Guide to business law

Topics: Contract, Contract law, Proposal Pages: 379 (74214 words) Published: October 17, 2014
BBUN2103
BUSINESS LAW
Mazita Mohamed
Nurretina Ahmad Shariff
Rohizan Halim
Haslinda Mohd Anuar

Project Directors:

Prof Dr Mansor Fadzil
Prof Dr Zakaria Ismail
Open University Malaysia

Module Writers:

Mazita Mohamed
Nurretina Ahmad Shariff
Rohizan Halim
Haslinda Mohd. Anuar
Universiti Utara Malaysia

Moderators:

Cyrill H Ponnu
Tuan Fatma Tuan Sulaiman
Open University Malaysia

Translated & Edited: Centre for Instructional Design & Technology Open University Malaysia
Developed by:

Centre for Instructional Design & Technology
Open University Malaysia

Printed by:

Meteor Doc. Sdn. Bhd.
Lot 47-48, Jalan SR 1/9, Seksyen 9,
Jalan Serdang Raya, Taman Serdang Raya,
43300 Seri Kembangan, Selangor Darul Ehsan

First Printing, June 2009
Sixth Printing, February 2011
Copyright © Open University Malaysia (OUM), February 2011, BBUN2103 All rights reserved. No part of this work may be reproduced in any form or by any means without the written permission of the President, Open University Malaysia (OUM). Version February 2011

Table of Contents
Course Guide
Topic 1

ix

Introduction and Elements of a Contract
1.1 Introduction, Definition and Basic Elements of a Contract 1.1.1 Definition of a Contract
1.1.2 Basic Elements in the Formation of a Contract
1.2 Definition of an Offer
1.2.1 Whom Can an Offer be Made To?
1.2.2 Invitation to Treat
1.2.3 Revocation of Offer
1.2.4 Revocation of an Offer
1.3 Acceptance
1.3.1 Definition of Acceptance
1.3.2 Terms of an Acceptance
1.3.3 Form of Acceptance
1.3.4 Time Limit for an Acceptance
1.3.5 Communication of Acceptance
1.3.6 Revocation of Acceptance
1.3.7 Communication of Revocation of Acceptance
1.4 Consideration
1.4.1 Types of Consideration
1.4.2 Consideration According to the Contracts Act 1950
and English Law
1.4.3 Performance of an Existing Duty - Is It Consideration? 1.4.4 Adequacy of Consideration
1.4.5 Agreement without Consideration
1.5 Capacity to Contract
1.5.1 Age of Majority
1.5.2 Be of Sound Mind
1.5.3 Not Disqualified
1.6 Intention to Create Legal Relations
1.6.1 Presumption of Intention Based on the Type of Contract 1.7 Certainty
Summary
Key Terms

xi
1
2
2
3
4
5
6
9
10
15
15
16
16
17
18
19
20
21
22
23
27
28
30
33
34
40
42
43
43
47
48
48

iv

 TABLE OF CONTENTS

Topic 2

Voidable Contracts
2.1 Definition of Voidable Contract
2.2 Elements Which can Cause a Contract to be Voidable
2.2.1 Coercion
2.2.2 Undue Influence
2.2.3 Fraud
2.2.4 Innocent Misrepresentation
2.2.5 Mistake
Summary
Key Terms

49
49
52
53
56
54
61
63
69
70

Topic 3

Void Contracts
3.1 Types of Void Contracts
3.1.1 Agreements Which Contravenes the Law
(Illegal Contracts)
3.1.2 Contracts in Restraint of Trade
3.1.3 Contracts in Restraint of Legal Proceedings
3.2 Effects of Void Contracts
Summary
Key Terms

71
71
72

Topic 4

Sale of Goods
4.1 Definition of Goods
4.1.1 Types of Goods
4.2 Contract of Sales of Goods
4.3 Terms of Contract of Sale
4.3.1 Formation of Contract of Sale
4.3.2 Conditions and Warranties
4.3.3 Stipulation as to Time
4.3.4 Implied Terms
4.4 Transfer of Title
4.4.1 Estoppel
4.4.2 Sale by Mercantile Agent
4.4.3 Sale by Joint Owner
4.4.4 Sale under Voidable Contracts
4.4.5 Sale by Seller in Possession of the Goods
4.4.6 Sale by Buyer in Possession of the Goods
4.5 Performance of Contract
4.5.1 Delivery
4.5.2 Time and Place for Delivery
4.6 Rights of Unpaid Seller
4.6.1 Lien
4.6.2 Stoppage in Transit

80
81
83
85
85
86
87
88
88
88
88
90
91
91
97
98
99
100
100
101
102
104
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104
107
107
108

TABLE OF CONTENTS 

v

4.6.3 Resale
4.7 Remedies for Breach
4.7.1 SellerÊs Right to Make a Claim
4.7.2 BuyerÊs Right to Sue
Summary
Key Terms

109
109

Topic 5

Hire Purchase
5.1 Definition of Hire Purchase Agreement
5.2 Formation of Hire Purchase Agreement
5.3 Implied Terms in...


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