Lecture 5 Contracts
Basic Principles / Need for contract
Contract (Aqd) vs Promise( Wa'd)
Pillars
Expression (offer &acceptance)
Contracting parties
Conditions
Modes of expression
Conditions of expression
Types based on
Imposed by law
Stipulated by parties
Concluding
Validity
Execution
Binding
Valid
Void
Characteristics
Purpose and effect
Time of execution
Requirement of physcial possession
Types
Bilateral
Unilateral
Protection of ownership/ property rights
Not hoarding wealth
Use of wealth for social benefit
Willingness to share profit / loss
Contract (Aqd)
to tie, bind, link together, or to bind the two ends of something and thereby forming a strong connection
legally binding obligation, which has consequences for its object or subject-matter
Promise
Contract
morally binding
legally binding
waqf, Ibra, Ju’alah, wasiyyah
sale, rent, mortgage and partnership
Aqd, Intizam, Tasarruf
Subject matter
Parties to a contract
Types of Capacity
Legal personality
capacity and obstacles to capacity
legal personality
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Legality
Existence
certainity
precision