1.0 INTRODUCTION. Law of Malaysia Section 24 state that‚ the consideration or object of an agreement is lawful‚ unless it is forbidden by a law. It is of such a nature that‚ if permitted‚ it would defeat any law. Besides that‚ the agreement is lawful unless it is fraudulent‚ it involves or implies injury to the person or property of another or the court regards it as immoral‚ or opposed to public policy. In each of the above cases‚ the consideration or object of an agreement is said to be unlawful
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Agency‚ with special focus on the liabilities involved between the parties. The Law of Agency: General Concepts Agency Laws comes under the purview of Commercial Law. The Indian Contract Act 1872‚ Section 182 defines an Agent as “a person employed to do any act for another or to represent another in dealings with third persons”. The other person to whom the agent is employed to is said to be the Principal. The law of agency helps form the different contractual‚ quasi-contractual relationships
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1.0 INTRODUCTION All people do not have the same legal capacity to make contract. In some case the legal capacity of the person has no relation to the individual’s actual ability. A person who is 17 years old for example‚ may have just as much to make a contract as an older person. Nevertheless a17 years old are ordinarily under a legal incapacity. In other cases such as those involving insane persons‚ the legal incapacity is based upon the inability to understand the consequences of the particular
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of Consent Effects of Doctrines Discussed in This Chapter * Voidable: person whose consent was not real has the power to rescind (cancel) the contract * Necessity for Prompt and Unequivocal Rescission * Must act promptly and unequivocally to rescind a contract * Also avoid actions that suggest that she affirms or ratifies the contract * Send mixed messages‚ delaying the notification‚ etc. Misrepresentation and Fraud * Relationship between Misrepresentation and Fraud
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Question 1 The issue of this question is whether Scott and Kyle can bring legal action against Wayne for what they feel is a breach of contract. Under the law governing offer and acceptance‚ a valid offer has been made through an advertisement. In order for an offer to be accepted‚ the party must entirely accept the offer. The rules governing acceptance has to be positive not passive. Silence does not forms acceptance. The general rule of acceptance is that the acceptance must be received by
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WHEN DOES AN AGREEMENT BECOME A CONTRACT? (1) There must be some consideration for it According to Section-2(d) of the Indian Contract Act‚ 1872 “When‚ at the desire of the promisor‚ the promisee or any other person has done or abstained from doing‚ or does or abstains from doing‚ or promises to do or to abstain from doing‚ something‚ such act or abstinence or promise is called a consideration for the promise.” According to Section-25 “Agreement without consideration‚ void‚ unless it is in writing
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Law of Agency WHAT IS AN AGENCY? Sec 135 of Contract Act‚ agency is the relationships which subsists between the principal and the agent who has been authorized to act for him or represent him in dealings with others. WHO CAN BECAME A PRINCIPAL OR AGENT? Any person who is 18 years old and above and who is of sound mind may be principal. As between the principal and third persons‚ any person can became an agent. BUT persons of unsound mind and who are below 18 years are not liable towards their
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Current Location 1. Business Law BUL1240G1-109012014 2. Week 2 3. Midterm exam 4. Review Test Submission: Week 2 Midterm exam Menu Management Options Course Menu: Business Law (BUL1240G1-109012014) Meet Your Instructor Homepage Syllabus Student Resources Program Resources Discussion Keiser Live! Email Start Here Week 1 Week 2 Week 3 Week 4 Gradebook Groups Tools Help Review Test Submission: Week 2 Midterm exam Content User Suzette
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Business Law Tutorial 6 1. Void contract is defined in Section 2(g) of Contracts act‚ 1950 as an agreement which is not enforceable by the law‚ which gives rise to no rights or obligations. Under Section 11 of Contracts Act‚ 1950‚ every person is competent to contract who is of age of majority‚ and who is of sound mind and is not disqualifying from contracting by any law to which he is subject to. The Age of Majority Act‚ 1971 states that the age of majority is 18. The Privy Council in MOhori
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al Frustrated contracts A contract may be discharged by frustration. A contract may be frustrated where there exists a change in circumstances‚ after the contract was made‚ which is not the fault of either of the parties‚ which renders the contract either impossible to perform or deprives the contract of its commercial purpose. Where a contract is found to be frustrated‚ each party is discharged from future obligations under the contract and neither party may sue for breach. The allocation of
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