An Offer Under Malaysian Contract Act 1950 - Law Teacher.
Law is a system of rules and guidelines, usually enforced through a set of institutions.It shapes politics, economics and society in numerous ways and serves as a social mediator of relations between people.For example, Contract law regulates everything from buying a bus ticket to trading on derivatives markets and Property law defines rights and obligations related to the transfer and title.Contract law has been more formally defined as a promise or set of promises which the law will enforce. Another definition and a somewhat competing view, is that a contract is an agreement giving rise to obligations which are enforced or recognized by law.Under the Malaysian Law, explanation 2 to Section 26 of Contracts Act 1950 provides that an agreement to which the consent of the promisor is not void merely because the consideration is inadequate; but the inadequacy will be question by the court whether the consent of the promisor is freely given.
Consideration (Malaysia Law) 1029 Words 5 Pages In English law if other than the promisee provide consideration, then the promise could not be enforce by the law. This problem usually may arise when third party involve.At Malaysia,public already known that all business either small or huge,there are one systems or specifically words or most suitable called Contract Laws.All conditions among two or three or more sides are include under the Contract Laws 1950 where its take as a guidance or as assistant to make sure there are no cheating in make a deals between two or more side.Firstly,what is the meaning of.
Common law in Malaysia takes the form of Natural law RULE OF LAW: The Rule of Law, in its most basic form, is the principle that no one is above the law. The rule follows logically from the idea that truth, and therefore law, is based upon fundamental principles which can be discovered, but which cannot be created through an act of will.
