Contract Law

Contract Law

Did you know that an everday transaction such as buying a snack from a grocery store or even the act of talking is governed by the law.
Differing from the popular concept of 'freedom of speech' we all know that our freedom of speech is controlled by the law.

So here I am about to share with you what I learned in my lecture today. An extra education for those who do not know and a revision for those who do know.

Section 2(h) of the Contract Law Act, 1950 states that an agreement enforceable by law is a contract.
An agreement (based on section 2(e) of the contract Law 1950) is a promise with every set of promises that is formed with a consederation for each other.

Take for example;
You recieve an offer from MMU to further your study. And you accept that offer. Thus you are entering a contract with MMU.

Remember this: Contract is not necessarily written. It can be it terms of conduct or an oral agreement. Having it written makes it easier to prove in court.

However, there is an acception. This is called the postal rule.
If the person accepts the offer through post, then it is considered accepted the moment the post is sent. Not the moment it is recieved.

A Contract is like a cake. A cake requires ingredients, without it the cake is not a cake.
A Contract like any cake requires its ingredients. There are 8 elements of contract:
1. Offer
2. Acceptance
3. Consideration
4. Capacity to contract
5. Intention to create legal relations
6. Free consent
7. Certainty of Terms
8. Valid Object
9. Formality

Without one of these elements, the contract is void and not legally enforceable.

However not all agreements are contract even though all contracts are agreements.
Take for example your dad promises to buy you a Merc if you score all A's in your exam.
But when you come back with your results, your dad says "haha. Gotcha."
Now this is a social and family agreement. Thus it is not enforceable by law.

On the other hand if you work for your dad and he doesnt pay you your salary then you are in a professional agreement. One which is legally enforceable.

Thats all to share today~

Hope you learned something as I did. Any questions feel free to leave a comment and I'll try my utmost best to answer.

Salam