Sample Assignment on Introduction to Malaysian Law of Contract

2417 WordsMay 16, 201210 Pages
SAMPLE ASSIGNMENT ON INTRODUCTION TO MALAYSIAN LAW OF CONTRACT Select a hire purchase contract and compare the contract with a normal contract. By AhmadRawi The writer can be contacted at scholars.assist@gmail.com By AhmadRawi The writer can be contacted at scholars.assist@gmail.com INTRODUCTION A contract is an agreement between two or more persons (individuals, businesses, organizations, or government agencies) to do, or to refrain from doing, a particular thing in exchange for something of value. Contracts can generally be written using formal or informal terms, or they can be entirely verbal. If one side fails to live up to his part of the contract, there will be considered as a breach of contract and certain…show more content…
Basically there are no standard terms and conditions to be put in normal contract as long as the fundamental essences namely offer, acceptance and consideration is presence. The Contract Act 1950 regulates the content of normal contract only in general terms as can be found in Section 25 to Section 31 of the Contract Act 1950. The other difference between the hire purchase contract and normal contract is that before the hire purchase agreement can be signed the financial institution is statutorily required by the Hire Purchase Act to serve on the intending hirer a written statement duly completed and signed by him in accordance with the form set out in Part I of the Second Schedule of the Hire Purchase Act. Any hire purchase agreement which is entered without executing this

More about Sample Assignment on Introduction to Malaysian Law of Contract

Open Document