TUTORIAL 2 1. Ali and Abu were neighbours. Ali had to go to Singapore for a business seminar. Before he left‚ he told Abu “Please look after my house”. After two weeks of being away‚ Ali’s house caught fire and Abu could only save a briefcase containing RM30‚000. When Ali returned home‚ he thanked Abu for saving his briefcase and promised he would pay Abu RM2‚000 for what he had done. Later‚ Ali refused to pay what he had promised. Advise Abu. Referring to section 2(d) of Contracts Act1950
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first step in recognizing the underlying ethical dilemma is to determine the individuals involved in this particular case. The first person we become familiar with in this case is the president of Beech Nut‚ Lars Hoyvald. Most of us that work in a business environment today‚ will most likely use the principle of utilitarianism when making an “ethical” decision. We tend to look at our actions‚ or consequences of our actions‚ in order to determine the best decision. I believe that Lars Hoyvald used
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Ahmad is in business selling microcomputers. Following a major refurbishment of his shop premises he publishes the re-opening of his shop with a large newspaper advertisement on 30 august. Formalities are a general rule contracts do not need to comply with any sort of formalities. Thus‚ while it is more difficult to prove contracts that are entirely or partly oral‚ this is a matter of evidence and procedure only and is not relevant to the validity of a contract. A contract of sale may be made in
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Question 1: Issue The issue of this question is whether Samuel willingly entered into a legitimate sale of goods contract with the shop in Orchard Road. Rule of Law The law on this issue is found in the common law and under stature law. In Preston Corporation Sdn Bhd v Edward Leong (1982)‚ an offer was defined as a willingness to be bound by the terms of an agreement. Therefore‚ it is clearly stated that Samuel is willingly and has agreed to enter into a contract by signing on a receipt
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likelihoods of product default. The seller sometimes may claim these warranties impliedly or expressly. They also may disclaim warranties or restrict buyers to a few requirements to qualify for a warranty. A warranty is a promise‚ arising by operation of law‚ that something that is sold will be merchantable and fit for the purpose for which it is sold. Express warranties: need to be communicated by words to the consumer by the seller. The seller can communicate the agreement in a written contract or
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Business Law & Bankruptcy Assignment #4 Aquaman is president of a marine research company called Underwater Leagues‚ Inc. When his company conceived a dramatic new invention‚ he held off announcing the discovery until he bought 50‚000 shares of Underwater Leagues at $10 per share. After the announcement‚ the share price skyrocketed to $50 per share. The shareholders of Underwater Leagues‚ Inc. bring a derivative action suit against Aquaman claiming breach of fiduciary duty for violating 17 C.F.R
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What is a contract? A contract is an agreement enforceable by law. 2. What is an agreement? An agreement is an arrangement between parties that creates legal obligations between them. Generally an agreement is said to be arrived at when an offer or proposal made by one person is accepted by another‚ with the intention of creating mutual obligations between them. 5. What are the essential features of a contract? Minimum two parties :- Atleast two parties are needed to enter into a contact
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Part A Question 1 Step 1 Identify the legal issue The legal issue is whether the element of agreement requires the formation of a valid contract. Step 2 Explain the principles of law relevant to that issue with reference to authority (cases and/or legislation) The element of an agreement is one of the three elements of a contract intention to be legally bound either in formal execution in a deed; or consideration. Agreements means a meeting of the minds on at least those essential
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Question 1 Explain in which way an agency may be terminated by operation of law. (3marks) Answer: An agency is created by express appointment when the principal appoints the agent by express agreement with agent. This express agreement may be an oral or written agreement between the principal and the agent. There are four factors can cause the termination by operation of law. i. Agency is terminated by frustration In Marshall v Glanvill‚ Glanvill who is a firm of drapers appoints
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Business and Law Coursework Assignment With regard to the case‚ there are two legal issues needed to be handled. First‚ it is needed to determine whether 1) Tommy can sue Ada for not reducing the height of fence which is eracted along the side of Ada’s garden 2) Mickey can sue Ada for not fulfilling her promise to pay $1000 for Mickey’s help. To determine the two legal issues‚ we need to consider if any contractual relationship was formed between them. To begin with‚ a contract is a legally
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