The Path to a Greener Future: Understanding Sustainable Development In an era where environmental challenges and resource depletion are becoming increasingly evident, the concept of sustainable development has gained significant importance. Sustainable development aims to meet the needs of the present without compromising the ability of future generations to meet their own needs. This blog post will explore the principles, goals, and strategies of sustainable development, highlighting its critical role in ensuring a balanced and healthy future for our planet. "Transforming our world: The path to sustainable development." What is Sustainable Development? Sustainable development is a holistic approach that integrates economic growth, environmental protection, and social equity. It seeks to create a harmonious relationship between human activities and the natural world, ensuring that resources are used efficiently and responsibly. Definition: The most widely recognized de...
Contracts may be classified on the basis of their Validity, Formation or Performance.
For example: ‘A’ offers to sell his house for Rs 5 lakhs to ‘B’. ‘B’ agrees to buy it for this price. It is a valid contract.
2. Void Contracts: An agreement which was legally enforceable when entered into but which has become void due to supervening impossibility of performance.
For example: A contract between a citizen of Pakistan and India is a valid contract during peace but if war breaks out between the two countries, the agreement will become void contract.
3. Void Agreements: According to Section 2 (g), “ An agreement which is not enforceable by law by either of the parties is void.” No legal rights or obligations can arise out of a void agreement. It is void ab initio means “for its very inception”.
For example: An agreement without consideration or an agreement with a minor is void.
4. Voidable Contracts: According to Section 2 (i), “An agreement which is enforceable by law at the option of one or more of the parties but not at the option of the other or others is a voidable contract.” The word used here is ‘contract’ and not just ‘Agreement’. This is the result of the absence of free consent in the contract. A voidable contract is valid and enforceable until it is repudiated by the party entitled to avoid it. The defect in the case of voidable contract is curable and may be condoned. So a person is entitled to compensation for loss or damages suffered by him on account of the non-performance of the contract.
For example: ‘S’, intending to deceive ‘Y’, falsely represents that 500 BMW’s are made annually at ‘X’s factory and thereby induces ‘Y’ to buy the factory. The contract is voidable at the option of ‘Y’. ‘Y’ can take advantage of the contract or repudiate it.
5. Unenforceable Contracts: It is a contract which is otherwise valid, but cannot be enforced because of some technical defects like the absence of a written form or absence of proper stamp. Such contracts must be sued upon by one or both of the parties.
For example: ‘A’ borrows Rs 10,000 from ‘B’ makes a promissory note and a one rupee stamp is pasted on the promissory note. Though the agreement is complete but it is unenforceable because of the technical defect i.e., the promissory note being under stamped.
6. Illegal Contracts: A contract which is either prohibited by law or otherwise against the policy of the law is an illegal agreement. All illegal agreements are void but all void agreement or contracts are not necessarily illegal.
For example: ‘X’ borrows 50,000 from Y for the purpose of smuggling goods. ‘Y’ knows of the purpose of the loan. The agreement between ‘X’ and ‘Y’ is collateral to the main agreement which is illegal. The collateral agreement is also illegal.
2. Implied Contracts: An implied contract where terms of the contract are not expressed but inferred by the act of the parties where the offer and the acceptance are made by action but not by words.
For example: Getting into a bus or ordering a cup of tea in a restaurant.
3. Quasi Contracts: It is a contract in which there is no intention on either side to make a contact, but the law imposes a contract.
For example: A finder of lost goods is under an obligation to find out the true owner and return the goods.
4. E – Com Contracts: These contracts are entered into, between the parties using the internet. These are known as EDI contracts or cyber contracts or mouse click contracts.
For example: Purchase goods on Amazon or booking railway ticket online etc.
For example: ‘A’ sells a TV set to ‘B’ for Rs. 30,000. ‘B’ pays the price and ‘A’ hands over TV set to ‘B’.
2. Executory Contracts: It is the contract which is yet to be performed either wholly or partially or one or both the parties have yet to perform their obligations, the contract is Executory contract.
For example: ‘A’ agrees to make furniture for ‘B’ for Rs 5,000. Mr., A has yet to make furniture and Mr. B has not made the payment. So, both A & B are yet to perform their obligations.
i) Unilateral Contracts: It is a contract in which a promise for one side is exchanged for an act on the other side.
For example: Mr. A, a worker does manual labour at the request of Mr. B on a particular day, on completion of work it is B’s obligation to pay him wages because ‘A’ had already performed his obligation.
ii) Bilateral Contracts: It is a contract where a promise on one side is exchanged for a promise on the part of another party. It is also known as contracts with Executory consideration.
For example: ‘X’ promises to build a room for ‘Y’ in a month and Y agrees to pay him 20,000 for building a room after a month.
I. Basis on Validity or Enforceability
1. Valid Contracts: An agreement enforceable at law is a valid contract. An agreement becomes a contract when all the essential of a valid contract as laid down in Section 10 are fulfilled.For example: ‘A’ offers to sell his house for Rs 5 lakhs to ‘B’. ‘B’ agrees to buy it for this price. It is a valid contract.
2. Void Contracts: An agreement which was legally enforceable when entered into but which has become void due to supervening impossibility of performance.
For example: A contract between a citizen of Pakistan and India is a valid contract during peace but if war breaks out between the two countries, the agreement will become void contract.
3. Void Agreements: According to Section 2 (g), “ An agreement which is not enforceable by law by either of the parties is void.” No legal rights or obligations can arise out of a void agreement. It is void ab initio means “for its very inception”.
For example: An agreement without consideration or an agreement with a minor is void.
4. Voidable Contracts: According to Section 2 (i), “An agreement which is enforceable by law at the option of one or more of the parties but not at the option of the other or others is a voidable contract.” The word used here is ‘contract’ and not just ‘Agreement’. This is the result of the absence of free consent in the contract. A voidable contract is valid and enforceable until it is repudiated by the party entitled to avoid it. The defect in the case of voidable contract is curable and may be condoned. So a person is entitled to compensation for loss or damages suffered by him on account of the non-performance of the contract.
For example: ‘S’, intending to deceive ‘Y’, falsely represents that 500 BMW’s are made annually at ‘X’s factory and thereby induces ‘Y’ to buy the factory. The contract is voidable at the option of ‘Y’. ‘Y’ can take advantage of the contract or repudiate it.
5. Unenforceable Contracts: It is a contract which is otherwise valid, but cannot be enforced because of some technical defects like the absence of a written form or absence of proper stamp. Such contracts must be sued upon by one or both of the parties.
For example: ‘A’ borrows Rs 10,000 from ‘B’ makes a promissory note and a one rupee stamp is pasted on the promissory note. Though the agreement is complete but it is unenforceable because of the technical defect i.e., the promissory note being under stamped.
6. Illegal Contracts: A contract which is either prohibited by law or otherwise against the policy of the law is an illegal agreement. All illegal agreements are void but all void agreement or contracts are not necessarily illegal.
For example: ‘X’ borrows 50,000 from Y for the purpose of smuggling goods. ‘Y’ knows of the purpose of the loan. The agreement between ‘X’ and ‘Y’ is collateral to the main agreement which is illegal. The collateral agreement is also illegal.
II. Basis on Formation
1. Express Contracts: An express contract is one entered into by words which may be either spoken or written. Where the proposal and acceptance is made in words, it is an express contract.2. Implied Contracts: An implied contract where terms of the contract are not expressed but inferred by the act of the parties where the offer and the acceptance are made by action but not by words.
For example: Getting into a bus or ordering a cup of tea in a restaurant.
3. Quasi Contracts: It is a contract in which there is no intention on either side to make a contact, but the law imposes a contract.
For example: A finder of lost goods is under an obligation to find out the true owner and return the goods.
4. E – Com Contracts: These contracts are entered into, between the parties using the internet. These are known as EDI contracts or cyber contracts or mouse click contracts.
For example: Purchase goods on Amazon or booking railway ticket online etc.
III. Basis on Performance
1. Executed Contracts: An executed contract is one where both the parties have performed that obligations o carried out the terms of the contracts. In other words, it is a complete contract.For example: ‘A’ sells a TV set to ‘B’ for Rs. 30,000. ‘B’ pays the price and ‘A’ hands over TV set to ‘B’.
2. Executory Contracts: It is the contract which is yet to be performed either wholly or partially or one or both the parties have yet to perform their obligations, the contract is Executory contract.
For example: ‘A’ agrees to make furniture for ‘B’ for Rs 5,000. Mr., A has yet to make furniture and Mr. B has not made the payment. So, both A & B are yet to perform their obligations.
i) Unilateral Contracts: It is a contract in which a promise for one side is exchanged for an act on the other side.
For example: Mr. A, a worker does manual labour at the request of Mr. B on a particular day, on completion of work it is B’s obligation to pay him wages because ‘A’ had already performed his obligation.
ii) Bilateral Contracts: It is a contract where a promise on one side is exchanged for a promise on the part of another party. It is also known as contracts with Executory consideration.
For example: ‘X’ promises to build a room for ‘Y’ in a month and Y agrees to pay him 20,000 for building a room after a month.
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