Comparison Between Law of Contract & Law of Partnership
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Transcript of Comparison Between Law of Contract & Law of Partnership
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CONTRACT LAW
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CONTRACT LAW
The general law of contract in Pakistan is contained in
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CONTRACT LAW
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DEFINITION ACCORDING TO LAW
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ELEMENTS OF CONTRACT
acceptence
Certainty
Capacity to contract
AGREEMENT
PROMISE + CONSIDERATION
PARTIES IN CONTRACT
OFFERER ACCEPTOR
A7
B
EXAMPLE
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A-offerror B-acceptor
post letter of offer
5 JanPos letter of acceptance(put the letter into aletter box)
A cannot cancelthe contract
–s.4(2)(a) - Acceptance is completedagainst A when the letter isposted
receives letter of acceptance from B
- S.4(2)(b) – acceptance completed against B
1 Jan
8 Jan
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TYPES OF CONTRACT
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LAW OF PARTNERSHIP
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The general law of Partnership in Pakistan is contained in
LAW OF PARTNERSHIP IN PAKISTAN
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ELEMENTS OF PARTNERSHIP
LEGAL ENTITY
Transferability of share
SHARING PROFIT
CAPITAL
NUMBER OF
PARTNERS
Mutual Confidence
UNLIMITED LIABILITY
Agreement
ELEMENTS
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TYPES OF PARTNERSHIP
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PARTIES IN PARTNERSHIP
PARTNER FIRM
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COMPARISON BETWEEN LAW OF CONTRACT AND LAW OF PARTNERSHIP
NO BUSINESS
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LAW OF CONTRACT LAW OF PARTNERSHIP
FORMED UNDER CONTRACT ACT 1872
FORMED UNDER PARTNERSHIP ACT 1932
BUSINESS PROFIT
IF FOR PROFITIF NOT FOR
PROFIT
NO PROFIT
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CONTRACT ACT 1872
FORMATION
PARTNERSHIP ACT 1932
OFFER
ACCEPTENCE
PROMISE
AGREEMENT
CONTRACT
DIFFERENCE
DIFFERENCE
DIFFERENCE
SAME
DIFFERENCE
SUGGEST NAME OF BUSINESS
REGISTER THAT NAME
AGREEMENT
LICENSE
D/S
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CONDITION OF MINOR
LAW OF CONTRACT
LAW OF PARTNERSHIP
CONTRACT BECOME
VOID
MINOR ENTERED INTO THE
PARTNERSHIPDIFFERENCE
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CONDITION OF UNSOUND MIND
LAW OF CONTRACT
LAW OF PARTNERSHIP
CONTRACT BECOME
VOID
PARTNERSHIP DISSOLVE
SAME
Contract become finished after certain time period
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TIME PERIOD
LAW OF CONTRACT
LAW OF PARTNERSHIP
Agreement finished not business (just for partnership
at will)
Particular partnership finished ( after completion of project)
SAME
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BREACH OF CONTRACT DISSOUTION OF PARTNERSHIP
LAW OF CONTRACTLAW OF
PARTNERSHIP
COMPALSORY
BY AGREEMENT
BY NOTICE
BY COURT
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SAME THINGS BETWEEN BOTH LAWS
CASE OF UNSOUND MIND PERSON
CASE OF DEATH OF ONE PARTY OR PARTNER
END OF TIME PERIOD (FOR PARTICULAR PARTNERSHIP)
AGREEMENT
CAPCITY OF PARTIES
COMMUNICATION BETWEEN PARTIES
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DIFFERENT THINGS BETWEEN BOTH LAWS
PROFIT AND LOSS
MINORITY
RIGHTS AND DUTIES OF PARTIES
FORMATION
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