Contract of Laws
INTRODUCTION
The law of contract is the collection of legal rules which govern contracts. These rules, in turn, are part of the law of obligations, a subdivision of the law of property which is traditionally regarded as part of private law. Private law governs the persons (legal subject) in their personal or private capacity before the law in relation to other legal subjects. In other word, private law can be defined as balance and protect legitimate individual interests.
Traditionally private law, being concerned with individual values and the private activities of individuals, is contrasted with public law. Public law consists of the rules governing subjects in their relations with the organized authority in a society. The focus of public law therefore is on the promotion and protection of collective interests. This system or division of the rules of the law is by no means logically compelling or jurisprudentially indefeasible; other distinctions exist. Any emphasis on the law of contract as an aspect of private law cannot deny the increasing degree to which certain traditional area of private and public law have come to overlap. DEFINITION OF CONTRACT AND AGREEMENT A contract is generally called on obligationary agreement. In other word, contract is an agreement which actually creates legal obligation. The agreement will be a contract if only the parties intended to create an obligations, and if, in addition, the agreement comply with all other requirements which the law sets for the creation of obligations by agreement (such as the contractual capacity of the parties., possibility of performance, legality of the agreement, and prescribed formalities). A contract also merely defined as an agreement made with the intention of creating an obligation. If this intention is present, the agreement is said to be a contract in the eyes of the law.
Contract is made by the parties while they buy or sell goods. Contracts can be done by two ways which are by
The law of contract is the collection of legal rules which govern contracts. These rules, in turn, are part of the law of obligations, a subdivision of the law of property which is traditionally regarded as part of private law. Private law governs the persons (legal subject) in their personal or private capacity before the law in relation to other legal subjects. In other word, private law can be defined as balance and protect legitimate individual interests.
Traditionally private law, being concerned with individual values and the private activities of individuals, is contrasted with public law. Public law consists of the rules governing subjects in their relations with the organized authority in a society. The focus of public law therefore is on the promotion and protection of collective interests. This system or division of the rules of the law is by no means logically compelling or jurisprudentially indefeasible; other distinctions exist. Any emphasis on the law of contract as an aspect of private law cannot deny the increasing degree to which certain traditional area of private and public law have come to overlap. DEFINITION OF CONTRACT AND AGREEMENT A contract is generally called on obligationary agreement. In other word, contract is an agreement which actually creates legal obligation. The agreement will be a contract if only the parties intended to create an obligations, and if, in addition, the agreement comply with all other requirements which the law sets for the creation of obligations by agreement (such as the contractual capacity of the parties., possibility of performance, legality of the agreement, and prescribed formalities). A contract also merely defined as an agreement made with the intention of creating an obligation. If this intention is present, the agreement is said to be a contract in the eyes of the law.
Contract is made by the parties while they buy or sell goods. Contracts can be done by two ways which are by
References: 2) Stephen Graw, (2005). An Introduction to the Law of Contract. Australia. Thomson Lawbook co. 3) Dr Md Abdul Jalil, Commercial Law in Malaysia, chapter2: law of contract 4) Schalkvan der merwe, van huyssteen, reinecken, lubbe, lotz, (1994) 5) Jeannie Paterson, Andrew Robertson, Arlen Duke, (2009). Principles of Contract Laws. Sydney. Thomson Reuters. excess by February 26, 2013 2) http://www.e-lawresources.co.uk/Frustrated-contracts.php excess by February 27, 2013 3) http://legal-dictionary.thefreedictionary.com/injunction excess by February 27, 2013 4) http://www.wisegeek.com/what-is-quantum-meruit.htm excess by February 27, 2013 5) http://www.slideshare.net/Shanileo/im-13355646 excess by February 27, 2013