Know Your Right

Contract A get is an agreement entered into voluntarily by two parties or more with the intention of creating a legal obligation, which may have elements in writing, though contracts can be do orally. The parties may be natural persons or juristic persons. A contract is a legally follow throughable promise or undertaking that something will or will non occur. The word promise can be used as a legal synonym for contract, although criminal maintenance is required as a promise may non have the full standing of a contract, as when it is an agreement without consideration. Case Hariram a/l Jayaram & Ors v Sentul Raya Sdn BhdSection 56(3) Contracts Act 1950 Effect of acceptance of movement at time other than that agreed upon Summary Mr Hariram (Plaintiff) agreed to purchase condominium units from the developer (defendant) under the sales event and purchase agreement The defendant had failed to hand over vacant possession of the condominium units to the plaintiffs and to complete t he popular facilities within 36 months as stipulated by the agreements. For these reasons, and relying on the agreements, the plaintiffs contended that the defendant was liable to pay the plaintiffs a intact sum of RM1,592,074. 9 as liquidated insurance. In opposing the plaintiffs application, the defendant raised two legal issues for the mark of the court, namely (i) whether s 56(3) of the Contracts Act 1950 (the Contracts Act) would operate to exclude a claim for liquidated ascertained indemnity and (ii) whether the terms of the sale and purchase agreements can be said to operate to entitle the plaintiffs to liquidated ascertained damages in any event despite the provisions of s 56(3) of the Contracts Act as to the requirement of the applicable notices. 6 element of Contract . Offer. It is the definite expression (oral or written) or an overt action which begins the contract. It is simply what is offered to another for the return of that persons promise to act. 2. Acceptanc e. As a general proposition of law, the acceptance of the offer made by one party by the other party is what creates the contract. 3. Consideration. It may be money or may be another right, interest, or benefit, or it may be a detriment, loss or responsibility given up to someone else. Consideration is an absolutely necessary element of a contract. 4.Capacity of the Parties to Contract. In general, all people have a capacity to contract. A person who is trying to avoid a contract would have to plead his or her lack of capacity to contract against the party who is trying to enforce the contract. 5. Intent of the Parties to Contract. It is a basic requirement to the formation of any contract, that there has to be a mutual assent of the parties on all proposed terms and essential elements of the contract 6. Object of the Contract. A contract is not enforceable if its object is considered to be illegal or against public policy.