Validity of Contracts Act 1950 Including Section 14

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OPEN UNIVERSITY MALAYSIA

ASSIGNMENT

BBUN 2103

BUSINESS LAW
SEMESTER JANUARY 2012

NAMA:DAHALAN BIN MUSA.
MATRIK:RF145263001.
LECTURER:BRIGITTE A/P LOURDESAMY.

INTRODUCTION.
At Malaysia,public already known that all business either small or huge,there are one systems or specifically words or most suitable called Contract Laws.All conditions among two or three or more sides are include under the Contract Laws 1950 where its take as a guidance or as assistant to make sure there are no cheating in make a deals between two or more side.Firstly,what is the meaning of Contract Laws that have been mentioned earlier.The meaning of Contract is an agreement with specific terms between two or more persons or entities in which there is a promise to do something in return for a valuable benefit known as consideration.Since the law of contracts is at the heart of most business dealings,it is one of the three or four most significant areas of legalconcernand can involve variations onccircumstances and complexities.The existence of a contract requires finding the following factual elements.

A)An Offer

B)An Acceptance of that offer which results in a meeting of the minds.

C)A promise to perform.

D)A valuable consideration.(Which can be apromise or payment in some form.)

E)A time or event when performance must be made.(Meet commitments)

F)Terms and conditions for performance,including fulfilling promises.

G)Performance.

A unilateral contarct is one in which there is apromise to pay or give other consideration in return for actual performance.An example like as,I will pay you RM500.00 to fix my car by Thursday,the performance is fixing the car by that date.A bilateral contract is one in which a promise is exchanged for a promise.(I promise o fix your car by Thursday and you promise to pay RM 500.00 on Thursday).Contracts can be either written or oral,but oral contracts are more difficult to prove and in...
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