Types of contracts in business law/what is contract in business
Types of contracts in business law Types of contracts in business law ? Introduction Pakistani contract Act, 1872 contains the law relating to contracts. It provides the rules relating to commercial transactions. It determines the circumstances in which promises made by the parties to a contract shall be legally binding on them. It honors all the customs or usage of trade, which an inconsistent with the Act. However, where the Act is silent and there is no use or custom relevant to the case, decisions are made on the basis of equality s justice. It is the most important branch of law. It affects all of us in our daily life. The Contract Act types of contracts in business law The law relating to contracts in Pakistan is contained in the Contract 1872. It extends to the whole of Pakistan and came into force on the 1st day September 1872. It consists of 238 sections divided into the following parts. General principles governing all types of contract...