Business Laws MBA Concept what is law and its qualities

What is Law:
            Some rules & regulations
            Some principles
            Some customers
                        Legal authority
Man is a social animal
As a man play different characters
He plays different characters imp is contact i.e. (house owners, sellers, employer)
Law for co ordinates the other people/state and
      The sale of conduct. The set of rules, principles which regulate are relations with other individuals and with the state is known as law.
      According the standard, “Law is the body of principles recognized and applied by the state in the administration of justice”.
State = sovereign political authority
        1. Code of conduct
                 2. set of principles rules & regulates
                 3. Rules & regulates.
                 4. Law is administrated by the state
                 5. Law is framed by the state
                   6. Law is organized by the state.
Nature of law:
1.       Not static(stable)/flexible
2.       Law respects culture sentiments & customer of the people.
Objectives of law:
1.       Welfare of the people
2.       Welfare of the state
3.       Order security    hammer
4.       Uniformity – all are equal in the eyes of law
5.       Socio – economic justice
6.       Removal of imbalances
7.       Sense of belongingness
8.       Social change
Need of Law:
            “Ignorance of law no excuse”
      Civil law
      Criminal law
      Law of torts American
      Constructional low
      Income tax low
      Sales law tax
      Provincial tax law
      Consumer laws
Business laws Mercantile commercial laws these laws use for protection & your existence.
The Indian contract act 1872:
            Contract act is heart of the business
Section (2) of the contract act describe the contract follow which is in forcible by law.
According to salmons, “ A contract an agreement create and defining legal obligation b/w  the parties”
Ex :
Fixed deposit bond
Contents in a contract:
1.       An agreement
2.       Enforceable  by law
3.       Consensus adidem
4.       Obligation
An agreement is an accepted proposal.
An agreement is the combination of after and acceptance
            Agreement = offer + acceptance
The parties to the agreement must have agreed about  the subject matter in the same since and at the same time.
            Unless their is consensus adidum. Fair is no contract
            Case: A owns two horses Raj hamsa & hamsa raj B makes the proposal the buy his raj hamsa for Rs 1000/- but A thinks that B wants his Hamsa raj and he accepted. Here in this case their is no same sense in the subject matter. Hence their is no consensus adidem. Therefore there is no contract at all
Essential elements of a valid contract:
            Section (10) of Indian contract act explains about the essential elements of a valid contract they are
      Offer and acceptance
      Intention to create legal relationship
      Lawful consideration
      Capacity of parties(competency)
      Free and genuine consent
      Lawful object
      Certainty and possibility of performance
      Legal formalities
Offer and acceptance:
                               Offer                    acceptance
                             Offeror                          offeree
There must be 2 parties in an agreement. One party making an offer other party accepting the offer. The term of offer must be specific, unconditional, absolute, transparent, definite, systematic and open. The acceptance must be communicated to the offeror by the offeree.
An invitation to offer:
An invitation to offer is not an offer just it is an intention to make the offer it does not create any legal relationship. It is only an initial step in a formation of a contract.
Ex: hotel menu card, loud speaker announcement, railway time table, display of goods with price tags

Intention to create legal relationship:
          Party                                                          party
                             Legal relationship
(Mr.Balfour Vs Mrs.Balfour)

          When the two parties enter into an agreement their intention must be to create legal relationship between them of their is no such intention the parties there is no contract between them social agreement domestic