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Business law encompasses all of the laws that dictate how to form and run a business. This includes all of the laws that govern how to start, buy, manage and close or sell any type of business. Business laws establish the rules that all businesses should follow. A savvy businessperson will be generally familiar with business laws and know when to seek the advice of a licensed attorney. Business law includes state and federal laws, as well as administrative regulations. Let's take a look at some of the areas included under the umbrella of business law.
The Indian Contract Act, 1872 prescribes the law relating to contracts in India. The Act was passed by British India and is based on the principles of English Common Law. It is applicable to all the states of India except the state of Jammu and Kashmir. It determines the circumstances in which promises made by the parties to a contract shall be legally binding and the enforcement of these rights and duties.
The Act as enacted originally had 266 Sections, it had wide scope and included.
General Principles of Law of Contract- Sections 01 to 75
Contract relating to Sale of Goods- Sections 76 to 123
Special Contracts- Indemnity, Guarantee, Bailment & Pledge- Sections 124 to 238
Contracts relating to Partnership- Sections 239 to 266
Indian Contract Act embodied the simple and elementary rules relating to Sale of goods and Partnership. The developments of modern business world found the provisions contained in the Indian Contract Act inadequate to deal with the new regulations or give effect to the new principles. Subsequently, the provisions relating to the Sale of Goods and Partnership contained in the Indian Contract Act were repealed respectively in the year 1930 and 1932 and new enactments namely Sale of Goods and Movables Act 1930 and Indian Partnership act 1932 were re-enacted.
At present the Indian Contract Act may be divided into two parts
Part 1:deals with the General Principles of Law of Contract Sections 1 to 75
Part 2:deals with Special kinds of Contracts such as
(1)Contract of Indemnity and Guarantee
(2)Contract of Bailment and Pledge
(3)Contract of Agency.
1. Offer 2(a):- When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal.
2. Acceptance 2(b):- When the person to whom the proposal is made, signifies his assent there to, the proposal is said to be accepted.
3. Promise 2(b) :- A Proposal when accepted becomes a promise. In simple words, when an offer is accepted it becomes promise.
4. Promisor and promisee 2(c) :- When the proposal is accepted, the person making the proposal is called as promisor and the person accepting the proposal is called as promisee.
5. Consideration 2(d):- When at the desire of the promisor, the promisee or any other person has done or abstained from doing or does or abstains from doing or promises to do or to abstain from doing something such act or abstinence or promise is called a consideration for the promise. Price paid by one party for the promise of the other Technical word meaning QUID-PRO-QUO i.e. something in return.
6. Agreement 2(e):- Every promise and set of promises forming the consideration for each other. In short agreement=promise+consideration
7. Contract 2(h):- An agreement enforceable by law is a contract.
Therefore, there must be an agreement and it should be enforceable by law.
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11 окт 2024
