Business Regulatory Framework - Introduction, Agreement, Contract and Types of Contract
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Course
888
Institution
University Of Lucknow
These are the notes of Business Regulatory Framework of Bachelor's of Commerce of 1st year 2nd Semester. The notes include introduction of Business Regulatory Framework and it's meaning. It consists of Agreement, Contract and Types of Contract. The notes are short and precise and easy to understand.
Business Regulatory Framework is also known as
Business Law. We know that law is needed to
regulate conduct of people who are engaged in
business. It enables them to carry their business
smoothly by making agreements enforceable by
law.
CONTRACT
● According to Section 2(h) of Indian Contract
Act 1872 term contract is defined as “an
agreement enforceable by law”.
● Contract consists of two essential elements:
a. An agreement
b.Enforceable by law
As per section 2(e) of Indian Contract Act,
1872 the term agreement is “every promise
and set of promises forming the consideration
for each other.”
● Section 2(b) defines promise as “When the
person to whom the proposal is made signifies
his assent thereto, the proposal is said to be
accepted. Proposal when accepted becomes a
promise.”
, ● An agreement is the result of the proposal
made by one party to the other party and that
other party gives his acceptance.
● Thereto,
Agreement= Proposal+ Acceptance
Enforceability by Law
● Enforceable means able to be imposed, can
be executed and can be abide by the law.
● An agreement to become a contract must give
rise to a legal obligation which means duty
enforceable by law.
Conclusion
Contract= Accepted Proposal
(Agreement)+ Enforceability by law
All contracts are agreements but every not every
agreement is a contract.
● In case of domestic, social and political
agreements, law presumes that parties didn't
have any intention to create legal relations
Example:- Balfour vs Balfour case
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