Law of Contract 1.pptx - Law of Contract Chong Pit Kee Lesson Objectives a Definition of contract b Formation of a contract elements involved c Types of

Law of Contract 1.pptx - Law of Contract Chong Pit Kee...

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Law of Contract Chong Pit Kee
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a) Definition of contract b) Formation of a contract - elements involved c) Types of contract – valid, void and voidable Lesson Objectives
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An agreement enforceable by the law between two or more parties to do or to abstain from doing some act/acts, their intention being to create legal relation and not merely to exchange mutual promise, both having given something or having promised to give something of value as consideration for any benefit derived from the agreement 4 Definition of Contract
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Governed by Contracts Act 1950 English law applies by virtue of the Civil Law Act 1956 Defined as ‘a legally enforceable agreement between 2 or more persons’ Agreement is an integral part of a contract but by itself is not sufficient to constitute a contract Section 2 Contract Act 1950: an agreement enforceable by law is a contract and one that is not is void
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agreement – offer and acceptance The intention to create a legal relation (ITCLR) Consideration Capacity Certainty Genuine assent / free consent Legality Elements of a Contract
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Preston Corp Sdn Bhd v Edward Leong & Ors (1982), the federal Court expressed the view that an offer is an intimation of willingness by an offeror to enter into a legally binding contract and that its terms must either expressly or impliedly indicate that it is to become binding upon acceptance by the offeree. An offer can be made either expressly (in words or orally) or can be implied 9 Formation of Contract
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1. Offer must be distinguished from an ‘invitation to treat (ITT) 2. Offer must be communicated to the offeree; person other than offeree cannot accept the offer 3. Offer and acceptance must correspond – consensus ad idem 4. Offer may be revoked before acceptance Rules relating to Offer
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