Law of Contract - Offer
LAW3201 Foundations of Business Law
Topic 2: LAW OF CONTRACT (Offer)
Readings:
Lee Mei Ping, General Principles of Malaysian Law, 5th Edition, 2005, Oxford Fajar Sdn Bhd
Abdul Majid, Krishnan Arjunan, Business Law in Malaysia, 2005, Lexis Nexis Malayan Law Journal
Beatrix Vohrah, Wu Min Aun, The Commercial Law of Malaysia, 2nd ed., Longman, 2000
Malaysian Contracts Act 1950 (http://www.agc.gov.my/) law of Malaysia/numerical table of laws/Act 1136
Contents:
1. Introduction 2. Contracts and Agreements 3. Offer/Proposal
Objectives:
Successful students should be able to:-
1. Explain the general idea of law of contract;
2. Distinguish between a contract and an agreement;
3. Outline the elements of a contract;
4. Distinguish the proposal and invitation to treat;
5. Describe the elements of a valid offer; and
6. Explain how an offer may be revoked.
1. Introduction
An understanding of the law of contract is of fundamental importance in the context of business practices. In fact, even in everyday life we enter into contracts. Throughout this course students will be exposed with the law of contracts in Malaysia.
What are contracts and contract law for?
Contracts:-
- allow businesses to make long-term plans - create certainty in the commercial arena - provide parties with confirmation of their rights/obligations
Contract law:- - provides security for the recipient of a promise who has given something in return for that promise. - provides security for those who act in reliance on the deals struck. - enforces bargains and thereby induces parties to conclude contracts in the first place. - facilitates the operation of the market economy
Without law to back up promises and provide sanctions for reneging, deals would be short-term only. Firms would not be able to plan ahead, aware that default by their contracting parties will be remedied. In the commercial world, contract law can be
Topic 2: LAW OF CONTRACT (Offer)
Readings:
Lee Mei Ping, General Principles of Malaysian Law, 5th Edition, 2005, Oxford Fajar Sdn Bhd
Abdul Majid, Krishnan Arjunan, Business Law in Malaysia, 2005, Lexis Nexis Malayan Law Journal
Beatrix Vohrah, Wu Min Aun, The Commercial Law of Malaysia, 2nd ed., Longman, 2000
Malaysian Contracts Act 1950 (http://www.agc.gov.my/) law of Malaysia/numerical table of laws/Act 1136
Contents:
1. Introduction 2. Contracts and Agreements 3. Offer/Proposal
Objectives:
Successful students should be able to:-
1. Explain the general idea of law of contract;
2. Distinguish between a contract and an agreement;
3. Outline the elements of a contract;
4. Distinguish the proposal and invitation to treat;
5. Describe the elements of a valid offer; and
6. Explain how an offer may be revoked.
1. Introduction
An understanding of the law of contract is of fundamental importance in the context of business practices. In fact, even in everyday life we enter into contracts. Throughout this course students will be exposed with the law of contracts in Malaysia.
What are contracts and contract law for?
Contracts:-
- allow businesses to make long-term plans - create certainty in the commercial arena - provide parties with confirmation of their rights/obligations
Contract law:- - provides security for the recipient of a promise who has given something in return for that promise. - provides security for those who act in reliance on the deals struck. - enforces bargains and thereby induces parties to conclude contracts in the first place. - facilitates the operation of the market economy
Without law to back up promises and provide sanctions for reneging, deals would be short-term only. Firms would not be able to plan ahead, aware that default by their contracting parties will be remedied. In the commercial world, contract law can be