set of promises forming the consideration for each other
Essential elements of contract Two parties Agreement Legal relationship Lawful consideration Competent to contract Identity of mind Free consent
Lawful object Agreement must be certain Performance must be possible Legal formalities Agreement not expressly declared void
Classification of contract Valid contract Void contract Voidable contract Void agreement Unenforceable contract Illegal agreement Executed contract Executory contract
