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Introduction

BUSINESS LAW: AN INTRODUCTORY Chapter 1: LAW OF CONTRACT Prepared By: Siti Nur Samawati Ahmad DPA (UiTM), LLB. Hons (UUM). Introduction. Law of contract is the law which govern the formation of an agreement between two or more parties i.e Contracts Act 1950. What is Contract?.

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Introduction

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  1. BUSINESS LAW: AN INTRODUCTORYChapter 1:LAW OF CONTRACTPrepared By:Siti Nur Samawati AhmadDPA (UiTM), LLB. Hons (UUM)

  2. Introduction • Law of contract is the law which govern the formation of an agreement between two or more parties i.e Contracts Act 1950. For Internal Circulation Only

  3. What is Contract? Section 2(h) – 'an agreement between two or more than two persons which is enforceable by law”. • Contracts only cover any agreement which is entered according to the law. • Any contract which is entered in contravention of any law cannot be considered as a contract. For eg: selling of drugs. For Internal Circulation Only

  4. Forms of contract Oral Writing Verbally @action More complex and documented e.g:at the supermarket, foodstall e.g: conveyancing agreement, HP For Internal Circulation Only

  5. Types of contract Unilateral Bilateral Transaction between 2 @ more person (identifiable)‏ Transaction made by 1 person to the public at large (not identified)‏ For Internal Circulation Only

  6. ELEMENTS OF A CONTRACT 1.OFFER/PROPOSAL 4.CAPACITY 2.ACCEPTANCE 5.ITCLR 3.CONSIDERATION 6.CERTAINTY 7.CONSENT For Internal Circulation Only

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