What is contract all about??
From wat i learn in the last few lesson in Legal Framework class...
Contract is mainly about an agreement between 2 or more parties that is legally binding between them.
Contract agreement fall under the law section 2(h) of contract act.
The principal statue dealing with law of contract in Msia is the Contracts Act 1950.
All contracts must be deal with an agreement. but not all agreements are automatically become contracts.
Without essential elements, an agreements are not contracts.
Elements of Contracts are:
- Free consent
- Offer & acceptance
- Intention to create legal relations
- Consideration
- Certainty
- Legality
- Legal capacity
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