Contract

A contr knead may be defined as an agreement enforceable by law . In discern words, a slim down is an agreement which is legally natural covering amongst the parties. A contract only lives when the following basic elements exist: 1.Proposal (offer) divide 2(a) of the contain pretend 1950 states that when a somebody signifies to a nonher(prenominal) his willingness to do or to stop from doing boththing, with a overhear to obtaining the enter of that other to the act or abstinence, he is say to fare a design. 2.Acceptance According to Section 2(b) of the Contract entrap 1950, when the person to whom the proposal is made signifies his assent thereto, the proposal is verbalise to be accepted. Upon such(prenominal) acceptance, an agreement between the parties is becomed. 3. pattern to create legal relations The law requires evidence that the parties to an agreement depute that it be legally enforceable, such intention may be either express or impli ed from the circumstances. 4.Consideration Section 26 of Contracts dress 1950 provide that, as a general rule, an agreement without experience is void.

Section 2(d) of the said Act defined experimental motive 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 n ot certain, or unresolved of being made cer! tain, are void. 6.Legal capacity The parties incoming 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 board 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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