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BUSINESS LAW: AN INTRODUCTORY Chapter 1: LAW OF CONTRACT Prepared By: Siti Nur Samawati Ahmad DPA (UiTM), LLB. Hons (UUM)

Introduction

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BUSINESS LAW: AN INTRODUCTORY Chapter 1: LAW OF CONTRACT Prepared By: Siti Nur Samawati Ahmad DPA (UiTM), LLB. Hons (UUM). Introduction. Law of contract is the law which govern the formation of an agreement between two or more parties i.e Contracts Act 1950. What is Contract?. - PowerPoint PPT Presentation

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Page 1: Introduction

BUSINESS LAW: AN INTRODUCTORYChapter 1:

LAW OF CONTRACT

Prepared By:Siti Nur Samawati Ahmad

DPA (UiTM), LLB. Hons (UUM)

Page 2: Introduction

For Internal Circulation Only

Introduction

• Law of contract is the law which govern the formation of an agreement between two or more parties i.e Contracts Act 1950.

Page 3: Introduction

For Internal Circulation Only

What is Contract?

Section 2(h) – 'an agreement between two or more than two persons which is enforceable by law”.

• Contracts only cover any agreement which is entered according to the law.

• Any contract which is entered in contravention of any law cannot be considered as a contract. For eg: selling of drugs.

Page 4: Introduction

For Internal Circulation Only

Forms of contract

Oral Writing

Verbally @actionMore complex and documented

e.g:at the supermarket, foodstall

e.g: conveyancing agreement, HP

Page 5: Introduction

For Internal Circulation Only

Types of contractTypes of contract

BilateralBilateral UnilateralUnilateral

Transaction between 2 @

more person(identifiable)

Transaction between 2 @

more person(identifiable)

Transaction made by 1 person to the

public at large (not identified)

Transaction made by person to the 1

public atlarge (not identified)

Page 6: Introduction

For Internal Circulation Only

ELEMENTS OF A CONTRACT

1.OFFER/PROPOSAL 4.CAPACITY

2.ACCEPTANCE 5.ITCLR

3.CONSIDERATION 6.CERTAINTY7.CONSENT


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