Introduction The law of contract can be states as the division of law that determines the condition whether a promise should be lawfully bind on the person who making it (Beatson et al., 2010). Contracts play a basis part in our everyday lives as well as for the businesses transactions (Lee and Detta, 2009). A contract defined as a voluntary agreement to exchange of promises, services, and things which can be enforceable by law (Lee and Detta, 2009). Besides, a contract also known as agreement where there is a legally binding contract between the parties, promisor and promisee (Lee and Detta, 2009). However, not all agreements become contract recognizable in law because there are parties who have no intention to create a legal relations or the agreement is offend against the law and is illegal (Lee and Detta, 2009). In Malaysia, the Contracts Act 1950 (Act 136) is the governing contracts and has been revised in 1974 (Lee and Detta, 2009). In contrast, English law applies by the virtue of Civil Law Act 1956 when the provisions are not complete or have no provisions to relating with a particular subject in the Contracts Act 1950 (Lee and Detta, 2009). The provisions in the Contracts Act 1950 must prevail when some of the provisions are different from the English Law (Lee and Detta, 2009). Furthermore, after 7th April 1956, any developments or changes in English Law will not be binding on the courts of states in Peninsular Malaysia but it not included in states of Penang, Malacca, Sabah, and Sarawak (Lee and Detta, 2009). Question One Roland is a businessman selling of expensive cars. One day, he mistakenly placed a notice on one car by stating that it was sale for RM 10,000 where in fact, the real price was RM 30,000. Bernie, Kat... ... middle of paper ... ...he Malaysian laws as we might enter into contracts at any point of time in our everyday life. By doing and completing this assignment, it helps me to gain a better understanding in the elements and principles of Law of Contract as what is the laws trying to do in response to specific issues or situations. For example, there is no legal contract between the parties until an offer is accepted, and offeree or offeror may reject or revoke an offer before acceptance takes place. Furthermore, I also get to know and understood on the employee’s rights and duties, the meaning of wages, laws and procedures which apply on an employee’s dismissal based on Employment and Labour Laws. Therefore, it is important for us to understand about the Malaysian Contract Law and Malaysian Employment and Labour Laws as it may be helpful for us in future either in our careers or daily life.
"A contract is a legally enforceable promise or set of promises. In other words, when promises have the status of contract, the contracting party harmed by a breach of the contract is entitled to obtain legal remedies against the breaching party" (Mallor et al., 2015, p. 320)
A Theory of Justice is the magnum opus of 20th century social contract theorist and political philosopher, John Rawls. A bit of background into this work is that social contract theory had fallen out of favor with political scientists and philosophers since the last 18th century, with the success of the American Revolution and the apparent triumph of John Locke and Democracy. However, with the advent of modern globalization, the emergence of America as a superpower, but the growing concern of socio-economic disparity necessitated a revisiting of the social contract, what it means, how societies and governments were best constructed.
HILLIARD, J. And O’SULLIVAN, J. (2012) The Law of Contract [Online] 5th Ed. Oxford: Oxford University Press. Available from - http://books.google.co.uk/ [Accessed: 2nd January 2014]
Explain why it is important to have an intention to create legal relations when making a contract and why is consideration of the parties to the agreement necessary-:
“According to the United States Equal Employment Opportunity Commission, 11,364 charges were filed alleging sexual harassment in the workplace last year. Increasingly concerned about relationships’ aftermath and possible sexual harassment claims, some companies are taking a preemptive approach.” (Goudreau, 2012) I recommend that our organization adopt and implement a love contract policy and require employees who are in romantic relationship sign love contracts. A love contract, also known as consensual relationship agreement, is a signed agreement between employees who make the decision to date while working in the same organization.
The basic law of a contract is an agreement between two parties or more, to deliver a service or a product. And reach a consensus about the terms and conditions that is enforced by law and a contract can be only valid if it is lawful other than that there can’t be a contract. For a contract to exist the parties must have serious intentions, agreement, contractual capacity meaning a party must be able to carry a responsibility, lawful, possibility of performance and formalities. Any duress, false statements, undue influence or unconscionable dealings could make a contract unlawful and voidable.
Based on common law and precedent, the English law of contract has been formulated and developed over a number of years with it’s primary purpose to provide a regulated framework within which individuals can contract freely. In order to ensure a contract is enforceable there are certain elements which must be satisfied, one of which is the doctrine of consideration. Lord Denning famously professed; “the doctrine of consideration is too firmly fixed to be overthrown by a side wind” . This is a crucial indication that consideration has long been regarded as the cardinal ‘badge of enforceability’ in the formulation and variation of contracts in English common law.
A contract is an agreement between two parties in which one party agrees to perform some actions in return of some consideration. These promises are legally binding. The contract can be for exchange of goods, services, property and so on. A contract can be oral as well as written and also it can be part oral and part written but it is useful to have written contract otherwise issues can be created in future. But both the written as well as oral contract is legally enforceable. Also if there is a breach of contract, there are certain remedies for that which are discussed later in the assignment. There are certain elements which need to be present in a contract. These elements are discussed in the detail in the assignment. (Clarke,
In Malaysia, the law is commonly derived from the English law which compromises of local law and laws of England which includes legislation, common law and rules of equity, and was applied in Malaysia through the doctrine of reception. It has England as its prototype and shares substantial heritage with the common law (Shamrahayu A Aziz, 2009). The common law is the body of rules emerged by the old common law courts which is the Court of Exchequer, Court of Common Pleas and Court of King’s Bench (Teacher, 2013). The common law was applied in England and is based on the customs throughout England. It is also the unwritten law of England based on the decisions of the courts. Likewise, Equity is the body of rules developed in
A contract is generally considered to be an exchange of promises or an agreement between parties which in due course legally binds the parties; this can be enforced by the English Law. A contract is always, referred to the basic foundations of Contract Law, which refers to promises being kept amongst two parties. It is clear that all people make contracts nowadays and do not even consider for a moment that they are forming contracts; these can be formal or informal, oral or written.
Contracts and agreements have many key differences. A contract is an agreement between two parties that is legally binding. In order for a contract to be valid and have legal standing, it must have four requirements; consideration, contractual capacity, and legality. Without all four of these requirements it is not considered a contract and has no legal standing. An agreement is an understanding or some type of arrangement between two or more parties and does not need to have the four requirements that a contract must have. Most of the time, agreements are informal and not enforceable by law.
A contract is an expressed or implied agreement that legally binds the contracting parties into performing their contractual obligations. It has been defined in the section 2(h) of the Contract Act 1872 as, “An agreement enforceable by law is a contract.” A contract that is not made as a result of expression or implication of mutual consent of the contracting parties is not considered valid. An obligation is a commitment or a duty that is legally binding under a certain discipline. Obligations vary from discipline to discipline.
Besides, English law can be found in the English common law or rule of equity. Under civil law Act 1956, section 3, In Peninsular Malaysia, the courts shall apply the common law of England and the rules of equity as administered in England on the 7th day of April 1956 where English law are applicable (Kozuka, n.d.). In Sabah and Sarawak, the courts only will apply the common law of England with statutes of general application as administered or enforced in England on the 1st December 1951 and 12th days of December 1949 respectively (Kozuka, n.d.). However, English commercial law also applies in Malaysia under section 5(1) of the Civil Law Act 1956 that the principles of English commercial law as they stood on 7th April 1956 shall be applicable in Peninsular Malaysia except for Penang, Malacca, Sabah and Sarawak in the absence of the local laws (Kozuka,
Law is a body of enacted or customary rules recognized by the community as binding. It is normative in character, capable of change overtime and also carries a sanction or punishment for disobedience. There are three sources of Malaysian Law which are written law, unwritten law and Islamic law.
Law is a body of enacted or customary rules recognized by the community as binding. It is normative in character, capable of change overtime and also carries a sanction or punishment for disobedience. There are three sources of Malaysian Law which are written law, unwritten law and Islamic law.