contracts! contracts!

at one point in our lives we all need to sign some form of agreements or contracts be it tenancy agreements, scholarship agreements, loan agreements or any other agreements, but do we really no and understand what we agree to. First of all what is a contract?

The word ‘contract’ in legal sense refers to an agreement between two or more parties that is legally binding between them. It is an agreement enforceable by law. (section 2(h) of Contracts Act).

There are certain elements a contract has to have for it to be legally binding, first of all there has to offer and acceptance followed by intention to create legal relations that is to say both parties are serious about creating contractual relations. then there has to be some consideration between the parties ie both parties exchange promises to perform tasks. A contract also has to be certain in all its aspects it has to be understood by both parties. One important element is that both parties have to be in a legal capacity to make a contract that is according to the law they are subject to, eg one has to be old enough, in a sound state of mind. lastly both parties have to be consenting. It is important to always read and understand before we sign on the doted line.

what do you think?

1)When driving his car home in Georgetown, Ryan called and talked with his wife through his mobile phone without the use of hands-free device. While talking, he lost control over his car and eventually hit a walking pedestrian.

a)Is Ryan liable under civil or criminal law?

b)Should this case go to court, what will be Ryan’s right?

c)What should the pedestrian do to recover his injuries/loss?

Answer.

a) criminal law

b) the right to legal representation

c)she should go to court

2)•Geena runs an unregistered online investment portal from her home in KL where she managed to get people deposit money to her account.

•It was discovered that the investment was a scam and she attempted to flee with the money, only to be arrested in the airport by immigration officers because she held a fake passport.

a)Determine Geena’s liability: civil or criminal?

b)What law(s) and statutes you think Geena has violated?

Answer

a) criminal

b)Geena has committed fraud and money laundering

Business Law- Introduction

This blog was created for my business law class and will contribute towards my course work,i will be posting all my experiences with the course and all things legal especially in Malaysia were i am taking the course. i hope and believe taking this course will go a long way in making me a complete business person and i look forward to learning more from the course

ill be updating my postings regularly each week summarizing all that i have learnt during the week.