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Business Law: Assignment (Solution)

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Added on  2021-06-14

Business Law: Assignment (Solution)

   Added on 2021-06-14

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Running head: BUSINESS LAWBUSINESS LAWName of the StudentName of the UniversityAuthor Note
Business Law: Assignment (Solution)_1
BUSINESS LAWQuestion 1(a)An insurance contract is one where a company(insurer) agrees to indemnify a person (insured)against loss or damage arising out of a pre-determined event in exchange for a premium(periodic payments by the insured) asconsideration. An insurance contract is in writtenform and is referred to as the insurance policy.Insurance is based on risk and is of two kinds-general insurance and life insurance. Insurancecontracts are contracts of indemnity by nature.Contracts of indemnity are those where the oneparty agrees to compensate or indemnify anotherparty for loss or damage suffered by virtue of theoccurrence of a predetermined event (Llewellyn2016). In such a case only loss or damage thathappens as a result of the predetermined event isrelevant. For example if a person’s car is insuredfor RM 50,000 against accidents and the car meetswith an accident the insurance company wouldhave to compensate that person for the marketvalue of that car or the insured amount whichever islower. Not all insurance contracts are contracts of1
Business Law: Assignment (Solution)_2
BUSINESS LAWindemnity like life insurance, marine insurance andaccident insurance are not contracts of indemnity.(b)A sale refers to the transfer of title and possessionof a particular piece of property. Property can beeither moveable or immovable. The term goodsrefer to tangible movable property that can be soldin exchange for money. Thus, these are ideallyarticles of trade or merchandise. The sale of sucharticles can be executed between two entities byvirtue of a contract of sale. Sale of goods inMalaysia are governed and regulated by the Saleof Goods Act 1957 and the act defines goods underSection 2. Contracts of sale are defined in the actat section 4 (1). The section states that a contractof sale is one where a seller (the person who ownsthe goods to be sold) transfers or agrees to transferthat the title of the goods to the buyer in exchangefor the price of the goods in monetary terms. Whensuch a transfer is contingently associated to anevent or is agreed upon to occur at a future timethen such an agreement is called an “agreement tosell”. This is different from a contract of sale and isdefined under Section 4 (3) of the act.Question 22
Business Law: Assignment (Solution)_3

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