PREPARED BY: MOULANA SHOAYB JOOSUB

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LAW OF CONTRACTS

• PREPARED BY MOULANA SHOAYB JOOSUB

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SOURCES OF SHARIAH

• QURAN- SURAH MAIDA
• OH BELIEVER FULFILL YOUR CONTRACTS
• HADITH
• PRACTICED AND APPROVED

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DEFINITION

• LITERAL
• TO JOIN EDGES
• SHARIAH
• A SHARIAH AGREEMENT BETWEEN PARTIES, FROM WHICH
  RIGHTS AND DUTIES FLOW

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ESSENTIALA

• THE PARTIES CONSENT TO EACH OTHERS INTENTIONS
  (HANAFI)
• MAJORITY OF THE SCHOLARS
• CONTRACTING PARTIES
• SUBJECT MATTER
• CONSENT

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CONSENT

• Consent comprises of an offer and acceptance. The
  consent takes effect upon the contracting parties
  consensus. The Four famous Jurist differ on who
  is the offeror and the accepter.

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RIGHTS AND DUTIES

• The rights and duties flowing from a contract are
  segregated in four catogeries, namely 
•         Terminology of the contract
•         The contracting Parties
•         The place of the contract
•         The subject matter of the contract
•  

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TERMINOLOGY

• The terminology used by the contracting parties
  must imply the parties intention to conclude
  transaction whether the terminology is explicit
  or such terminology that is exercised in the
  market place. This can be done in writing, orally
  or by mere gesture.
• The conditions of the terminology are three,
  which are
• 1)       The consent to the contract must be very
  clear and free from vague language or ambiguity.
• 2)       The acceptance must confirm with the
  contents of the offer
• 3)       The acceptance must be within the same
  conversation
•  

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CONTRACTING PARTIES

• The contracting parties must have the capacity to
  contract. There are two types of capacity
•  
• a)       Full Capacity
• b)      Limited Capacity

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CIRCUMSTANCES THAT EFFECT CAPACITY

• a)       Insanity
• b)      Demented mind
• c)       Unconscious
• d)      Sleep
• e)      Intoxicated
• f)         Incompetent (stupid)
• g)      Insolvent
• h)       Death illness
• A person that is ceased from contracting can be
  represented by his official guardian. The
  official guardian shall act on his behalf in
  commercial matters and in his responsibilities.

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SUBJECT MATTER

• There are four conditions attributed to the
  subject matter
• a)       The subject matter must be existing
• b)      The subject matter must be acceptable in
  Shariah (Maal Mutaqawwam)
• c)       The subject matter must be deliverable
• d)      The subject matter must be stipulated and
  ascertained.

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OUTCOME OF THE CONTRACT

• The outcome of the contract is the purpose for
  concluding the contract. The outcome of the
  contract is according to the rules stipulated in
  shariah regarding the form and type of contract
  concluded.

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CONDITIONS OF A CONTRACT

• There are four types of contract
• 1)       An concluded contract
• 2)       A valid contract
• 3)       An executable contract
• 4)       A binding contract

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CONCLUDED CONTRACTS

• The conditions as mentioned above regarding the
  terminology, the contracting parties, the subject
  matter and the purpose.
• Adding to the conditions are
•  
• a)       The contract must not be prohibited in
  Shariah
• b)      The contract must have a benefit o
  purpose

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VALID CONTRACTS

• The contract must be free from
• a)       Uncertainty
• b)      Duress
• c)       Impermissible conditions
• d)      Harm/loss
• e)      Non disclosure
• f)         Contract based on time

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EXECUTABLE CONTRACTS

•  
• a)       The contracting parties must have
  ownership of the subject matter
• b)      The contracting parties must have the
  capacity to contract
•  

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BINDING CONTRACT

• The contracting parties must not have the choice
  to cancel the transaction

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BREACH

• If one of the parties does not perform in terms
  of the contract it constitutes breach of
  contract. There are various types of breach and
  the remedy for each type of breach is different
  for different types of transactions and breaches.

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TERMINATION

• a)       Death
• b)      Effluxion of time
• c)       Completion of contract
• d)      Cancellation
• e)      Loss of capacity
• f)         Revoked by the guardian
•  

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THANKING YOU QUESTIONS?
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Objective

• State the desired objective
• Use multiple points if necessary

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Customer Requirements

• Confirm the audiences needs if you are not sure
• State the needs of the audience

Quality
Value
Customer Satisfaction
Service
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Meeting the Needs

• List the products and features, and how each
  addresses a specific need or solves a specific
  problem
• This section may require multiple slides

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Cost Analysis

• Point out financial benefits to the customer
• Compare cost-benefits between you and your
  competitors

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Our Strengths
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Key Benefits

• Summarize the key benefits provided by the
  product, service, or idea being promoted

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Next Steps

• Specify the actions required of your audience