LLuCL

8LSLn1Lu 8?
n18A1
W A conLracL ls an agreemenL enLered lnLo by
Lwo parLles or more wlLh Lhe lnLenLlon of
creaLlng a legal obllgaLlon whlch may have
elemenLs ln wrlLlng
W ln aklsLan onLracL AcL 1872 conLalns Lhe
law relaLlng Lo conLracLs
8!L1lvLS
W 1he ob[ecLlve of Lhe conLracL ls Lo ensure Lhe
guaranLeed parLy agalnsL Lhe rlsks by
compensaLlng hlm/her for any loss creaLed as
a resulL of a defaulL by Lhe debLor Lo fulflll hls
obllgaLlons Lo pay any money
LSSLn1lALS
W lnLenLlon Lo creaLe a conLracL
W ffer and accepLance
W onslderaLlon
W apaclLy Lo enLer lnLo a conLracL
W lree consenL of Lhe parLles
W Lawful ob[ecL of Lhe agreemenL
LxAMLL l n18A1
W AgreemenL beLween local auLhorlLy and
suppller for supporL for a pro[ecL lf lL ls ln
wrlLLen form Lhen lL ls a conLracL
llL8 Anu AL1AnL
W lor a valld conLracL 1here musL be an offer
made by one parLy and should be accepLed
from Lhe oLher parLy 1he offer musL be
enforceable
W f
A agrees Lo sell hls Sony vlvo LapLop for
rupees 33000 Lo 8A has an offer and lf 8
accepLs lLs an accepLance glven by 8
LLCAL 8LlCA1ln
W lor a valld conLracL 8oLh Lhe offerer and
offeree musL creaLe legal obllgaLlon 8oLh Lhe
parLles should fulflll Lhelr slde of promlses ln
order Lo save Lhemselves from breach
f
A has offered hls Sony vlvo LapLop for rupees
33000 Lo 8 8 agreed 1hls has creaLed a legal
relaLlonshlp 8oLh have made a promlse
LAWluL nSluL8A1ln
W lor a valld conLracL conslderaLlon may be
some beneflL Lo oLher parLy lL ls a prlce pald
for Lhe promlse made by one parLy Lo anoLher
onLracL wlll be valld when boLh parLles geL
someLhlng
f
A agrees Lo sell hls LapLop 8s33000 Lo 8 8
accepLs now 8s33000 ls a conslderaLlon for
A and Lhe LapLop ls a conslderaLlon for 8 lL
musL be lawful
AAl1? l A81lLS
W A conLracL ls valld only when boLh parLles are
normal1hey should noL be lnsane or menLal
f
A aged 20 has promlsed Lo sell hls LapLop Lo 8
for 33000lL ls a valld conLracL because A ls
compeLenL
l8LL nSLn1
W A conLracL ls valld only when boLh Lhe parLles
agree on Lhe same Lhlngs ln same sense and
manner onsenL musL be free
f
A offers hls LapLop for 33000 Lo 88 knowlng
Lhe condlLlons accepLed 1hls makes Lhe
consenL free
LAWluL 8!L1
W A valld conLracL also demands LhaL 1he ob[ecL
for whlch conLracL ls belng made should noL
be lllegal lmmoral and agalnsL publlc
f
A agrees Lo sell hls LapLop Lo 88 accepLs now
Lhe ob[ecL ls compleLely legal as A has all Lhe
documenLs of Lhe parLlcular ob[ecL
W8l1lnC Anu 8LClS18A1ln
W A conLracL may be oral or wrlLLen lL depends
on value of Lhe asseL 1he more Lhe value Lhe
more chances of geLLlng lnLo a wrlLLen form
f
As we know Lhe value of asseL consumed by A
ls 33000So1he conLracL ls belng made ln
wrlLLen form for 8 1he value ls hlgh enough Lo
puL Lhe conLracL ln wrlLlng
L81Aln1? l 1L8MS
W A valld conLracL also demands LhaL asseL musL
be speclfled lull lnformaLlon should be glven
f
A has 2 LapLops of Sony vlvo Pe has fully
speclfled LhaL whlch one ouL of 2 ls offerlng Lo
8 Pe has glven every deLall Lo 8 whlch Lhen
made 8 Lo accepL
A8lLl1? l L8l8MAnL
W 1he valld conLracL musL be capable of belng
performed
W f
A agrees Lo sell hls LapLop Lo 8 lL ls someLhlng
LhaL can performed
LLuCL
W 1he ballmenL of good as securlLy for Lhe
paymenL of debL or performance of promlse ls
called pledge
W SomeLhlng glven or held as securlLy Lo
guaranLee paymenL of a debL or fulflllmenL of
an obllgaLlon
LxAMLL l LLuCL
W ALeeb borrows 8s 1000 from Akrama and
ALeeb glves hls wrlsL waLch Lo Akrama as a
securlLy 1hls ls known as ledge
W 8aller awner
W 8allee awnee
lM81AnL
W lncrease ln populaLlon
W vasL world loan markeL
W AdvancemenL ln Lechnology
W lnflaLlon
LSSLn1lALS
W Movable properLy (eg papers of land
documenLs eLc)
W LlmlLed lnLeresL (eg prlce of compuLer ls 8s
3000 and 2 people dlvldes Lhe ownershlp as
8s2300 when Lhe lnLeresL ls Lo be found Lhen lL
wlll exLend Lo 8s2300 of boLh Lhe lndlvlduals
separaLely)
W 1ransfer of Lhe possesslon (le Lransfer of
possesslon and noL Lhe ownershlp)
W noL Lhe Lransfer of ownershlp
W noL mere cusLody
1?LS l LLuCLS
W Lx81 n18A1S
W LAL n18A1S
W llxLu ASSL1S
W W8klnC Al1AL
8lCP1S l AWnLL
W 8lghL Lo reLaln (Accordlng Lo SecLlon 173 of
onLracL AcL)
W 8lghL Lo reLaln for oLher debLs (eg loan ls Laken
by Salman from bank and pledged compuLer AL
Lhe menLloned Llme Lhe loan ls glven and
lmmedlaLely Look anoLher loan)
W 8lghL Lo exLraordlnary expenses (eg horse geLs
slck)
W 8lghL Lo sue and sell (eg lf awner makes defaulL
ln paymenL Lhe awnee can sell Lhe Lhlngs
ledged afLer glvlng Lhe noLlce) 1he excess would
be glven Lo awner
8lCP1S l AWn8
W 1he rlghL Lo redeem (can Lake by Lhe SecurlLy
or lf awnee has made unauLhorlzed sale Lhen
he can also redeem lL)
W 8lghL Lo clalm damages
W 8lghL Lo clalm lncrease (lncrease of surplus)
W 8lghL Lo redeem Lhe debL (eg lf 1aseer Lakes
loan of 8s1000 and ledged wrlsL waLch Lhen
Lhe loan ls noL glven aL flxed daLe Lhen Lhe
waLch can be Laken back before Lhe noLlfled
daLe)
ulllL8LnL 8L1WLLn LLuCL
Anu 8AlLMLn1
PLEDGE BAILMENT
O The goods are delivered to provide a
security Ior a loan.
O The goods are delivered Ior repair/saIe
custody.
O Pledge has a right to sell the goods
Pledged on DeIault.
O No such right oI sale. He can retain the
goods and claim damages.
O Pledge has no right to use the goods
Pledged. In case oI sale, the Pledgee
cannot sell it to himselI.
O Bailee has the right to use the goods
ulllL8LnL 8L1WLLn LLn Anu
LLuCL
LEON PLEDGE
O iven the right to retain possession until
claim is satisIied e.g. giving suit to tailor Ior
Rs.50 until Salman will not give the money,
Salman cannot have the right to retain it.
O This is only Ior security and you can sell it
aIter giving the notice.
O Not suIIicient to warrant sale O Pledge gives the right to sell oI deIault case.