In Malaysia, anything that regarding to contract are basically refer to the Contract Act 1950. In the Section(h) it is mention that contract is an agreement enforceable by law.
"An agreement between two or more parties that is legally binding between them."
Contract must be build within the agreement, but, not all agreement are contract. Why? Because some agreement don't have the essential elements of contracts.
Essential Element of Contract
- Offer and Acceptance
- Intention to create legal Relations
- Consideration
- Certainty
- Legality
- Legal Capacity
- Free Consent
Discharge of contract can be done by:
- Discharge by performance
- Discharge by frustration
- Discharge by Breach of Contract
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