Business LawFinal AssignmentSubmitted to:Sir Azam Hussain BegSubmitted by:Sardar Yousaf Saleem01-111072-276BBA 4AEnforceable Contract 2 (H):An agreement enforceable by law is a contract. Valid contract under law must be clear and unambiguous and free from exploitation. Consideration and promise are the two incidents necessary to constitute a contract taken together from the whole of it. A contract is an agreement upon sufficient consideration to do or not to do a particular act.To constitute a contract there must be a proposal or offer and its acceptance. E.g. A says to B will you give me Rs 10000 for my house and B says I will. A makes a proposal and B accepts it but to constitute a contract every proposal and acceptance must be definite.Requisitesa) Competent person __ Ss11 & 12 Every person is competent to contract who is of the age of majority according to the law to which he is subject, and who is of sound mind, and is not disqualified from contracting by any law to which he is subject.Minor Contract: this section mentions three kinds of disqualifications, namely those arising from (1) Minority, (2) Insanity, (3) personal laws. The section puts minors and persons disqualified by law from contracting on exactly the same footing.Section 12A person is sad to be of sound mind for the purpose of making a contract if, at the time when he makes it, he is capable of understanding it and of forming a rational judgment as ...
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