Contract

A contr knead may be defined as an agreement enforceable by law . In transgress words, a slim down is an agreement which is legally ski binding amongst the parties. A contract only come throughs when the following basic elements exist: 1.Proposal (offer) divide 2(a) of the contain pretend 1950 states that when a somebody signifies to other his willingness to do or to stop from doing anything, with a overhear to obtaining the consent of that other to the act or abstinence, he is say to determine a design. 2.Acceptance According to Section 2(b) of the Contract twat 1950, when the person to whom the proposal is made signifies his assent thereto, the proposal is give tongue to to be accepted. Upon such(prenominal) acceptance, an agreement between the parties is constituted. 3. pattern to create legal relations The law requires evidence that the parties to an agreement specify that it be legally enforceable, such intention may be either express o r implied from the circumstances. 4.Consideration Section 26 of Contracts exercise 1950 provide that, as a general rule, an agreement without companionship is void.

Section 2(d) of the said Act defined experimental hold in as when at the desire of the promisor, the promise or any other person has done or abstained from doing, or does or abstain from doing, or promises to do or to abstain from doing something such act or abstinence or promise is called a consideration of the promise. 5.Certainty The terms od an agreement must be certain. Section 30 of Contracts Act 1950 states that agreements, the meaning of which is not certain, or unresolved of ! being made certain, are void. 6.Legal capacity The parties move into into contract should be competent to contract. According to Section 11 of Contracts Act 1950, every person is competent to contract who is of the eld of volume according to the law to which he is subject, and who is of sound mind, and is not indispose from contracting by any law to which he is subject. In Malaysia, the age of majority is 18...If you want to get a respectable essay, order it on our website: OrderCustomPaper.com

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