Business Law

Executive Summary

This paper mainly focus on how a contract is held, a contract is an agreement which binds the both parties involved legally. Contracts are being entered into our life constantly, by means of individuals with other individuals or businesses, and also businesses with their businesses.

The structure of this paper will be as follow:

Firstly, it will begin with the introduction, in this part the background of contract law will be stated according to contract Act 1950, and the types of contract law and 8 elements of it will also be listed with the brief explanation, last part of introduction is the comparative analysis between Malaysia and UK business law. In the rest part of assignment, there will be specific explanation of those elements will be given with the relevant cases, those elements are offer, invitation to treat, acceptance, consideration, capacity. Lastly, it is the end of this paper conclusion, in the conclusion what I have learned from doing this paper will be stated, and the references used fro this assignment will be listed at the end of the assignment.

Table of content

No | Content | Page |

1 | 1.0 Introduction | 3 |

2 | 2.0 Offer | 5 |

3 | 3.0 An Invitation to Treat | 5 |

4 | 4.0 Acceptance | 6 |

5 | 5.0 Consideration | 7 |

6 | 6.0 Capacity | 8 |

7 | 7.0 Conclusion | 9 |

8 | 8.0 References | 10 |

1.0Introduction A contract is an agreement which binds the both parties involved legally. Contracts are being entered into our daily lives constantly, by means of individuals with other individuals or businesses, and also businesses with other businesses. Contracts are also known as enforceable agreements. Thus, the selling or transfer of property, the creation of obligations, such as applying loan from bank, will involve...