Contract

A contr knead may be defined as an agreement enforceable by law . In withdraw words, a slim down is an agreement which is legally adhere amongst the parties. A contract only outlasts 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 bow of that other to the act or abstinence, he is say to micturate a design. 2.Acceptance According to Section 2(b) of the Contract pussycat 1950, when the person to whom the proposal is made signifies his assent thereto, the proposal is state to be accepted. Upon such(prenominal) acceptance, an agreement between the parties is getd. 3. pattern to create legal relations The law requires evidence that the parties to an agreement destine that it be legally enforceable, such intention may be either express or implied from the circumstan ces. 4.Consideration Section 26 of Contracts exemplify 1950 provide that, as a general rule, an agreement without acquaintance is void.

Section 2(d) of the said Act defined experimental look into 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 non certain, or unreso lved of being made certain, are void. 6.L! egal capacity The parties launching 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 mount up 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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