: a oxistonce of law is necessary fo! mar Bir tre ebsonce’ of tam no person wil rxagnes Business law is also known as SStRmnrattaw Pit law which governs and regulates trade and id obligations arising out of business transactions. sprees of Business Law — The main sources of business law are as unde: ul tlsh Business Law Bs Pakistan inherited legal system fronthe British. The ‘decisions are still followed. Some of the laws: fence have not been replaced such as Cntract Ack, 187 ‘amended according to needs "H ee LF Compan, Mit Sa “The various Acts passed by th ritish\ndia are N Taw in Pakistan such as Contract Act) 1872, Sale of ts Act, 1881 and *Aet4932/ Negotiable Instrument sees these Acts after independenceen nt (2) Enforceable by Law . is enforceable ft creates legal on of agreement ana obligation. do someting. Be ‘Section 2(e) defines agreement as, “Every | per Hr ccoeiernbn for onch rari f means every promise is an agreement if it [fam para. 1 pomiae foms no cs ‘an agreement. rTegal agreervent \s enforceable by law bec between the patios. In legal agreement, the ons. Al business an are contracts as fnvlles B10 a dinner. 8 accopts the invitation but does nat [sue Bfor damages. Its a social agreement. ¥ b. C promises to sol his car to 8 for Rs. 2 Lac ts a legal ag "icreates legal abigations. This agreements a contrac. _ Essentials of Valid Contract 4 ‘A valid contract is enforceable by law. In a valid contrac, al | are legally bound to perform, the contract. in order to "agreement must possess the essentials of a valid contract g ‘According to Section 10, “Al agreements are Ca by the free consent of partes, competent to contract, for a0804 hs watch eats ioprciat 8 oR, 00.8 276 te haben rife Could not reco, wad the amour os sane obligations (Batour ve Bene = fC agrees to sell his house to B for Rs.10 Lac. Rs. for C, and house isthe consi ideration for B.Secor terete anormal Smad eee (See 1a te aon [exameues FZ Gcormpal B to enter ito contact st gun 2 the consort of Bis nat oe OURO i ok eon oy recone, voi oe niract ah w S155. Law ovjocd ccs vice Cngone leet amt ‘agreement must n0 va a a ae imply injury to the p at Se obje ‘conside oe [exatirces soe! wing bee conact fegsterd 9 sae ard agreement egal as ot of he agreements ula eis beter thatthe coach a. I required Dy 1s & attested by Winesses