Understanding The Malaysian Law Of Contract

When both offer and acceptance obtained a promise had formed.

Understanding the malaysian law of contract. Get a thorough understanding of the. This book is primarily meant for students of law studying the law of contract in malaysia. Why you should attend this course. Law of contract topic 2.

However principles of english law suitable to our local circumstances will be applicable if the act is silent on certain issues. As section 2 b of the contract act 1950 defined the word contract can be destined as an agreement which legally binds the parties known as enforceable agreement laws of malaysia 2006. It is a misfortune. English common law and the rules of equity apply so far as other provision has been made or may hereafter be made by any written law in force in malaysia and further so far only as the circumstances of the states of malaysia and their respective inhabitants permit and subject to such qualifications as local circumstances render necessary s 3 1.

Now it is even more important to understand how contracts can be made electronically through the email and the world wide web over the internet. Contract law makes these agreements enforceable which usually means that it gives the party the power to compensate and obtain money damages caused by the other party due to a breach of contract. Contracts 1 laws of malaysia reprint act 136 contracts act 1950 incorporating all amendments up to 1 january 2006 published by the commissioner of law revision malaysia under the authority of the revision of laws act 1968 in collaboration with percetakan nasional malaysia bhd 2006. Law of contract the law of contract is governed by contracts act 1950.

Contract law serves as your protection in every legal agreement you make in life. Managers company directors executives and businessmen need to clearly understand contract law. Section 38 1 of the contracts act 1950 provides that the parties to a contract must either perform or offer to perform their respective promises unless such performance has been dispensed with by any law. Ignorance is not a privilege.

Lexread this book explains the provisions of the contracts act 1950 with illustrated examples of contractual situations based on decided cases. In malaysia an offer in the context of the contract act 1950 is known as a proposal which is defined in s. Almost daily we make contracts. Its purpose is to take you through each topic in the syllabus for elements of the law of contract in a way which will help you to understand contract law.

It also caters for students of accounting engineering and business administration in helping them to understand the basic principles of the law of contract. Based on my understanding of the law of contract as a general rule performance of a contract must be exact and precise and should be accordance to with what the parties had promised. Literally contract means an agreement between two more parties on certain matters permissible under the law. It must not be taken as a substitute for reading the texts cases statutes and journals.

The contract act 1950 govern by the law of contract in malaysia.