Tutorial_3.2_-_Consideration.ppt

Tutorial_3.2_-_Consideration.ppt - Business Law Law of...

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Business Law Law of Contract – Tutorial 3.2 Consideration
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Question 1 Analyse whether a contract exist in the following situations: - Cindy sold her car worth RM60,000 to Minah for only RM10,000. (10 marks)
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Issue Is the contract exist between Cindy and Minah? Law and application When Cindy sold her car which is worth RM60,000 to Minah for only RM10,000, Minah did not provide adequate consideration for the car. Consideration is definition in s2(d) Contracts Act 1950 as… According to Explanation 2 and illustration(f) to s26 Contract Law 1950, there will still be a valid contract even if the consideration given is inadequate Conclusion Thus, there is valid contract here even through Minah did not provide adequate consideration for the purchase of the car
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Question 2 Pak Mat wants to give his land to his daughter, Minah, for her 21 st birthday. As Minah will not be paying any money to her father, her father is worried that since there is no consideration for the transfer of his land to Minah, the transfer may be void by virtue of s26 CA 1950. Advise Pak Mat
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  • Spring '14
  • Tony sue Johny

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