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BUSINESS LAW: AN INTRODUCTORY Chapter 1: LAW OF CONTRACT Prepared By: Siti Nur Samawati Ahmad DPA (UiTM), LLB. Hons (UUM). Introduction. Law of contract is the law which govern the formation of an agreement between two or more parties i.e Contracts Act 1950. What is Contract?.

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slide1
BUSINESS LAW: AN INTRODUCTORYChapter 1:LAW OF CONTRACTPrepared By:Siti Nur Samawati AhmadDPA (UiTM), LLB. Hons (UUM)
introduction
Introduction
  • Law of contract is the law which govern the formation of an agreement between two or more parties i.e Contracts Act 1950.

For Internal Circulation Only

what is contract
What is Contract?

Section 2(h) – 'an agreement between two or more than two persons which is enforceable by law”.

  • Contracts only cover any agreement which is entered according to the law.
  • Any contract which is entered in contravention of any law cannot be considered as a contract. For eg: selling of drugs.

For Internal Circulation Only

slide4

Forms of contract

Oral

Writing

Verbally @action

More complex and documented

e.g:at the supermarket,

foodstall

e.g: conveyancing agreement,

HP

For Internal Circulation Only

slide5

Types of contract

Unilateral

Bilateral

Transaction between 2

@

more person

(identifiable)‏

Transaction made by

1 person to the

public at

large (not identified)‏

For Internal Circulation Only

slide6

ELEMENTS OF A

CONTRACT

1.OFFER/PROPOSAL

4.CAPACITY

2.ACCEPTANCE

5.ITCLR

3.CONSIDERATION

6.CERTAINTY

7.CONSENT

For Internal Circulation Only