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A Lecture on Law of Contract.doc - 1 Law of contract The...

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Law of contract The law of contract as practice in Bangladesh can be divided into two broad categories: 1. General laws relating to contract : (SS: 1-75) a) Formation of contract; b) Performance of contract; c) Breach of contract & its remedies. 2. Laws relating to some particular types of contracts : a) Contract of indemnity and guarantee; (124-147) b) Contract of bailment & pledge; (148-181) c) Contract of agency, (182-238) 1. General laws relating to contract : A question may rise that how a contract is to be made? A contract may be made by expressly or impliedly. An express contract may be written or oral. However, how does made an implied contract? Example: shoe shiner/chanachor ---------------------------------- Contract : Section 2 (h) of the Contract Act, 1872 An agreemen t enforceable by law is a contract. Enforceable by law means- i. competency of parties; ii. free consent of the parties; iii. objective must be lawful; (the object for which the agreement has been entered into must not be fraudulent or illegal or immoral or opposed to public policy or must not imply injury to the person or property of another, S: 23) iv. consideration must be lawful; v. not declared by law as void. Agreement: Section 2 (e) of the Contract Act, 1872 ( Consensus-ad- idem means both the parties to an agreement in the same sense and at the same time.) Two types of agreement – 1. Agreement enforceable by law; and ( agreement for purchase a laptop is---) 2. Agreement not enforceable by law. (agreement for purchase heroine is---) So, “all contracts are agreement, but all agreements are not contracts” it was also held in Abdul Gani Sheikh Vs Jagadish Chandra Mridha and others . 1 1 2 BLC 121 1
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Every promise and every set of promises forming the consideration for each other is an agreement. Consideration : Section 2 (d) of the Contract Act, 1872 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. 2 Promise: Section 2 (b) of the Contract Act, 1872 A proposal when accepted becomes a promise. Proposal : Section 2 (a) of the Contract Act, 1872 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. Acceptance : Section 2 (b) of the Contract Act, 1872 When the person to whom the proposal is made signifies his assent thereto the proposal is said to be acceptance. Voidable contract : voidable contract has been defined in section 2 (i) of the Contract Act, 1872 as- An agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others is called voidable contract.
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