• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Pakistan "The Land of Pure"

Complete Portal about Pakistan and its Laws

  • Home
  • About Us
  • Courts & Judges
  • Pakistan
  • Competitive Exams
  • Medicine
  • Politician
  • Food & Nutrition
  • Cars
You are here: Home / Commentry on Law / Company Law / Contract & Agreement | Definition, Essentials & Kinds

Contract & Agreement | Definition, Essentials & Kinds

April 10, 2015 by Admin 3 Comments

Contract

An Agreement enforceable by law is a contract – 2 (h) Contract Act

A contract is an agreement creating and defining obligations between the parties – Salmon

Two Major Components of Contract

  1. An Agreement
  2. Enforceable by law

What is Agreement?

Every promise and every set of promises forming the consideration for each other is an agreement

Section 2 (e) Contract Act

What is Promise?

When a person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal when accepted becomes a promise. Section 2 (b) Contract Act

Essentials of Contract

  • Offer and Acceptance
  • Legal Relationship. Must Create Legal relationship between parties
  • Lawful Consideration
  • Capacity of Parties
  • Lawful Object
  • Free Consent
  • Certainty: Agreements the meaning of which is not certain are void.
  • Possibility of Performance: An agreement to do an act impossible in itself is void.
  • Must not be declared expressly void i.e. restriction of trade etc

Kinds of Contract

Kind as far as Enforceability

  • Valid Contract
  • Voidable Contract
  • Void Contract

When Contract Become Void

  • impossibility of performance
  • subsequent become illegal
  • voidable become void at option of party
  • contingent contract when depending event become impossible
  • Unenforceable Contract
  • Illegal Contract: When its performance is forbidden by law.

Kinds as far Formation

  • Express Contract
  • Implied Contract
  • Constructive or Quasi Contract i.e. finder of lost goods

Kinds as of Performance

  • Executed Contract
  • Executory Contract
  • Unilateral Contract
  • Bilateral Contract

Filed Under: Company Law

Reader Interactions

Comments

  1. Namalwa flavia says

    April 12, 2017 at 10:19 pm

    Too summerlised but understandable. Thanks thanks for the good ideals

    Reply
  2. awais says

    May 24, 2017 at 11:39 am

    does biana can cencel or not

    Reply
    • Admin says

      May 26, 2017 at 1:25 pm

      @Awais
      If the agreement is written then according to that written agreement only and not otherwise

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Most Popular Posts

  • Maryam Nawaz Sharif Biography & Wallpapers – Everything about Her 13 views | 0 comments
  • Rigix Medicine | Anti-Allergic Drugs in Pakistan 9 views | 0 comments
  • Justice Javed Iqbal, Judge Supreme Court of Pakistan 9 views | 0 comments
  • Largest District of Azad Kashmir 9 views | 0 comments
  • What is Circular Debt? Problem of Circular Debt in Pakistan 8 views | 0 comments
  • Sidra Iqbal Wallpapers & Profile | Hot Pakistani TV Woman 8 views | 0 comments
  • Aini Ali of ARY News | Latest Wallpapers of ARY Newscaster 8 views | 0 comments
  • Cost of Food in Pakistan due to High Food Prices and Inflation 8 views | 0 comments
  • NA 194 Rahim Yar Khan III National Assembly Constituency Area Map & Details 8 views | 0 comments
  • NA 129 Lahore-XII Pakistan National Assembly – Winners & Results 8 views | 0 comments

Food & Nutrition

Managing Hypertension with Diet: What Can I Eat to Reduce Hypertension?

Osteoporosis – Foods to Avoid and Diet Plan

Cholesterol Lowering Food & Herbs – Cholesterol Diet Plan

Haldi Health Benefits – Medicinal Use of Haldi or Turmeric

Foods to Eat for Hairfall Control – Hairfall Reduction Diet

More Posts from this Category

Copyright © 2025 · News Pro on Genesis Framework · WordPress · Log in