Unit-1 | B.Com Semester-II | Business Law | Last Minute Revision

[00:00:00]So we'll discuss one by one from unit one unit one. So all the previous year important questions we are going to discuss one by one unit wise from unit one to unit five. So the all maximum repeated questions we are going to discuss today which will be going to help you more in writing exam. So this is just like last minute revision where if you are not prepared anything then you can please subscribe to this channel and you can see the full video and uh so that which will help you to get pass in the subjects. So if you are newly to the channel I will tell you please subscribe to the CILMR YouTube channel. So we'll discuss first one by one. So unit one question if you see the first question we have widable contract. Okay, let's discuss what you mean by widable contract. The contract which will be initially it will be valid but later it may become wide. Okay. So that contract we say widable contract. Now the terms what is valid, what is wide, what is widable will be very much difficult to you guys to know those things. No need to worry we'll we'll clear all the things. So widable contract is nothing but which is in enforcable by law initially but later it may not and the there will be the and we know in a contract okay there will be the agreement and there will be the two parties for the agreement. One party cannot do the agreement. Okay. So one is offer and other another is offer. Okay.

[00:01:46]Offerer who want to sell something who want to offer something to the party to the opposite party that party we say offerey. Okay. So two parties are there one who propose something and another another who may accept or who may reject that proposal. Okay. So that that we say it is a contract. Now widable contract is nothing but which initially it is a valid. Valid is nothing but where we have we cover all the essential elements of the contract. Means legally we follow legally we create a contract legally remembering all the points law points we remember and we form a contract without doing any mistake that we say valid contract. Okay. So next vidable when it become means when something is wrong okay unknowingly okay starting it is everything is going legally okay lawfully which may be enforcable by law enforceable by law is nothing but where the law is giving you power to enter into the contract if something happens there the law will be going to support you okay the law will be going to make that party to do if he is not doing what he promised or to pay it back to you.

[00:03:01]Okay. So that actions will be taken by law. We say that is a impossible by law.

[00:03:06]So here you can see it is a valid and legally impossible. But one party may he reject or may he or she accept. Okay. So that is the thing we say widable contract. What are the features? We know both two parties already I said offer and offer. And it is emphasosable only when agreed party get cancelled.

[00:03:31]Okay. Obviously when contract form it will be enforible. When contract reject it will be unforible. Okay. So that is the thing and here agreed party may have may accept or may reject. Next here we see the grounds for widable contract.

[00:03:47]Okay. So these grounds should be not there in your contract. What are the grounds? First is a coercion. Coercion, undue influence, fraud, misrepresentation. Coercion is nothing but threatening someone. Okay. And making him to enter into the contract.

[00:04:02]Next, undue influence means undue influence is nothing but giving some false statement knowingly, okay? Giving some trouble to someone and making him to enter into the contract. Fraud is nothing but your intention is cheating someone. And next misrepresentation is nothing but inh without intentionally some false statement you are given you even you also don't know about uh that it is a false okay so without intention but above these all three are done with intentionally with the another party so these three these things should be not there in your contract and next if you see in Indian contract act 1872 what it say a contract can be declared vable so when it declared Declare vidable means when these things comes into the contract. Okay, before initially it is going smoothly. Okay, it is enforceable by law. It is before it is a valid but later what happen? It is becoming widable means that contract don't have any value because because may form there is a coercion because that party is threatening you. Threatening you is nothing but torturing you to do something. Okay. And doing fraud. You came to know that party is going to do with you fraud. His intentions are not good. Okay. Next giving some false statement. If you see all these kind then you have such a right to reject the contract. Okay. When you reject the contract when you when you came to know that all these things any any single thing is there in the contract you have right to reject the contract and the law will be supportful in the in your side.

[00:05:41]Okay. So that is the thing. Next year what are the rights of aged party is nothing but the opposite person yes I'm offering something to the opposite person okay my intention is starting it is good but later my intention is bad I'm torturing someone okay to do some extra thing for me okay then you have two uh two options you may accept it or you may reject it okay so that is the thing and the party and the law will be from your side because if you are right The law will help you. The law will support you. Okay? If I am right, the law will help me. Okay? Not you. They will take action to you. Okay? On on you. So that is the thing the here we say enforceable by law. Where the law take action against the party who are wrong in the contract. It means enforcable by law. You are following legally all the things. Okay. So those things here. So here you have the the rights of aged party. But you have rights and uh enforce the contract. You do complain in uh any uh police stations or any court. Next you can cancel the contract. Next one uh rescended the contract cannot be enforced in a court of law. Once it once it has been rescended then it cannot be enforcable in the court. So that is that are the thing that is the first question about the widable contract. Invitable contract I covered valid contract. Valid contract means where all the things we are following legally. All the things we are following rules, regulations given by law while doing the contract. Okay. Next we we uh studied widable contract.

[00:07:23]Widable means initially it is valid later become wide that we say widable.

[00:07:29]Now what is wide? Wide is we are the we are doing the thing which is illegal.

[00:07:35]Okay. in a contract I'm doing intentionally wrong. Okay. Then it the that contract become wide. Okay. So such things so these three things are very basic in the contract. You should be clearly known all these three uh words.

[00:07:50]Okay. That is the thing. And next question if you see now agreement and contract. What are the difference between agreement and contract? Already contract I said contract is nothing but it is a agreement between your parties. Okay.

[00:08:05]between two parties promising something to do okay and something giving return that is a uh your contract okay now let's see what is the agreement agreement is nothing but I'm doing promise okay I will sell this marker okay I'm promising you I will sell it if you need I will sell it so that is a agreement okay and you need to pay me rupees 10 for this okay so that is agreement I'm doing with you okay but still contact ID informed when I formed the contact means when you say yes yes yes ma'am I will purchase the marker from you now we did the agreement now we need to perform the contract okay let's see the thing what are the difference first its meaning okay agreement it is a set of promises from mutually mu mutually consideration now I told I want to sell this marker for rupees 10 consideration is nothing but money something in return okay you need to I'm offering you this you need to give me something for this. Okay. So that is consideration mutual mutually consideration. You should agree for rupees 10. You you should you can also bargain with me. Ma'am sell made for 8 rupees. If I am agree it become mutual consideration. Okay. Next a contract is an agreement that enforceable by law.

[00:09:23]Enforcable by law already we discussed it is a agreement also I told. Okay.

[00:09:27]Next legal obligations. Okay. So here in agreement you can't see legal obligations. Okay. just it is a statement I'm just doing the promise okay so it cannot form the legal obligation here we do the we form legal obligation okay next enforcibility by law okay so here law will be not going to impossible because still within started contract when contract get starts then only law will be enforible okay so here it will be not enforible but here it will enforceable by law enforceable by law is nothing but already I cleared first question Okay, there you will be getting support or power from the uh from the law. Okay, from law, from police, from courts, okay, you will be get you will be getting solution for that. Okay, some if you face any problem that is emphas when when you go uh all the things legally when you do all the things legally when you follow all the rules regulations okay legally formed the things okay so that is impossible by law here law will support you in such situation. Next scope of the agreement. Okay. All contracts are agreement. Yes. Before all contracts are agreement. Before contract we do agreement. Because of that all contracts are agreements. Next all agreements are not contracts because here I do agreement with you but tomorrow you say ma'am I don't want means that contract will be not getting formed. So because of that all agreement what we do what we do promises okay that cannot be become a contract okay but all the contracts become agreement so that is the difference next legal status okay here it has a wider scope okay many people do agreements but many people's also fails to get into the contract so because of that it is a wider and it has a narrow scope okay because here many formalities many rules many regulation we need to keep law, law and legal things in our mind and then we need to enter into the contract. But for agreement we propose anything whatever we want, we promise anything whatever we want. So it becomes a wider okay but it is a narrow because we need to keep all such things in mind and then we need to enter into the contracts. Okay, that is the different legal status. Okay, next if you see next what we have question next question that is define contract.

[00:11:54]Uh what are the essential features of your valid contract? Okay, valid contract means law will be enforible contract. Okay, if you face something in contract, okay, you are going very right, very legally are going but another party intention is wrong. Okay, so the law will support you. we should not face any losses any damages because of such thing. So that is the thing that is we say valid. Okay. So if the valid the contract should be valid from both the side from offerer also from offery also. Okay. That then only the contract will be said as a valid. If someone is doing wrong intention it will become widable or wide lastly. Okay. So that is the thing. So what are the essential features? very very important questions occurs many time any number of time in your exam and this will be the 100% going to arise in your uh exam. Okay. So this is the basic thing what are the valid essential elements of your valid contract. Okay. While already we know what you mean by the all the terms.

[00:13:02]Okay. Clearly now let's see first contract already I told you it is agreement between two parties. Okay. uh and having their mutual consideration means promising to give something with something in return. Okay, without consideration contract will be not going to form. Okay, and keeping in mind all the legal aspects and forming the contract that is a that we say contract.

[00:13:29]Okay, it is agreement between two parties impossible by law when you follow all the legal rules. Okay.

[00:13:34]According to 2 H agreement enforceable by law is a contract. Okay. Simple one statement agreement which is enforcable by law is called contract. This only one statement you remember which is impossible by law. Section 2 H says that. Okay. So that is a contract. Next if you see definition of valid contract same what is contract? It should have it should have all the essential elements. Valid contract is nothing but all the essential elements which need to be in a contract. That contract is said as valid contract. Okay. So let's see what are the essential elements now. Okay. So first essential element is offer and acceptance. Two parties. Okay. Two parties. One party need to offer and one party need to accept. Then only you can form contract. If uh that party do reject no contract. Okay. No contract, no valid contract. Okay. So that is the first point you need to remember. Okay.

[00:14:37]Intention to create a legal uh relation.

[00:14:41]Okay. Next uh father son agreement will not be contract. Okay. Silly silly promises. Okay. Like we promise sister promise at home brother used to promise uh his younger brother. That is also not considered as agreement because the relation should be legally formed. Okay.

[00:15:01]If the matter is big one, if dad want to transfer his property to son, if he promise it, that will be considered.

[00:15:09]Okay. If dad want to buy bicycle when son get passed in 10th, son get pass in 10th but dad didn't buy bicycle. This is not a legal relationship. Okay. So uh the relationship between father son is not not going to form the relationship between mother and daughter will be not going to form as a contract. Okay. So these relations are not formed as a legal relation at the time of doing contract. You need to remember. Okay. So those are the examples. So here that is the example. So if he not buy the bicycle the son cannot go to the court and cannot complain that father promised me and he didn't buy me bicycle. Okay he can't complain to the on his father. So that is which is not emposible by law.

[00:15:59]Okay. Next if you see third uh essential element is lawful consideration. I want to sell this marker and you need to pay me 10 rupees.

[00:16:09]Okay. So the the consideration whatever getting me written that is lawful the law should expect accept that consideration. Okay. So here next capacity of the party I need to do the contract with only who are the capable.

[00:16:23]Okay. Like above 18 age and above 22 age those people only the matured person only I need to do the contract. Okay.

[00:16:32]The mad person okay I can't do the contract and law will be not enforceable me for that. Okay that is the thing. So here the capacity of party when the person is capable both the party should be capable okay so when they are capable when you are measure when you are good sound mind your mind work properly and when you're not disqualified by law you are not like uh you didn't didn't uh the law is not disqualifying you for doing the contract okay and so and the person whom you cannot do the contract okay the person minor who is below 18 year Okay.

[00:17:08]Unsound mind person who don't have brain. Okay. And uh intoxicated person.

[00:17:13]Okay. So that those kind of people you can't do the contract and if you do the law will not enforceable for that. Okay.

[00:17:21]And next if you see free consent your contract should be free from coercion under influence fraud misrepresentation mistake then only it will be become a valid contract. If all these things are there in a contract it cannot be become a valid contract. Already we discussed all these terms in first question. Next it should be free from all these concerns. Okay. What we say for these concerns? Okay. Then otherwise if it is there means it will become wide or widable. Already I told you. Okay. Next.

[00:17:51]What is the next lawful object? My object is lawful. Okay. Law will not stop me by selling this marker. Okay. So whatever your object or a subject or item is there. Okay. It should be lawful. Law should not law will law should encourage you. Law should not stop you for selling such kind of things. Okay. So those things we say lawful objects. Okay. And next writing and registration. Okay. If it is a big deals. Okay. Laks of deals are there.

[00:18:18]Okay. So it's always contract should be in return. Okay. Written and accepted those things. So that we say uh writing and registration. Next certaintity everything should be clearly described.

[00:18:31]Okay. I want to sell this marker. It means I I'm not mentioning this which color of the marker it is. Okay, it may be right, it may be red, it may be black, it may be white. Okay, so I need to be clear. I want to sell this black marker for rupees 10. That that is a clarity. So that is a certaintity.

[00:18:49]Everything must be clearly informed.

[00:18:51]Next possibility of performance.

[00:18:53]Whatever the performance is there, it should be possible. I can't promise that dead body is there. I will make it alive and pay me this amount. So that is the possibility of performance. Whatever you promise it should be possible to happen it not like illusury. Okay. So those things we need to remember. And next not expressly declare as a wide when we declare as a wide when these all points will be coming into our contract like coercion under influence fraud then it will be declared as wide or widable. It should not be declared. Okay. So these all 10 points are your essentials of valid contract. Okay. So each and every point is very very important remember it and very important question for your exam and next let's go for the next question that is define consideration already I discussed the word consideration and what are the essentials of valid consideration very simple so consideration is nothing but at the time of contract there should be something in return I'm offering you something and there I accept something in return for that offer okay without accepting something the contract will be not formed. It means it you are doing something uh social work or doing something help to the person like with kind-hearted. It will be not formed as a contract. Okay. So there should be compulsory consideration. There should be something value. Okay. So that thing we say consideration. So it is it is the price or the value which you accept after offering or proposing something.

[00:20:27]Okay. So that is a consideration and it should be also enforceable by law.

[00:20:32]Whatever you are expecting something in return that should be legally uh uh the law should not stop it. Okay. It should be legally formed. Next it is so consideration remember one statement that is something in return we we need to say. So price paid for the promise I I'm selling this and you are paying me 10 rupees. So what you are paying for me that is a consideration. So here example so they are selling a bike and paying 15,000. So here bike is a consideration for D and for C 15,000 amount is a consideration for C. Next here we have some legal and essential valid uh valid consideration. What are the legal things we need to see? It should move from the desire of the promiser here promiser and promisy like offery and offery. Promiser the person who offers you okay promise the person who accept it so here it should be in the desire now I I'm selling this marker for rupees 10 so it is in my desire I am a promiser I'm promising something that I will sell you so it is in the desire of promiser that is the thing and next if you see the second time it may move from promisey now you it may move from promisey you are a promisey for me you now you accepted the thing. Yes ma'am I want to buy this marker. So you you can say me I will buy it for 8 rupees. So it move from your side for me. Okay. Or you can accept it for rupees 10. Okay. So it move from promisy or any other person.

[00:22:09]May your friend pay it for me. So you may pay or your friend pay it for me. So it is in my desire and payment will be done by you or any third person. So that is the second point. And if you see the third point, it may be past, it may be present or it may be future. You may give gave me 10 rupees before only. So instead of that 10 rupees, I want to give you a pen. Okay? So that it means past. Okay? And present. Now you are giving me 10 rupees and I'm giving you pen. Future. Now I'm giving you pen but you want to give it in tomorrow. Okay?

[00:22:44]For in future that is your uh that is the future. So consideration may be past, present and future. And let's see the next thing.

[00:22:56]So this is the past, present and future.

[00:22:59]No need to be adequate. Now exactly this marker price I don't know it may be 12 rupees. It may be 10 rupees. I'm not selling at exactly I'm selling at rupees 8 rupees or it may be 10 rupees. So no need to be adequant what is going in the market. So that we say adequate. It may be any less or it may be more price. We are doing the contract. Next, it must be real not illusionary. Okay? You can't pay me amount in your dream. Okay? You should pay pay me physically. Okay?

[00:23:31]Really. So that is the consideration.

[00:23:34]And next if you see so here so real consideration you should you should be in physical existence and yeah physical impos there should not be a physical impossibility there should not be a legal impossibility and illusionary consideration. So the these are the things in consideration and if you see the next question that what are the essential elements of valid offer. So uh here we already I have told two persons will be there one is offerer and one is offery. Offer offerer do something offer or proposal. So what are the essential for that offers? Okay let's see here section 2A Indian contract act 1872 what it say offer is nothing but it is a proposal. Okay one person signifies another to do something willing to do something okay or not to do something.

[00:24:29]So with a view obtaining the ascent of the others such as act or absence here I'm I'm want to I want to you to buy the marker. Okay. So that is I want I am making you to do something here with me.

[00:24:44]So that is a offer or a proposal we say.

[00:24:47]Okay. And here example if A say to B will you buy my car for Rs uh Rs 50,000.

[00:24:54]A making an offer to B by expressing his willingness. He want to sell his car.

[00:24:59]Okay, his willingness is something selling to B. Okay, for 50,000 in order to obtain. So I want to sell to person B. I want to obtain his consent. Okay, I want to make him to buy my car. Okay, so that is a offer. So what are the essential elements? Let's discuss. Okay, so here offer is a proposal.

[00:25:21]Uh yeah, made with intention creating a legal relation. Okay, obligation not upon acceptance. Okay, here and for the offer legal valid emposible it must be satisfy several essential uh criteria.

[00:25:36]So they are follows. Let's see what are the thing. So here essential elements of valid offer first one uh definess and clarity communication to offer intention to create legal relation certainity of terms possibility of performance lawful.

[00:25:54]So this is the tongue uh this is things I will discuss one by one. First uh def uh definitess and clarity. So here I while I offer you something okay like I'm selling the marker I need to say that I want to sell the marker which is the color black and it is we I want to sell it for rupees 10. Okay means definitess and clarity. I'm giving the clarity which color what rupees. Okay.

[00:26:22]So that all things when you offer something you need to describe all the things what you are offering about that particular subject you need to describe clearly. It should be true not it should not be false. Okay. So those things should be uh defined very much clearly about the subject. Okay. that is a uh uh definitence and clarity.

[00:26:46]Next thing that is a communication to the offerey. Okay. Now I need to communicate with you obviously to describe all the things clearly. Okay.

[00:26:56]Uh I need to communicate with you without communicating I can't do such a offer. Okay. So I need to clearly communicate with you what language you know. Okay. What thing you understand in that way I need to communicate with you properly. So communication is very very important at the time of offer. If you see any salesman how they communicate you if you don't know the language they change the language because of you. Okay in the comfortable language they will convince you to buy the from them the product or okay so that is the thing communication is very very important from whom you are uh selling to your customers or to the buyers. Okay. And next intention to create a legal relation. Here uh no need to create any wrongful relation. Here always have such intention only to create a legal relation. When you enter into the contract relationship will start. When the contract does okay when the contract executed the relationship will be going to end. So that relation we say legal relation and the contract will be not going to work in uh in our daily life like we promise like friends will be going to promise parents will be going to promise their childrens. Okay.

[00:28:07]Childrens are going to promise something to their parents. So these will be not creating such a legal relations. Okay.

[00:28:14]So those are the thing we need to remember intention to create such a legal relation. Next certaintity of terms here all the terms should be clearly described. Nothing should be hidden there. Okay. Nothing should be uh disclosed something about subject matter. I need to tell clearly about all the things all the terms all the conditions how to use. Okay. If you use like this it will be get broken or something. All the things should be told all the terms and condition clearly to the offereye.

[00:28:48]Okay. So the that is the thing that is the fourth and next if you see poss next point is possibility of performance okay so whatever the offer you're doing to the offery the performance the both the side should be possible it may be consideration in return or it may be the offer okay I can't promise that some dead body I can be make it alive and you need to pay me a lack of amount so that doesn't create such sense okay so we need to see that can it can is possible to perform such a things Okay. So that is the thing possibility of performance in while offering such things it should be uh in reality it should come into existence. Okay in physical matter also.

[00:29:28]So that is the term we say possibility of performance. Next we have lawfulness.

[00:29:34]Okay. We need to follow all the legal rules and regulations at the time of offer and also at the time of acceptance. Both the parties offer and offeree when he who she or he who want to accept the things you should be aware about all the legal aspects of the contract all the essential elements of the contracts okay that we say lawfulness okay so these all are the uh your valid offer essentials and uh let's see what is the next question so here modes of discharge discharging a contract. Okay. So what are the different modes we discharge the contract? Discharge is nothing but ending the contract. Okay. [snorts] Between both the party. What such modes or methods we uh will be having to get ends get end such contracts. Okay. So discharge of contract is nothing but here they are saying that ending of the contractual relationship. When you enter into the contract when both the parties enter into the contract they form a legal relation. Okay. Until and unless they perform their obligations. Okay. So that thing we say legal relations. Okay.

[00:30:52]And now when the contract will get end means when you perform your duties.

[00:30:57]Okay. what you both are promised when you done it then your relationship will be going to end. Okay. So the uh between the existing two parties already we know then rights and obligation of the contracts are termed the contract is to be discharged. Okay. And its operation comes to end. Okay. So all the operations are comes to end. I did my responsibility. I sold this marker. You paid me 10 rupees. Done everything.

[00:31:26]Okay. So that the thing okay that actions that we both done that is a contract get ends. Now who are you and who I am to you there is no relation. So here ending all the your your rights your responsibilities your obligations and our relationship also get ends when I sell this thing to you. Okay. So here something discharge of a contract result in new rights. Okay. So sometimes it results in some new rights and obligations but they are completely independent of the original contract.

[00:32:01]We'll see what are these uh new rights and obligation in modes. Okay. So here we have modes. Okay. So possibility of performance by agreement or concern by possibility of uh impossibility of performance by lapse of time by operation of law and breach of contract. Okay. Here we explain everything in the flowchart. Go through this flowchart. No need to fear this much big question. How much as possible you remember the points you remember but very very simple discharge is nothing but how we end the contract.

[00:32:37]How we end the old one and how we start new one. Okay. So those things we say discharge of contract. Very simple. Go through this flowchart. We'll discuss here all the things one by one. First we discuss by possibility of performance.

[00:32:51]Okay. So here by uh performance we discuss in that we have actual and attempted performance. Okay. So what we have first one is a actual performance.

[00:33:05]In that actual performance both the party fulfilled their duties. Actually they done their duties and they end the contract. Okay. And next attempted. I attempted. I attempted means I just want to sell the market but you people don't want to buy means I attempted but it doesn't happen that contract doesn't created and you didn't accepted such thing but then also it get ends when you say no it gets end so that is attempted at least I attempted I I at least I asked you so that is a attempted thing again and next if you say it is by agreement or concern How? By doing the agreement we both will end the contract.

[00:33:49]How? Okay. Now first one first one is uh noation. Okay. First one is innovation.

[00:33:56]If simple example if I want to give uh before I'm selling the black marker I came to know that this black marker I need. Okay. Uh instead of this I will sell some another red marker to you means old one is end and I'm started new contract with you. Okay. So that is the noation. Novation is nothing but old one will go, new one will come. So here what the example A is depth taken by C. A is depth carried by C. Before A need to pay but C say you don't pay your depth. I will pay your depth to the third party.

[00:34:32]So here A's contract get ends. It will be came to C. Okay. So such contracts we say uh noation contract. Okay. Old will get end, new will be going to take place in existence. Okay. And next we have recision. Okay. Recision is nothing but a cancel. Okay. So here cancelling the uh contract. Okay. I want to sell the marker but you don't want to buy.

[00:35:00]Cancel. Okay. Means our contract get end. Okay. Next here if you see alteration. Okay. I'm changing the certain things. Okay. Caleration is nothing but I'm changing the things like I uh I want to sell black I said I will sell red then later I say no red also I need color is very good I will sell you yellow color okay means it is a uh doing some alterations okay doing some changes in contract or our subject matter or changing in amount you say ma'am no I want to purchase it uh you so you will be selling at 10 but I want to purchase it at rupees 5 then I say Okay, that we will cancel will come into the new contract. I will sell the marker 5 rupees for rupees five. Okay, so that is the alteration doing some alterations.

[00:35:50]And uh next one we have uh remission.

[00:35:53]Okay, remission is nothing but uh here accepted less what was promised.

[00:36:00]Okay, means uh yeah just now I gave example remission is nothing but accepting for less price. I promised I offered you for 10 and you are accepting it for five. That is also called as a remission or alteration also we say we are making certain changes. Okay. And next we can say a waiver. Okay. Here what it is waiver is nothing but give up your right. Okay. Give up your right. So here for example you are paying every month rent. Okay. To the landlord. You say I will buy the room. I will pay all amount. what the cost of this land and room I will pay whole amount okay means that every month whatever you are paying rent that is the contract with between you and landlord will get end because you are buying it you're giving full amount now okay you don't want such tensions so that we say waiver okay you are ending the contract with landlord and you are just purchasing that whole house or whole whatever the room and next merger okay so Here merger is nothing but two rights become one. Okay.

[00:37:10]Tenants buy the house was renting. Okay.

[00:37:13]The same thing waiver and uh your merger. And next occurred and satisfaction new deal or uh to settle old one. Okay. Your depth is there. You are you need to pay me 10,000 rupees.

[00:37:28]Okay. I asked you many times to pay me back. Pay me back. But I was now fed up.

[00:37:33]I was tired to ask you. Later I come to you and I will say please at least settle it in 5,000. Okay? Don't give me 10. At least give me 5,000. We'll end here. So that is we say uh uh accord or satisfaction.

[00:37:50]Next third one how we end with the uh by impossibility of performance. Okay. So here I'm sorry impossibility of performance initial impossibility. Okay.

[00:38:03]Initial impossibility means starting only it was impossible okay that I'm I'm promising that I will jump from 10th floor building down you if you pay me lacks of amount means it is not possible if I jump from 10th uh floor building I won't be here to take that laks of amount from you okay so that is initially only it is a impossible next we have lapse of time okay so here lapse of time sorry initial impossible done.

[00:38:32]Next here we see uh next is subsequent or supervailing impossibilities. So first is a destruction of subject. I want to sell this marker but uh by chance is fell down and broken means I can't sell now. Okay. So that is subject matter is not not there. Okay. Death or personal incapacity. Okay. So uh the poor two parties doing contract. Okay.

[00:39:02]But suddenly one parties happen death then the contract cannot be formed.

[00:39:08]Okay. Next change of law. We are doing the contract but sudden change in laws that then also it will get cancelled.

[00:39:15]Okay. Declaration of war. War means everything will be closen by the government or the situations will be ups and downs at that time also we can't form form the contract. Okay. And next uh difficulty. Okay, it is very hard starting maybe uh doing promises is very easy but to perform it is very hard. So at that time also your contract get end.

[00:39:40]It will save as difficulty commercial impossibilities. Okay. Some companies will not accept the such things. Okay.

[00:39:47]So at that time also contract will they end the such contracts third party sales. If uh we do the contract because of third party and the third party presence will be not there then that contract will be going to close. Next uh failure of one object. Okay. One object maybe from your side you lose amount you or you lost amount. Okay. So object is not there. Maybe I lose this marker.

[00:40:16]What I promised to sell you I lose it or I lost it. Okay. At that time also we come to the end. Strikeouts. Okay. Maybe some uh strikeouts there in a corporate companies and all. So at that time also what we do we s we do such a cancellation in our contract. Okay. Next we have lapse of time. Okay. Because of lapse of time how we end the contract.

[00:40:43]Okay. First one is uh so lapse of time means if time over. Okay. So when time over means I want to sell you business law uh textbook. Okay. I need to sell it before the exam. I can't come and uh force you to buy it after your exam and you you also won't buy it. Okay. So lapse of time when the situation is there at that time only we need to uh we need to offer it and we need to uh enter into the contract. If time over means we can't do such a contracts. Okay. And next by operation of law. Now law itself say you end the contract. Okay. How in what situation law will be going to tell you to end the contract? Okay. When the party's death, okay, you can't go and uh you said enforcable. I will help you.

[00:41:34]Law will be in support of me. But the when party is not there, law also will not support to you. Okay. When the death of the party. Next merger. Okay. You are going to merge with some other person.

[00:41:46]Okay. So that is also some person gets both the rights. Okay. So that is a merger. At that time also that one more right will be going to end. Insanity person become mentally unfit. Okay, you are well now uh while doing the contract but later may some accident happen at the time contract will end. Okay, because you are unfit. And next um insolvency. Okay, insolveny like bankruptcy or something happened at the time company's money loss, bank money loss. Okay, at that time also you the law will say end the contract. Okay, next unauthorized material alteration.

[00:42:24]Okay. So at that time also what law will say? Please close the contract. Okay. So the that is your operation of law. Law itself you end the contract. Now uh breach of contract when you when this happen breach of contract when it will be going to happen breach is nothing but ending the contract. Same.

[00:42:46]Okay. So when one party breaks the promise I'm promising you that I will sell something for you and I'm unable now next day I will say no I don't want to sell so I won't I'm not performing my performing my promise okay at that time your uh contract will get ends okay actual bridge so here we have actual bridge and antisept actual bridge is nothing but breaking during the performance okay now I want to perform I want to give this marker pen to you I won't give because I need here. Okay. So that is what actual bridge. I promise that I will sell but later I came to know its value and I don't want to sell you now. Okay. That is a actual bridge.

[00:43:29]Anticip bridge is nothing but say says in advance I won't do it. Okay. So I want to sell it but I won't mean I'm clearly telling before only at the time of pro like at the time of doing uh offering something I I want to sell this I want to sell my cell phone but I won't so that is antisept okay so that is the thing breach of contract next if you see we have so these all are how the contract gets end very simple just go through the points and write with example how our breach of contract or uh the things will be going to happen.

[00:44:13]Okay. So that is the thing. Next we have various remedies available.

[00:44:21]Various remedies available to a party in case of breach of contract. Remedies means solutions. What are the solutions?

[00:44:28]Now suddenly I you if you depend on me that ma'am said ma'am will sell textbook uh before exam you're waiting for me and suddenly I say no now it is not available okay now the loss what you face you may get fail in exam you may get less marks in exam okay so those things how you uh solve such problems okay so here breach of contract refers to the failures of party to fulfill their obligation I failed to uh sell you business law textbook. Okay. So at that time this breach can occur several ways.

[00:45:05]Okay. Failure to perform on time. I'm unable to sell you on time. Failure to perform in accordance when the term I'm unable to sell on the term and outright refs to perform. Okay. Breach are classified either actual or antisept.

[00:45:22]Now we discuss same thing. Actual means actually I want to but I don't want.

[00:45:27]Okay. So, but I unable. Okay. But anticip means I want to sell. I have but I won't give you. So, that is anticipary breach of contract. Okay. So, in both the matter the uh these things will be going to end. Your contract is going to end. Actual and antisept breach of contract. Okay. So, this is the uh points will be going to come in the breach of contract. already we gave the same the thing here what we discussed those points are the same here. So here we end our first unit. Okay. So these all questions are very very important in um very first unit and very basic thing uh related to your contract and uh related to like business law terms. Uh very simple also you go through one more time. uh may the these questions are many times occurs in a in a last previous year exams also. So if you still uh you are not subscribed to the channel I request you please subscribe to the channel and uh follow the thing okay follow all the subjects uh we we used to uh make the last minute revision for your for your purpose so that you can at least you can get well pass okay score well in the particular subjects okay so that is the thing dear students please follow us and subscribe the CLMR channel Next we'll go for the unit two.

[00:46:59]Okay, which is very very simple. We'll cover it in very short period. So let's see what is the unit two.

[00:47:08]Oh, last one question. Okay, here we have remedies. I'm sorry last one question is there. Remedies for breach of contract. I don't think it is much important remedies. Okay, may ask in exam. So remedies are nothing but yeah solutions I said right? only solutions I didn't discuss. Yeah. Yeah. The uh the remaining solutions. What are the solutions? Compensatory damage. Okay.

[00:47:33]Something compensated with the help of law. Law will help you.

[00:47:41]If something get damaged at the time of contract or something you lost, it will be recovered from the party. Who will be going to help you? Law will be going to help you. [snorts] And next nominal damage. Okay. something slight damage is there. Okay. So here the occurs but uh not breaching the party has suffered any significant financial loss. Okay. Any loss you suffered that also they will pay you. For example the amount awarded is a proven but the impact was negligible. Okay. So whatever the financial uh financial amount you face loss at the time of contract and they rejected the contract that you will be getting back. And next liquidated damage. Okay. So here liquidated damage.

[00:48:26]It is nothing but a pre-agreed amount in the contract payable the breach occurs.

[00:48:32]They are intended to estimate the losses and might result from the breach of contract. Okay. So that is the uh liquidated damage. Okay. And if you see the next one uh punitive damage. Okay. Here the rare in the contract law it will be not going to happen many uh so less uh it is going to happen punitive damage okay here the punishing the breaching party okay and uh d the future misconduct so because of that you will be have for the punishment and misconduct if something happened to you that will be recovered by law and next here you have specific performance specific performance it is Nothing but breaching the party to fulfill the obligation under the contract. In case of involving unique term like when it happens mean specific performance in real estate and in monetary dam damages which are insufficient compensate for non breaching the party. In this matter you will be going to face this specific performance. Next we have injections.

[00:49:44]Again, injections is nothing but here the law will be telling the party to fulfill to do such favor to you. If you are facing something loss, the law will tell another party to repay the losses or repay the amount whatever you taken from the party. Okay. So that is injection. And uh uh next if you see recision okay recision is nothing but cancellation of the contract. And next uh restitution.

[00:50:19]Restitution is nothing but returning the benefit. Okay. Whatever the benefit you got that you need to return to its real owner that is a uh restitution. Now here we end your first unit.