WHAT IS CONTRACT
Contracts have always been an essential part of our lives. Knowingly or unknowingly, we enter into a contract hundreds of times in our daily life. Even when we buy something, we entering into an agreement with the shopkeeper. Every time we visit any restaurant or book a cab, we are entering into a contract. Although the law of contract develops over time, the jurisprudence of contract remains the same. We know what a contract is all about, but with time, some new questions arise in our minds about whether this particular agreement should be regarded as a contract or not.
LAW OF CONTRACT
The contract law is the law that regulates agreements generally_ how they are created and discharged, and as such, it provides the primary legal framework for every commercial transaction. Contract law provides general principles. Depending on their nature, contractual arrangements maybe regulated specifically as well.
THE OBJECT OF CONTRACT LAW
- The object of contract law is to establish a framework for the creation and enforcement of agreements between parties.
- It also protects the rights of the parties involved and provides a way to resolve disputes.
THE JURISDICTION OF CONTRACT LAW
The jurisdiction of contract law is the geographical area and court system that has the authority to resolve disputes over a contract. Jurisdiction clauses in contracts specify which court and country will hear disputes.
THE SOURCES OF CONTRACT LAW IN PAKISTAN
The general law of contract in Pakistan is contained in the Contract Act 1872 which is the main source of law regulating contracts in Pakistan. Which was enacted by the British for the Indian subcontinent and was a
codification of nineteenth-century English principles of contract with additions and amendments.
