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Summary of LAB

The document outlines key legal aspects of business contracts, including performance types, essentials of a valid contract, and the transfer of ownership. It discusses the Sale of Goods Act, types of contracts, and remedies for breach, along with case studies illustrating practical applications. Essential concepts such as consideration, rights of unpaid sellers, and buyer-seller obligations are also highlighted.

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Yash Ahlawat
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10 views3 pages

Summary of LAB

The document outlines key legal aspects of business contracts, including performance types, essentials of a valid contract, and the transfer of ownership. It discusses the Sale of Goods Act, types of contracts, and remedies for breach, along with case studies illustrating practical applications. Essential concepts such as consideration, rights of unpaid sellers, and buyer-seller obligations are also highlighted.

Uploaded by

Yash Ahlawat
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Summary of Uploaded Documents

Legal Aspects of Business

1. Performance and Discharge of Contract

• A contract is performed when both parties fulfill their obligations.

• Types of performance:

o Actual Performance

o Substantial Performance

o Partial Performance

o Attempted Performance

• Contracts can be discharged by performance, agreement, lapse of time, impossibility,


operation of law, accord and satisfaction, or breach.

• Remedies for breach include rescission, damages, specific performance, injunction, and
quantum meruit.

2. Essentials of a Contract: Consideration

• Consideration is something given in return for a promise.

• Rules governing consideration:

o Must be at the desire of the promisor

o May move from the promisee or any other person

o Must have value and be legal

o Need not be adequate but must be sufficient

o Certain contracts may be valid even without consideration (e.g., agreements made
out of natural love and affection).

3. Transfer of Ownership & Delivery of Goods

• Ownership transfers when the contract specifies, or upon payment and delivery.

• Risk passes with property unless agreed otherwise.

• Delivery methods include actual, symbolic, and constructive delivery.

• Rights of unpaid sellers include:

o Right of lien

o Right to stop goods in transit

o Right of resale

o Right to sue for price and damages

4. Nature and Essentials of a Contract


• A contract is an agreement enforceable by law.

• Essentials of a valid contract:

o Agreement

o Intention to create legal relations

o Lawful consideration

o Capacity of parties

o Free consent

o Lawful object

o Certainty

o Possibility of performance

o Not declared void by law

5. Sale of Goods Act

• Contract of sale: Agreement where ownership of goods transfers for a price.

• Classification of goods:

o Existing goods (specific, ascertained, unascertained)

o Future goods

o Contingent goods

• Perishing of goods before or after contract affects validity.

• Conditions and warranties:

o Conditions are essential stipulations, breach leads to contract termination.

o Warranties are collateral, breach leads to damages but not termination.

• Doctrine of Caveat Emptor (Let the buyer beware) and Caveat Venditor (Let the seller
beware) govern buyer and seller obligations.

6. Types of Contracts

• Valid, Void, and Voidable Contracts:

o A valid contract meets all legal criteria.

o A void contract is unenforceable from the start.

o A voidable contract is valid but may be avoided by one party.

• Unenforceable Contracts: Legally valid but not enforceable due to technical flaws.

• Illegal Contracts: Agreements forbidden by law (e.g., contracts for illegal acts).

• Executed vs. Executory Contracts:


o Executed contracts are fully performed.

o Executory contracts have obligations yet to be fulfilled.

• Express and Implied Contracts:

o Express contracts state terms explicitly.

o Implied contracts are inferred from actions.

• Unilateral and Bilateral Contracts:

o Unilateral contracts involve one-sided obligations.

o Bilateral contracts involve mutual promises.

• Quasi Contracts: Legal obligations resembling contracts, enforced to prevent unjust


enrichment.

7. Case Studies and Examples

• Various real-life cases illustrate contract law applications, such as mistaken deliveries, fraud,
and restraint of trade.

This summary encapsulates all the key legal aspects covered in your documents.

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