Upload
rgkrishna9
View
237
Download
0
Embed Size (px)
Citation preview
7/31/2019 PPT on Introduction and Evolution of Contracts
1/25
Click to edit Master subtitle style
PPT Designed by LegalDept. IIL
INTRODU
CTION
ANDEVOL
UTION
OF
CONTRA
CTS
CAPTAIN. A. LAWRENCE.Executive Director,Indian Institute of Logistics
President, Chennai Streamer AgentsAssociation (CHENSAA)
PPT Designed by Legal Dept. IIL
7/31/2019 PPT on Introduction and Evolution of Contracts
2/25
PPT Designed by LegalDept. IIL
Meaning of the term Contacts
A written or spoken agreement, especiallyone concerning employment, sales, ortenancy, that is intended to be enforceableby law.
In other words, Contract means
An agreement between two or moreparties, especially one that is written andenforceable by law.
T Desi ned b Le al
7/31/2019 PPT on Introduction and Evolution of Contracts
3/25
PPT Designed by LegalDept. IIL
A contract is an agreement entered intovoluntarily by two parties or more with
the intention of creating a legalobligation, which may have elements inwriting, though contracts can be made
orally.
PPT Designed by Legal
7/31/2019 PPT on Introduction and Evolution of Contracts
4/25
PPT Designed by LegalDept. IIL
Contract law varies greatly from onejurisdiction to another, including
differences in common law compared tocivil law, the impact of received law,particularly from England in common law
countries, and of law codified in regionallegislation.
PPT Desi ned b Le al
http://en.wikipedia.org/wiki/Common_lawhttp://en.wikipedia.org/wiki/Civil_law_(legal_system)http://en.wikipedia.org/wiki/Civil_law_(legal_system)http://en.wikipedia.org/wiki/Common_law7/31/2019 PPT on Introduction and Evolution of Contracts
5/25
PPT Designed by LegalDept. IIL
THE IMPORTANCE OFCONTRACT LAW
Law of contracts affects all aspects of dailylife.
Commercial Law Contracts: having to dowith commerce.
Common Law Contracts: derived from the
judgments and decrees of courts.
PPT Desi ned b Le al
http://en.wikipedia.org/wiki/Pacta_sunt_servandahttp://en.wikipedia.org/wiki/Pacta_sunt_servanda7/31/2019 PPT on Introduction and Evolution of Contracts
6/25
PPT Designed by LegalDept. IIL
Origin and scope Of Contracts
Contract law is based on the principleexpressed in the Latin phrase Pacta sunt
servanda, which is usually translated"agreements must be kept" but moreliterally means "pacts must be kept.
PPT Designed by Legal
http://en.wikipedia.org/wiki/Pacta_sunt_servandahttp://en.wikipedia.org/wiki/Pacta_sunt_servandahttp://en.wikipedia.org/wiki/Pacta_sunt_servandahttp://en.wikipedia.org/wiki/Pacta_sunt_servandahttp://en.wikipedia.org/wiki/Pacta_sunt_servandahttp://en.wikipedia.org/wiki/Pacthttp://en.wikipedia.org/wiki/Pacthttp://en.wikipedia.org/wiki/Pacta_sunt_servandahttp://en.wikipedia.org/wiki/Pacta_sunt_servandahttp://en.wikipedia.org/wiki/Pacta_sunt_servandahttp://en.wikipedia.org/wiki/Pacta_sunt_servandahttp://en.wikipedia.org/wiki/Pacta_sunt_servanda7/31/2019 PPT on Introduction and Evolution of Contracts
7/25 PPT Designed by LegalDept. IIL
Contract law can be classified, as ishabitual in civil law systems, as part of ageneral law of obligations, along with tort,
unjust enrichment, and restitution.
As a means of economic ordering, contract
relies on the notion of consensual exchangeand has been extensively discussed inbroader economic, sociological, andanthropological terms
PPT Designed by Legal
http://en.wikipedia.org/wiki/Civil_law_(legal_system)http://en.wikipedia.org/wiki/Law_of_obligationshttp://en.wikipedia.org/wiki/Torthttp://en.wikipedia.org/wiki/Unjust_enrichmenthttp://en.wikipedia.org/wiki/Restitutionhttp://en.wikipedia.org/wiki/Restitutionhttp://en.wikipedia.org/wiki/Unjust_enrichmenthttp://en.wikipedia.org/wiki/Torthttp://en.wikipedia.org/wiki/Law_of_obligationshttp://en.wikipedia.org/wiki/Civil_law_(legal_system)7/31/2019 PPT on Introduction and Evolution of Contracts
8/25 PPT Designed by LegalDept. IIL
In American English, the term extendsbeyond the legal meaning to encompass abroader category ofagreements.
However, contract is a form of economicordering common throughout the world,and different rules apply in jurisdictions
applying civil law (derived from Roman lawprinciples), Islamic law, socialist legalsystems, and customary or local law.
PPT Designed by Legal
http://en.wikipedia.org/wiki/Gentlemen's_agreementhttp://en.wikipedia.org/wiki/Roman_lawhttp://en.wikipedia.org/wiki/Roman_lawhttp://en.wikipedia.org/wiki/Gentlemen's_agreement7/31/2019 PPT on Introduction and Evolution of Contracts
9/25 PPT Designed by LegalDept. IIL
Evolution of Contracts
Mesopotamia:
Historical records tend to support thatthe Evolution of Contracts has its roots
as far back as Mesopotamia in 2250 BCwith a simple type of contract law, which dealtwith mainly the public and the governing ruler.
Some of the records are somewhat difficult toread and translate but anthropologist andhistorians have located some documents.
PPT Designed by Legal
7/31/2019 PPT on Introduction and Evolution of Contracts
10/25
PPT Designed by LegalDept. IIL
The laws or contracts tend to govern bothpublic and private lives.
What is interesting is the fact that thedeeds or agreement seem to be drawn
up by what we call a notary publicin the temple area and confirmed
by the ruler or god.
PPT Desi ned b Le al
7/31/2019 PPT on Introduction and Evolution of Contracts
11/25
PPT Designed by LegalDept. IIL
Trade was prevalent thus leading toexamples, which set the foundations of
our modern day Supply ChainManagement functions.
One good example of the law is: When amerchant gives to his clerk grain, wool, oil,or some other merchandise for sale, theclerk shall give a strict account and turn inthe money to the merchant and the
merchant shall give to the clerk a receipt forthe money paid over to him.
PPT Desi ned b Le al
7/31/2019 PPT on Introduction and Evolution of Contracts
12/25
PPT Designed by LegalDept. IIL
Hammurabi:
Then we see a more advanced legal
system and advanced contractual documentssometime during the rule of Hammurabi in1780 whereby the entire ancient legal system
was revised.He created the first metropolis.
His records are the first records that datethat show a ruler proclaiming an entireconcept of the law.
PPT Designed by Legal
7/31/2019 PPT on Introduction and Evolution of Contracts
13/25
PPT Designed by LegalDept. IIL
His code was carved on a black stonemonument for public view.
Such items as an eye for an eye andthings that seemed to identify the culture
and the feeling of the people of the timessuch as the law:
If a man builds a house badly, and thehouse falls and kills the owner, the builderwill be slain.
If the owner's son was killed, the buildersson is slain.
PPT Designed by Legal
7/31/2019 PPT on Introduction and Evolution of Contracts
14/25
PPT Designed by LegalDept. IIL
Moses:
If we skip to the time of Moses we find yetanother example of a clearly statedcontractual agreement that of the Ten
Commandments and of course the Bible ofour Lord.
The laws of this time seem to be in linewith those of Hammurabi and tended to bethe basis of many religious covenants.
PPT Designed by Legal
7/31/2019 PPT on Introduction and Evolution of Contracts
15/25
PPT Designed by LegalDept. IIL
Law of England(Common Law)
Skipping further into the 16th and 18thcentury the Law of England seem to havethe biggest impact on Contract Law,
bringing the American Colony laws anddramatic change in different countriesLaw.
Some important laws were Decree of the Emperor Henry IV concerning a
Truce of God 1085 AD; Constitutions of Clarendon 1164 AD;
PPT Designed by Legal
7/31/2019 PPT on Introduction and Evolution of Contracts
16/25
PPT Designed by LegalDept. IIL
Frame of Governments of the Colony ofPennsylvania and Virginia;
Fundamentals of the Constitution; History of the Britons; Laws of Richard I;
Laws of William the Conqueror; Laws of Kings 753-510 BC; Magna Carter 1215; Mayflower Compact 1620;
PPT Designed by Legal
7/31/2019 PPT on Introduction and Evolution of Contracts
17/25
PPT Designed by LegalDept. IIL
The Ordinance of Louis the Pius; and AgrarianLaw 111 BC to mention a few which lead tothe American laws and to the modern dayversion of contracts Law.
Although many variations have occurredover the years but one thing remains
the same that a Contract no matter
the content must be a bindingagreement, which is agreed to by bothparties.
PPT Designed by Legal
7/31/2019 PPT on Introduction and Evolution of Contracts
18/25
PPT Designed by LegalDept. IIL
Contracts in the 80tys and 90tys
The experience in the 80tys was dynamicand uncertain.
With the invention of the PC, and working
with companies like IBM, yes they had thePC before the market was able to enjoyand reap the benefits. IBM had the first
Internet so they utilized the benefits of theofferings within a closed Internet amongstselected sites.
PPT Designed by Legal
7/31/2019 PPT on Introduction and Evolution of Contracts
19/25
PPT Designed by LegalDept. IIL
Most find that 80tys to be the time wherethe establishment of good common sense
contractual training began and ITinfluenced contacts.
Contacts thus started evolving throughout
the world.
PPT Designed by Legal
7/31/2019 PPT on Introduction and Evolution of Contracts
20/25
PPT Designed by LegalDept. IIL
People from different parts of the worldwere tied up to each other through theHelp of IT and thus contractualrelationship between parties from differentparts of the world started.
In the 80tys it was the norm to the cut andpaste of clauses and terms the same asthe 70tys but they had a document saved
prior to the cut and paste and thuseliminating unnecessary typing ofdocuments.
PPT Designed by Legal
7/31/2019 PPT on Introduction and Evolution of Contracts
21/25
PPT Designed by LegalDept. IIL
In 90tys with the advancement ofdatabase software like lotus contractswere a snap a customized document in a
day. In the late 90tys and early 2000 there
were even more advanced with EDI and
everything streamlined and consolidatedinto an audit ready process.
PPT Designed by Legal
7/31/2019 PPT on Introduction and Evolution of Contracts
22/25
PPT Designed by LegalDept. IIL
Conclusion
Contracts are promises that we hope thelaw will enforce. Another conclusion is thata contract is an agreement between two or
more parties that establishes anenforceable legal relationship.
Still another theory is that it is an
agreement between two or more parties,which creates an obligation to do or not todo a particular thing.
PPT Designed by Legal
7/31/2019 PPT on Introduction and Evolution of Contracts
23/25
PPT Designed by LegalDept. IIL
All contracts are agreements, but not allagreements are contracts Agreementsoften deal with personal or social matters
that cannot be enforced by law. If an agreement imposes a legal
obligation, an enforceable contract results.
However, if it imposes merely a social ormoral obligation, it is not a contract and sois not legally enforceable.
PPT Designed by Legal
7/31/2019 PPT on Introduction and Evolution of Contracts
24/25
PPT Designed by LegalDept. IIL PPT Designed by Legal
AnyD
oubts.?
7/31/2019 PPT on Introduction and Evolution of Contracts
25/25
PPT Designed by LegalDept IIL
THANK YOU