Business law

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Topics: Contract
BUSINESS LAW (BBL 2014) TRIMESTER 1, 2013/2014 SESSION

Assignment title:

Comparative Study and Analysis of The Laws of Malaysia and United States

PREPARED BY:

STUDENT NAME
STUDENT ID
ITTIPORN PRASERTSIT
1092701396
ER CHEE ZHENG
1102700368
ALI JAVIDFAR
1101106508
MUHAMMAD ASYRAF SHABARUDDIN
1061111744
SHAHIN BAGHERI
1092700846

PREPARED FOR:
DR. BAHMA A/P A SIVASUBRAMANIAM

Contents

Introduction

The law of contract is about the enforcement of promises where the basic law, governs and relates to most aspects of human life. Contracts provide the means for individuals and businesses to sell or transfer property, services and other rights. Although the law of contract is about the enforcement of promises but not all promises are enforced by courts and to enforce a set of promises, or an agreement, courts look for the presence of certain elements; In other words contract is generally defined as a promise, or a set of promises, actionable upon breach of the contract where to enforce these set of promises or agreements, courts look for the presence of certain elements and once these elements are present a court will consider that the agreement is a contract. The purpose of a contract is to establish the agreement that the parties have made and to fix their rights and duties in accordance with that agreement. The requisites for formation of a legal contract are an offer, an acceptance, competent parties who have the legal capacity to contract, lawful subject matter, and mutuality of agreement, consideration, and mutuality of obligation. An offer is a promise that is, by its terms, conditional upon an act, forbearance, or return promise being given in exchange for the promise or its performance. It is a demonstration of willingness to enter into a bargain, made so that another party is justified in

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