Business law ppt

Sec(24). Agreement void, Sec(24). Agreement void, if considerations partly if considerations partly unlawfulunlawful If any part of a single consideration for one or

more objects, or any one or any part of any one of several considerations for a single object, is unlawful, the agreement is void.

EXAMPLE:EXAMPLE:

Illustration :A promises to superintend, on behalf of B, a legal manufacture of indigo, and an illegal traffic in other articles. B promises to pay to A a salary of 10, 000 rupees a year. The agreement is void, the object of A' s promise, and the consideration for B' s promise, being in part unlawful

Sec(25). Agreement Sec(25). Agreement without consideration is without consideration is void:void: Agreement without consideration, void,

unless it is in writing and registered, or is a promise to compensate for something done, or is a promise to pay a debt barred by limitation law an agreement made without consideration is void, unless it is made on account of natural love and affection between parties standing in a, near relation to each other.

EXAMPLE:EXAMPLE:

A agrees to sell a horse worth Rs. 1, 000 for free. A denies that his consent to the agreement was freely given. The inadequacy of the consideration is a fact which the Court should take into account in considering whether or not A' s consent was freely given.

“ Every agreement by which any one is restrained from exercising a lawful profession, trade or business of any kind, is to that extent is void” (sec.27)

Sec.28 says,” Every agreement by which any party is restricted absolutely from enforcing his right under a contract, by the usual legal proceedings in the ordinary Tribunals, or which limits the time within which he may enforce his rights, is void to that extent.

A and B are parties to a contract. Both agree that in case of breach of contract, they would not go to court. This is a void agreement

Agreements by the meaning of which is not certain, or capable of being made certain, are void. (Sec 29)

Wager means a bet. A wager is an agreement to pay

money or money’s worth on the happening or non happening of a future event.

Gains involving skills and techniques.

Exchange of shares. Insurance contract.

DEFINITION:DEFINITION: A legal contract creates certain rights

and obligations ,but under special circumstances the law creates and enforces rights and obligations although the party never intended to enter into this is called a quasi contract.

EXAMPLE OF QUASI EXAMPLE OF QUASI CONTRACT:CONTRACT: UPS delivers a new television to Zoe that she did not order and she keeps the television and does not attempt to return it to the company that mistakenly shipped it to her, a judge could impose a quasi-contract to force her to pay for the television. Zoe did not intend to purchase the TV, and the TV company did not intend to sell her a TV, but since she chose to benefit from the TV at the company's expense, the court requires her to reimburse the TV company to make the situation fair.