Question 3:

a) Mr. Salman (a bank employee who market & sale credit cards) called Mr. Nadeem and offered a credit card. Mr. Nadeem humbly listened all the terms & conditions and also inquired about the annual charges, interest rate, late payment penalties etc. After explaining all terms, Mr. Salman informed Mr. Nadeem that offer is valid till next 4 days, however if not expressly rejected by Mr. Nadeem in next 4 days, offer is deemed as accepted by Mr. Nadeem. Comment the position of Mr. Nadeem if he does not reply!

b) Razzaq while buying a smart phone from Mobile Market, got a phone on the market floor. Mobile was switched off however Razzaq asked the passersby's but find no owner of mobile. He handed over the mobile to the Umer Mobiles for safe custody till the real owner is found. Under the provisions of the Contract Act, 1872 explain the type(s) of contractual relationships, if any, between Razzaq and True Owner.

c) A verbal contract is valid under the eyes of law, however certain exceptions are there, highlight the exceptions.

d) All Contracts are Agreement, but all Agreements are not Contract. Comment

e) Explain the difference between Void Agreement & Void Contract (any two).