Business Law Assignment
Added on 2020-12-10
10 Pages2295 Words100 Views
|
|
|
Business Law assignment1
Business Law assignment2IntroductionThe Malaysian penal code regarding contracts enforceable by law is governed by theContract Act of 1950 which always aims to enforce a legal contract between two parties owing tolegal agreements made to carry out specific legal obligations1. However, in order to have acontract that is legally enforceable, it is important that the contract meets several requirements.These includes an offer, acceptance of the offer, a consideration, intentions to create legalrelations, capacity to contract, and free consent on both parties to contract. The proposal in thecontract refers to the overt oral or written expression of intention to get into the contract. Theacceptance comes from the second party attached to the contract. Thirdly a consideration mustcome in the form of the first party making monetary or other valued attachment to the proposalthat begins the contract2. Fourth, the consideration and the offer must be legally made throughthe meeting of minds which is normally expressed in the signing of mutual documents that canbe used as points of references. These include payments, quotations, etc. The parties gettingjoined into a legal contract must be of legal age and possess the necessary requirements to allowthem to enter into the contract3. Fifth, it is necessary that the consent is made by the legallyapproved individual free of any coercion. The forms of coercion can be defined by law or anyother statute that is itself an expression of the legal premise upon which judicial reference shallbe made. The purpose of this paper is to analyze a case about a Malaysian businessman who entered1Atiyah, P. S. (1979). The Rise and Fall of Freedom of Contract . New York: Clarendon Press.2Douglas, D.M. (2002). Contract Rights and Civil Rights, William & Mary Law School scholarship Repository, 1541-15633DiMatteo , L. A. (1997). The Counterpoise of Contracts: The Reasonable Person Standard and the Subjectivity of Judgment. Retrieved April 29, 2014, from cisg.law.pace.edu
Business Law assignment3into a legal contract in order to have his construction completed for a specific purpose but wasnot able to get value for his money because the construction was not completed in time4. In particular, the paper seeks to determine if there is a legal determination that compels theclient to pay the required amount that would bring the two parties to a legally neutral pointbefore the transaction.Case AnalysisMr. Huang decided to construct a factory in his premises in order to be able to meet a tenderaward he had obtained from a manufacturing company. He therefore contracted a registeredbuilder in order to have the work completed by November 1st and the contractor agreed.However, the contractor had assumed that the garage was for private use and therefore did notconsider it that urgent. What transpired is that when there was a delay in materials delivery, hedid not communicate it and as a result the project delayed till February the following year.Therefore, he took the contractor to court in order to recover the loss he had incurred. In hislawsuit he argued that the delay in construction cost him about $150,000 which is the value ofthe tender and as such wanted the registered contractor to pay him the amount of the tender helost due to breach of contract by the registered constructor. However, the registered contractorargued that while the urgency was communicated, Mr. Huang did not communicate that thegarage was not needed for the specific execution of the tender from the manufacturing company.The issue therefore is whether the court has the legal authority to order the registered contractorto pay the amount equal to the exact value of the contract he lost as a result of lack of completionof the garage within the specific time that had been communicated.4Furmston, M. P. (2007). Cheshire, Fifoot & Furmston's Law of Contract. Oxford: Oxford University Press
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents