1. Law and Morality Morality is about the differentiation of intentions, decisions and actions between good and bad (right and wrong) The philosophy of morality is ethics Morality Law

2. Essentials of Law Predictability Flexibility Reasonable Application and Coverage

3. Some basic legal concepts Concept of legal entity Laws apply only to persons and persons are the subject of law A person is an entity that is clothed with rights and duties Persons can be natural (Human beings) and Artificial (corporation) An artificial person comes into existence by following the procedures given by law

4. Some basic legal concepts Concept of Legal Rights Personal Rights Proprietary Rights Right in Personam Right in Rem

5. Some basic legal concepts Concept of Property Tangible Property Movable property Immovable Property Intangible Property Copy Right Trade Mark Patent Rights Intellectual Property Rights

6. Need for Law Maintenance of Peace and order in the state To recognize the rights of others Life and business continuity Protection of property and contractual rights

7. Business Law Also called Mercantile or Commercial Law Business Law governs and regulates the affairs of trade and commerce Or Law which deals with the rights and obligations of Commercial persons emerging from commercial transactions in respect of commercial property

8. Sources of Business Law English Mercantile Law Pakistans Law The Contract act 1872 The Sales of Goods Act 1930 The Partnership Act 1932 The Negotiable Instruments Act 1881 Companies Act 1913 Judicial Decisions Customs and Usages

9. Law of Contract Contract Act 1872 States the general principles governing all types of contracts Contract is an agreement/promise enforceable by law which creates and defines obligations between the parties

10. Law of Contract Agreement is an accepted proposal Enforceability comes into play when an agreement is enforceable and recognized by law Social Agreements are not enforceable by law Legal Agreements are enforceable by law

11. Essentials of a Valid Contract Offer and Acceptance Lawful offer and lawful acceptance Legal Obligations Lawful Considerations Give and Take are the considerations Capacity of Contract Parties must be competent to contract Age of Majority Sound Mind Not Disqualified from Contracting by Law

12. Essentials of a Valid Contract Free Consent Consent is the agreement on the same thing in the same sense Consent of the parties must be free Lawful Object Must not be fraudulent, illegal, immoral, and oppose to public policy Writing and registration

13. Essentials of a Valid Contract Certainty of Terms Terms of an agreement must be clear, complete and certain Possibility of Performance Must be capable of performing i.e. both legally and physically Not Expressly Declared Void Agreement in restraint of Trade Agreement by way of wager