COLLEGE OF BUSINESS TMC COLLEGE LAW Individual Assignment The Importance of Understanding Business Law in Malaysia PREPARED FOR Mr. William Tan PREPARED BY Ilyassova Daniya SUBMISSION DATE 2 June 2014 Table of Content No. Details Page When doing a business it is important to understand laws that apply to your business‚ laws depend on the country you live in‚ but there are many
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An exclusion clause is a term in a contract purporting to exclude or restrict the liability of one or more parties to the contract for breach of obligation . Exclusion clauses are controlled by common law and statute. The Unfair Contract Terms Act 1977 (UCTA 1977) and the Unfair Terms in Consumer Contracts Regulations 1999 (UTCCR 1999) confine the extent to which an individual can exclude or limit his business liability towards consumers. The Office of Fair Trading runs an unfair terms unit which
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consideration is irrelevant because the law does not prohibit bargains. 5. Is there consideration when a secured note for a lesser amount is given and accepted in discharge of an unsecured note for a greater amount? Explain. No‚ because if a secured not for a lesser amount is given and accepted in discharge of an unsecured note for a greater amount‚ the difference between the two notes is discharged. The security is the consideration to support the contract to settle for a lesser sum. 6.
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28/11/2013 Contents Elements of a Contract There are different elements of a contract that you must take into account when entering one. The following will give an understanding of these and explain their importance. Capacity There are four essential elements that affect contract law. The first of these is capacity. This element states that parties in agreement with a contract must have the legal capacity to enter into that contract. There are factors that affect the capacity of a
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damages may be filed in a federal court. 2. ｂ : n the legal system of the United States‚ a long arm statute is a law which allows a court to exercise jurisdiction over people and companies in other states. owever‚there are a number of ways in which jurisdiction is limited. In the case of a long arm statute‚ the law involved is the law limiting personal jurisdiction‚ determining where people can be tried on the basis of their residence and connections. Normally‚ a court in‚ for example‚ Colorado‚ cannot
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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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Business Law–LEGT1710 The Role of Law In Business The Law is a systematic set of rules to control conduct within a society‚ created by parliament and is enforced by courts. Sources of Law Law is made up of two parts: 1. Enacted (Statute) Law: law that is made by parliament. It can be changed by parliament but is interpreted by judges. In the case of a conflict between statue and common law‚ statue law prevails under the Doctrine of Parliamentary Supremacy as it has the ultimate law making
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Jonah Watson Business Law Case Analysis #3 IN YOUR COURT A remedy is the relief provided for an innocent party when the other party has breached the contract. There are two types of remedies; remedies in equity and remedies at law. Remedies in equity are only awarded only if the remedy at law is inadequate. Remedies at law normally award monetary damages Ken‚ the owner of a famous candy store‚ and Sweet‚ Inc. have entered into a contract‚ essentially designating Sweet‚ Inc. as his
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related to their business until they are hit with a lawsuit or decide they need to take legal action against someone else. The ramifications of a lawsuit as a plaintiff or a defendant can impact a company and even destroy a company and its reputation. This can happen if the company is not fully prepared on handling legal pitfalls that might come their way. Creating a system that defines and controls the company’s workflow is important in running a smooth and profitable business‚ as well as avoiding
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Elaborating shortly on the case given‚ it can be seen that David‚ the offeror‚ places an ad in the newspaper Daily Bungle‚ in which it is responded by six different participants (offerees). Unfortunately‚ one of the cat‚ Bimmie‚ is injured and this made David to terminate the contract. In relation to this case‚ the offer and acceptance‚ thus the making of agreement‚ has been established. Offer‚ is when an offeror offers anything to the offeree‚ then the offeree makes an agreement through acceptance
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