law introduction sure, Lecture notes of Law of Torts

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Dr.Enas Gaber

Business law

Introduction  Definition of law : its a body of rules of action or conduct prescribed by controlling authority and having binding legal force. That which must be obeyed and followed by citizens subject to sanctions or legal consequences.  Definition of business law: also called commercial law, its a branch of private law which dealt with matters of trade such as; commercial acts, commerce contracts, companies, commission, agency, commercial pledge, negotiable instruments and bankruptcy.

well acted commercial laws allow businesses to plan their activities, allocate their productive resources, and assess the risks they take. Also it protect the rights of merchants and customers , and organizing the investements of foreigns Also commercial clauses protect national economy by protecting national industry for example, to enact a taxes on all foregin cars but not on domestic ones.

Electronic commerce or e-commerce is subject also to commercial law;  E-Commerce can be defined as the sale of goods and services or the licensing of intellectual property by computer over the internet

1 - Definition of contract

 The contract is " an agreement between two or more parties where an offer to do or not to do a lawful act, meet an acceptance from the other party or parties".  So the contract is agreement based on mutual promises between two or more competent parties to give, to do, or to refrain from doing a particular thing, this agreement result an obligation or a duty that can be enforced in a court of law.

2 - Parties to a contract every contract involves at least two parties.  The offeror is the party who makes an offer to enter into a contract  The offeree is the party to whom the offer is made  In making an offer, the offeror promises to do or to refrain from doing something. The offeree then has the power to create a contract by acceptance the offeror’s offer. A contract is created if the offer is accepted. No contract is created if the offer is not accepted

3 - elements of a contract

• For the contract to be enforceable, the following four basic requirements must be met: a. agreement b. contractual capacity c. consideration d. lawful object

a. Agreement: to have an enforceable contract, there must be an agreement between the parties. This requires an offer by the offeror and an acceptance of the offer by the offeree. There must be mutual assent by the parties b. Contractual capacity The parties of the contract must have contractual capacity for the contract to be enforceable against them. Certain persons do not have this capacity, including minors , insane persons, intoxicated persons

d. Lawful object the object of the contract must be lawful. Most contracts have a lawful object, however, contracts that have impossible or illegal object such as drugs , are void and will not be enforceable. in any transaction where one of these elements is missing there is no contract.

4 - the manner in which an agreement may be made

• An agreement may be made in any manner whatsoever, provided the parties are in communication. An agreement may be made either: a. In writing b. By word of mouth, or oral-verbal c. By electronic means- electronic commerce d. By inference from the conduct of the parties and the circumstances of the case e. By any combination of the above modes

B- social and domestic agreements:-

Sometimes it is clear from the nature of the agreement that there was no intention to enter into a binding contract. In agreements of a social or domestic nature,there is apresumpion that the parties did not intend to created legal relation

6 - Classifications of contracts

1. Bilateral and unilateral contracts
2. Formal and informal contracts
3. Valid, void, and voidable contracts
4. Executed and executory contracts

2. Formal and informal contracts formal contracts are contracts that require a special form or method of creation, such as checks, bill of exchange and promissory note informal contracts or simple contracts are all contracts that do not qualify as formal contracts, they are called informal only because no special form or method is required for their creation , thus the parties to informal contract can use any words they choose to express their contract,the majority of the contracts entered into by individuals and business are informal contracts such as; leases, sales, and service contracts.

3. Valid,void and voidable contracts valid contract meets all the essential elements to establish a contract void contract has no legal effect. It is as if no contract had ever been created. A contract to commit a crime is void, if a contract is void then neither party is obligated to perform the contract and neither party can enforce the contract.