Offer and Acceptance - Contract law: Notes with case law.
At common law, promise made in consideration of natural love and affection is void. However, Malaysia recognises natural love and affection as Section 26(a) Contracts Act 1950 illustrated that an agreement without consideration is void unless it is expressed in writing, registered, and the parties stand in near relation to each other.In Malaysia, contract law is governed and enforced by the Contract Act 1950 (CA 1950). According to Section 10 (1) of CA 1950, all agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void.Academia.edu is a platform for academics to share research papers.
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.The law of contract is concerned about the legal enforceability of promises. In that context, a contract may be described as an agreement that the law (the Courts) will enforce. This notion of enforceability is central to contract law. If you break (breach) the contract, the other party has several legal remedies.
In every contract, there must be consideration in order for the agreement to be legally binding; it is a critical part of contract formation. Therefore, past consideration is the benefit that you.
