tag:blogger.com,1999:blog-50843826887757031502024-03-13T03:03:12.689-07:00My Business Law Class"This blog created for the purpose of BBL2014 subject Tri 3 2009/2010"rInhttp://www.blogger.com/profile/05649315125919601316noreply@blogger.comBlogger18125tag:blogger.com,1999:blog-5084382688775703150.post-83062929800347260132010-04-25T02:16:00.000-07:002010-04-25T02:25:35.741-07:00Offer and Acceptance<p:colorscheme colors="#666699,#ffffff,#5b5b89,#dfdef6,#6666ff,#52527c,#9999ff,#ccccff"><span class="Apple-style-span" style="font-family: inherit;"> </span></p:colorscheme><div v:shape="_x0000_s1026"><div class="O" style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "120 20 0"; mso-margin-left-alt: 216; text-align: justify;"><nobr><span style="color: #9999ff;"><img alt="*" src="file:///C:/DOCUME~1/rIn/LOCALS~1/Temp/msohtml1/01/clip_image001.gif" style="height: 64.0%; left: -5.7%; position: absolute; top: 16.0%; width: 4.34%;" /></span><span lang="EN-GB"><b><span class="Apple-style-span" style="font-family: inherit;">Offer is also known as proposal. </span><span class="Apple-style-span" style="font-weight: normal;"><b><span class="Apple-style-span" style="font-family: inherit;">What is an offer?</span></b></span></b></span></nobr></div><blockquote><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: inherit;">“When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to the act or abstinence, he is said to make a proposal.”</span></div></blockquote><div class="O2" style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "120 20 0"; mso-margin-left-alt: 720; text-align: justify;"><nobr><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">[Section 2(a) of the Contracts Act ] </span></span></nobr></div><div class="O2" style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "120 20 0"; mso-margin-left-alt: 720; text-align: justify;"><nobr><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span> </span></nobr></div><div class="O2" style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "120 20 0"; mso-margin-left-alt: 720; text-align: justify;"><nobr><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><p:colorscheme colors="#666699,#ffffff,#5b5b89,#dfdef6,#6666ff,#52527c,#9999ff,#ccccff"><div v:shape="_x0000_s1026"><div class="O"><img alt="*" src="file:///C:/DOCUME~1/rIn/LOCALS~1/Temp/msohtml1/01/clip_image001.gif" style="height: 64.28%; left: -4.15%; position: absolute; top: 17.85%; width: 3.55%;" /><span lang="EN-GB"><b><span class="Apple-style-span" style="font-family: inherit;">There are two Types of Offer </span></b></span></div><div class="O1"><span style="visibility: hidden;"><span style="left: -3.52%; position: absolute;"><span class="Apple-style-span" style="font-family: inherit;">n</span></span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"> </span></span></div><div class="O1"><span style="left: -3.02%; position: absolute; top: 0.91em;"><span class="Apple-style-span" style="font-family: inherit;">n</span></span><span class="Apple-style-span" style="font-family: inherit;"><span lang="EN-GB"></span></span><br />
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<span lang="EN-GB"><ul><li><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">Bilateral offer: Bilateral offer is made to a specific </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">person or group of persons.</span></span></li>
<li><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">Unilateral offer: Unilateral offer is not made to any </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">specific person rather it is made to the world at </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">large.</span></span></li>
</ul></span></div><div class="O2"><img alt="*" src="file:///C:/DOCUME~1/rIn/LOCALS~1/Temp/msohtml1/01/clip_image001.gif" style="height: 63.63%; left: -2.6%; position: absolute; top: 18.18%; width: 2.6%;" /><span lang="EN-GB"><b><span class="Apple-style-span" style="font-family: inherit;">Case in unilateral offer:</span></b><span class="Apple-style-span" style="font-family: inherit;"> </span></span><span lang="EN-GB"><i><span class="Apple-style-span" style="font-family: inherit;">Carlill v. The Carbolic Smoke Ball Company Ltd</span></i></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">.</span></span></div><div class="separator" style="clear: both; text-align: justify;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAZy_PqQ_vqtcinBZiqs6z1OZzsjBYheuiZqVpdmkl6sDjkOv7a2bZAGnlTPIb9nTwsOJ_DBosLFORkktUWYH3mbeDYNlIP9l0RVXZTVfIti2iYDmWMCeJ7kvihQrT-ws4BcUTUUpkO7w/s1600/cont.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span class="Apple-style-span" style="color: black;"><span class="Apple-style-span" style="font-family: inherit;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAZy_PqQ_vqtcinBZiqs6z1OZzsjBYheuiZqVpdmkl6sDjkOv7a2bZAGnlTPIb9nTwsOJ_DBosLFORkktUWYH3mbeDYNlIP9l0RVXZTVfIti2iYDmWMCeJ7kvihQrT-ws4BcUTUUpkO7w/s320/cont.jpg" /></span></span></a></div><div class="O2"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span> </span></div><div class="O2"><span class="Apple-style-span" style="font-family: inherit;"><p:colorscheme colors="#666699,#ffffff,#5b5b89,#dfdef6,#6666ff,#52527c,#9999ff,#ccccff"></p:colorscheme></span><br />
<div v:shape="_x0000_s1026"><div class="O1"><span style="left: -3.27%; position: absolute; top: 0.91em;"><span class="Apple-style-span" style="font-family: inherit;">n</span></span><span lang="EN-GB"><b><span class="Apple-style-span" style="font-family: inherit;">Facts: </span></b><span class="Apple-style-span" style="font-family: inherit;">Challenge that the medicine will cure influenza- if not </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">ê</span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">1000 </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">compensation- </span></span><br />
<span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">they deposited </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">ê</span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">1000 in a bank account.</span></span><br />
<span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">This case also distinguished offer from ITT, </span></span></span></span><br />
<span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">and also talks about </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">consideration by conduct of the plaintiff.</span></span></span></span></div><div class="O1"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><br />
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<span lang="EN-GB"><b><span class="Apple-style-span" style="font-family: inherit;">Acceptance</span></b></span><br />
<span lang="EN-GB"><p:colorscheme colors="#666699,#ffffff,#5b5b89,#dfdef6,#6666ff,#52527c,#9999ff,#ccccff"><span class="Apple-style-span" style="font-family: inherit;"> </span></p:colorscheme></span><br />
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<span lang="EN-GB"><div class="O" v:shape="_x0000_s1026"><blockquote><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">“When the person to whom the proposal is made </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">signifies his assent thereto, </span></span></blockquote><blockquote><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">the proposal is </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">said to be accepted: a proposal, when </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">accepted, becomes a promise.”</span></span></blockquote><div><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"> [Section 2 (b) of the Contract Act]</span></span></div><div><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></span></div><div><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">Acceptance must be </span><b><span class="Apple-style-span" style="font-family: inherit;">absolute</span></b><span class="Apple-style-span" style="font-family: inherit;"> and </span><b><span class="Apple-style-span" style="font-family: inherit;">unqualified</span></b></span></div><div><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><p:colorscheme colors="#666699,#ffffff,#5b5b89,#dfdef6,#6666ff,#52527c,#9999ff,#ccccff"><span class="Apple-style-span" style="font-family: inherit;"> </span></p:colorscheme></span></span><br />
<span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"></span></span><br />
<span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><div class="O" v:shape="_x0000_s1026"><blockquote><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">“In order to convert a proposal into a promise </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">the acceptance must be absolute and </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">unqualified.”</span></span></blockquote><div><span lang="EN-GB"><span style="width: 20.9%;"><span class="Apple-style-span" style="font-family: inherit;"> </span></span><span class="Apple-style-span" style="font-family: inherit;">[Section 7(a)] </span></span></div><div><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></span></div><div><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></span></div><div><span lang="EN-GB"><p:colorscheme colors="#666699,#ffffff,#5b5b89,#dfdef6,#6666ff,#52527c,#9999ff,#ccccff"><span class="Apple-style-span" style="font-family: inherit;"> </span></p:colorscheme></span><br />
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<span lang="EN-GB"><div class="O" v:shape="_x0000_s1026"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><b>Case: Hyde v. Wrench</b></span></span></div></span></div><div><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><p:colorscheme colors="#666699,#ffffff,#5b5b89,#dfdef6,#6666ff,#52527c,#9999ff,#ccccff"><span class="Apple-style-span" style="font-family: inherit;"> </span></p:colorscheme></span></span><br />
<span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"></span></span><br />
<span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><div class="O" v:shape="_x0000_s1026"><div><img alt="*" src="file:///C:/DOCUME~1/rIn/LOCALS~1/Temp/msohtml1/01/clip_image001.gif" style="height: 51.61%; left: -3.55%; position: absolute; top: 29.03%; width: 2.71%;" /><span lang="EN-GB"><b><span class="Apple-style-span" style="font-family: inherit;">Facts</span></b><span class="Apple-style-span" style="font-family: inherit;">: The defendant on 6 June June offered to </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">sell his farm to the plaintiff for £1000 </span></span><br />
<span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"> and on 8 </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">June the plaintiff replied that he was willing to </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">buy the farm for £950. </span></span><br />
<span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"> The defendant refused to </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">sell the farm for £950. </span></span><br />
<span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"> Then on 29 June the </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">plaintiff was willing to buy the farm for £1000. </span></span></div><div><img alt="*" src="file:///C:/DOCUME~1/rIn/LOCALS~1/Temp/msohtml1/01/clip_image001.gif" style="height: 51.61%; left: -3.99%; position: absolute; top: 25.8%; width: 3.04%;" /><span lang="EN-GB"><b><span class="Apple-style-span" style="font-family: inherit;">Held:</span></b><span class="Apple-style-span" style="font-family: inherit;"> No contract was made between them </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">because the plaintiff made a</span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"> </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">counter-offer.</span></span></div></div></span></span></div><div style="mso-line-spacing: "100 50 0"; mso-margin-left-alt: 216;"></div></div></span></span></div></div></span></div><div class="O" style="mso-line-spacing: "100 50 0"; mso-margin-left-alt: 216;"></div></div></div><div class="O" style="mso-line-spacing: "100 50 0"; mso-margin-left-alt: 216;"></div></div></p:colorscheme></span></span></nobr></div><div class="O" style="mso-line-spacing: "100 50 0"; mso-margin-left-alt: 216;"></div></div>rInhttp://www.blogger.com/profile/05649315125919601316noreply@blogger.com0tag:blogger.com,1999:blog-5084382688775703150.post-56971608254798585702010-04-25T02:08:00.000-07:002010-04-25T02:08:20.702-07:00On the Nature, Definition, and Scope of SOGA<p:colorscheme colors="#ffffff,#000000,#808080,#000000,#bbe0e3,#333399,#009999,#99cc00"><span class="Apple-style-span" style="font-family: inherit;"> </span></p:colorscheme><div class="O" v:shape="_x0000_s1026"> <div><span style="left: -7.62%; position: absolute; text-align: justify;"><span class="Apple-style-span" style="font-family: inherit;">•</span></span><div style="text-align: justify;"><b><span class="Apple-style-span" style="font-family: inherit;">What is ‘sale of goods’ contract?</span></b></div></div><div><p:colorscheme colors="#ffffff,#000000,#808080,#000000,#bbe0e3,#333399,#009999,#99cc00"><span class="Apple-style-span" style="font-family: inherit;"> </span><div v:shape="_x0000_s1026"> <div class="O" style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "80 20 0"; mso-margin-left-alt: 216; text-align: justify;"><span style="left: -4.1%; position: absolute; text-align: justify;"><span class="Apple-style-span" style="font-family: inherit;">•</span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">A contract of sale of goods is a </span></span><span lang="EN-GB" style="color: red;"><span class="Apple-style-span" style="font-family: inherit;">contract</span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"> whereby the </span></span><span lang="EN-GB" style="color: #3333cc;"><span class="Apple-style-span" style="font-family: inherit;">seller</span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"> </span></span><span lang="EN-GB" style="color: #99cc00;"><u><span class="Apple-style-span" style="font-family: inherit;">transfers</span></u></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"> or </span></span><span lang="EN-GB" style="color: #99cc00;"><u><span class="Apple-style-span" style="font-family: inherit;">agrees to transfer</span></u></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"> the </span></span><span lang="EN-GB" style="color: #cc3399;"><span class="Apple-style-span" style="font-family: inherit;">property in good</span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"> to the </span></span><span lang="EN-GB" style="color: #3333cc;"><span class="Apple-style-span" style="font-family: inherit;">buyer</span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"> for a </span></span><span lang="EN-GB" style="color: #cc3399;"><span class="Apple-style-span" style="font-family: inherit;">price </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">(s.4(1)). In other words, a sale occurs when the ownership or property in goods passes to the buyer.</span></span></div><div class="O"></div></div></p:colorscheme></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></div><div><span style="visibility: hidden;"><span style="left: -7.62%; mso-special-format: bullet; position: absolute;"><span class="Apple-style-span" style="font-family: inherit;">•</span></span></span><span class="Apple-style-span" style="font-family: inherit;"> </span></div><div><span style="left: -6.66%; position: absolute; text-align: justify;"><span class="Apple-style-span" style="font-family: inherit;">•</span></span></div><div><span style="visibility: hidden;"><span style="left: -7.62%; mso-special-format: bullet; position: absolute;"><span class="Apple-style-span" style="font-family: inherit;">•</span></span></span><span class="Apple-style-span" style="font-family: inherit;"> </span></div><div><span style="left: -7.62%; position: absolute; text-align: justify;"><span class="Apple-style-span" style="font-family: inherit;">•</span></span><div style="text-align: justify;"><b><span class="Apple-style-span" style="font-family: inherit;">What is ‘goods’ under the SOGA?</span></b></div></div><div class="separator" style="clear: both; text-align: justify;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXX0VCRhsYtt-K6kkUyhCr9ocNBa5h9Y1Dbqk7f20xr9DZSfhkZt8txsslwWxRJdL9oQI7auL8d46QAhtI7uLmIdfK_FFwdpVK1_Ad1JWbiAyh_D1lGUe0P8BVs8PKyROC6CPajsqWLJQ/s1600/soga.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span class="Apple-style-span" style="font-family: inherit;"><img border="0" height="480" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXX0VCRhsYtt-K6kkUyhCr9ocNBa5h9Y1Dbqk7f20xr9DZSfhkZt8txsslwWxRJdL9oQI7auL8d46QAhtI7uLmIdfK_FFwdpVK1_Ad1JWbiAyh_D1lGUe0P8BVs8PKyROC6CPajsqWLJQ/s640/soga.JPG" width="640" /></span></a></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></div><div><span style="visibility: hidden;"><span style="left: -7.62%; mso-special-format: bullet; position: absolute;"><span class="Apple-style-span" style="font-family: inherit;">•</span></span></span><span class="Apple-style-span" style="font-family: inherit;"> </span></div><div><span style="left: -6.51%; position: absolute; text-align: justify;"><span class="Apple-style-span" style="font-family: inherit;">•</span></span><div style="text-align: justify;"><b><span class="Apple-style-span" style="font-family: inherit;">Explain and illustrate the difference between movable and immovable property?</span></b></div><div style="text-align: justify;"><b><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></b></div></div><div style="text-align: justify;"><span class="Apple-style-span" style="line-height: 19px;"><b><span class="Apple-style-span" style="font-family: inherit;">Personal property or in civil law as known as movable property</span></b><span class="Apple-style-span" style="font-family: inherit;"> or </span><b><span class="Apple-style-span" style="font-family: inherit;">movables</span></b><span class="Apple-style-span" style="font-family: inherit;"> means any property that can be moved from one location to another.Movable property on land, that which was not automatically sold with the land, included many kinds of livestock.</span></span></div><div><span class="Apple-style-span" style="line-height: 19px;"><div style="line-height: 1.5em; margin-bottom: 0.5em; margin-left: 0px; margin-right: 0px; margin-top: 0.4em; text-align: justify;"></div><ul><li><b><span class="Apple-style-span" style="font-family: inherit;">Tangible personal property</span></b><span class="Apple-style-span" style="font-family: inherit;"> refers to any type of property that can generally be moved (i.e., it is not attached to real property or land), touched or felt. These generally include items such as furniture, clothing, jewelry, art, writings, or household goods. In some cases, there can be formal title documents that show the ownership and transfer rights of that property after a person's death (for example, motor vehicles, boats, etc.) In many cases, however, tangible personal property will not be "titled" in an owner's name and is presumed to be whatever property he or she was in possession of at the time of his or her death.</span></li>
<li><b><span class="Apple-style-span" style="font-family: inherit;">Intangible personal property</span></b><span class="Apple-style-span" style="font-family: inherit;"> or "intangibles" refers to personal property that cannot actually be moved, touched or felt, but instead represents something of value such as negotiable instruments, securities,service (economics), and intangible assets including chose in action.</span></li>
</ul></span></div><div style="text-align: justify;"><span class="Apple-style-span" style="line-height: 19px;"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></span></div><div style="text-align: justify;"><span class="Apple-style-span" style="line-height: 19px;"><span class="Apple-style-span" style="font-family: sans-serif; font-size: 13px;"><b>Immovable property</b> is an immovable object, an item of property that cannot be moved without destroying or altering it - property that is fixed to the Earth, such as land or a house. Immovable property includes premises, and property rights (for example, inheritable building right), houses, land and associated goods and chattels if they are located on or have a fixed address. It is delimited by geographic coordinates or by reference to local landmarks, depending on the jurisdiction.</span></span></div><div style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "90 50 0"; mso-margin-left-alt: 384;"></div></div>rInhttp://www.blogger.com/profile/05649315125919601316noreply@blogger.com0tag:blogger.com,1999:blog-5084382688775703150.post-50535555967852483092010-04-25T01:43:00.000-07:002010-04-25T01:43:12.315-07:00Doctrine of Utmost Good Faith<p:colorscheme colors="#ffffe1,#000000,#330033,#330033,#cccc99,#ff0000,#990033,#b2b2b2"></p:colorscheme><div class="O" v:shape="_x0000_s1026"> <div style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "100 20 0"; mso-margin-left-alt: 216;"><span style="font-size: 133%;"><span style="color: #b2b2b2; font-family: Wingdings; font-size: 90%; left: -3.45%; mso-color-index: 7; mso-special-format: bullet; position: absolute; top: .1em;">n</span></span><span lang="EN-GB"><div style="text-align: justify;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><b>Doctrine of utmost most good faith</b> means that each party to a </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">proposed contract is under a duty to disclose to the other all </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">information which would influence his decision to enter into </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">the contract, whether such information is requested or not. <span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">Failure to disclose material information gives the other party </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">the right to avoid the contract. </span></span></span></span></div><div style="text-align: justify;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></span></span></span></div><div style="text-align: justify;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><p:colorscheme colors="#ffffe1,#000000,#330033,#330033,#cccc99,#ff0000,#990033,#b2b2b2"><div class="O" v:shape="_x0000_s1026"> <div style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "90 20 0"; mso-margin-left-alt: 216;"><span style="font-size: 133%;"><span style="color: #b2b2b2; font-family: Wingdings; font-size: 90%; left: -3.51%; mso-color-index: 7; mso-special-format: bullet; position: absolute; top: .1em;">n</span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">The duty to disclose all the material facts or information rests </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">more heavily on the insured than the insurer because the </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">insured knows more about the subject matter of the insurance. <span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">Insurance contract is based upon mutual trust and confidence </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">between the insured and and the insurer. That’s why </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">insurance contract is said to be </span></span><span lang="EN-GB"><b><i><span class="Apple-style-span" style="font-family: inherit;">uberrimae fidei</span></i></b></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">, i.e. of the </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">utmost good faith.</span></span></span></span></div><div style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "90 20 0"; mso-margin-left-alt: 216;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></span></span></span></div><div style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "90 20 0"; mso-margin-left-alt: 216;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><p:colorscheme colors="#ffffe1,#000000,#330033,#330033,#cccc99,#ff0000,#990033,#b2b2b2"><div class="O" v:shape="_x0000_s1026"> <div style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "100 20 0"; mso-margin-left-alt: 216;"><span style="font-size: 156%;"><span style="color: #b2b2b2; font-family: Wingdings; font-size: 90%; left: -3.45%; mso-color-index: 7; mso-special-format: bullet; position: absolute; top: .1em;">n</span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">A person is only required to disclose material facts. If </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">a fact is not material, non-disclosure does not affect </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">the validity of the contract. </span></span></div><div><span style="visibility: hidden;"><span style="color: #b2b2b2; left: -4.12%; position: absolute;"><span class="Apple-style-span" style="font-family: inherit;">n</span></span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"> </span></span></div><div><span style="color: #b2b2b2; left: -3.56%; position: absolute; top: 0.1em;"><span class="Apple-style-span" style="font-family: inherit;">n</span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">The test of material facts is whether the facts would </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">influence the mind of a prudent insurer in deciding </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">whether to accept the risk, and if so, at what </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">premium.</span></span></div><div><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></span></div><div><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><p:colorscheme colors="#ffffe1,#000000,#330033,#330033,#cccc99,#ff0000,#990033,#b2b2b2"><div class="O" v:shape="_x0000_s1026"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><b>Case: Goh Chooi Leng v. Public Life Co. Ltd. [1964]</b></span></span></div><div class="O" v:shape="_x0000_s1026"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><p:colorscheme colors="#ffffe1,#000000,#330033,#330033,#cccc99,#ff0000,#990033,#b2b2b2"><div class="O" v:shape="_x0000_s1026"> <div><span style="font-size: 111%;"><span style="font-family: Wingdings; font-size: 90%; left: -3.71%; position: absolute; top: 0.1em;">n</span></span><span lang="EN-GB"><blockquote><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">A</span> life insurance contract was made with the defendant company. The </span><span lang="EN-GB">plaintiff made a false statement in the insurance policy. In the previous </span><span lang="EN-GB">occasion the plaintiff was treated for pulmonary tuberculosis.<span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">But he did not disclose this information in the policy. So, the insurance </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">company denied to pay the insurance money.</span></span></span></blockquote></span></div><div><span style="visibility: hidden;"><span style="left: -4.19%; position: absolute;"><span class="Apple-style-span" style="font-family: inherit;">n</span></span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"> </span></span></div><div><span style="left: -3.56%; position: absolute; top: 0.1em;"><span class="Apple-style-span" style="font-family: inherit;">n</span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><b>Held:</b> The contract is voidable for non-disclosure of material information. </span></span></div><div></div></div></p:colorscheme></span></span></div><div class="O" v:shape="_x0000_s1026"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></span></div><div class="O" v:shape="_x0000_s1026"><span lang="EN-GB" style="color: #330033;"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></span></div></p:colorscheme></span></span></div></div></p:colorscheme></span></span></span></span></div></div></p:colorscheme></span></span></span></span></div></span></div><div style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "100 50 0"; mso-margin-left-alt: 216;"></div></div>rInhttp://www.blogger.com/profile/05649315125919601316noreply@blogger.com0tag:blogger.com,1999:blog-5084382688775703150.post-9425414872675585682010-04-25T01:37:00.000-07:002010-04-25T01:37:34.328-07:00Nanyang Insurance Co. Ltd. v. Salbiah & Anor<blockquote>A car was bought on behalf of a company. The company then entered into negotiations to sell the car to the purchaser. The terms of the proposed sale in the written contract included the obligation of the purchaser to make an initial payment and thereafter to continue paying for the car in instalments. The parties varied this term by oral agreement when the purchaser did not make this initial payment in full by allowing him to make this initial payment in instalments. The car was involved in an accident and judgment was obtained against the driver of the car who was the purchaser. The insurance company disputed liability for the claim against them to honour the judgment obtained as they argued that the seller of the car no longer had any insured interest with the proposed sale of the car and as such, the insurance policy has lapsed.</blockquote><p:colorscheme colors="#ffffe1,#000000,#330033,#330033,#cccc99,#ff0000,#990033,#b2b2b2"></p:colorscheme><div class="O" v:shape="_x0000_s1026"> <div style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "90 20 0"; mso-margin-left-alt: 216;"><span style="font-size: 111%;"><span style="color: #b2b2b2; font-family: Wingdings; font-size: 90%; left: -3.45%; mso-color-index: 7; mso-special-format: bullet; position: absolute; top: .1em;">n</span></span><span lang="EN-GB"><div style="text-align: justify;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><b>Held:</b> A had insurable interest in the car on the day of accident and the car </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">was driven by B with the permission of A. <span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">In this Nanyang case, the ownership has not been transferred from A to B. </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">Thus A still has insurable interest in the car.</span></span></span></span></div><div style="text-align: justify;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></span></span></span></div><div style="text-align: justify;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></span></span></span></div><div style="text-align: justify;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">Source page :<a href="http://www.commonlii.org/my/journals/JMCL/2002/2.html">http://www.commonlii.org/my/journals/JMCL/2002/2.html</a></span></span></span></span></div></span></div></div>rInhttp://www.blogger.com/profile/05649315125919601316noreply@blogger.com1tag:blogger.com,1999:blog-5084382688775703150.post-92019864348272478192010-04-25T01:27:00.000-07:002010-04-25T01:28:47.842-07:00Income Tax<p:colorscheme colors="#ffffff,#000000,#5f5f5f,#006633,#cc9900,#3b812f,#996600,#afbf39"></p:colorscheme><div v:shape="_x0000_s1026"><div class="O" style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "80 20 0"; mso-margin-left-alt: 216;"><span style="font-size: 144%;"><span style="color: #cc9900; left: -4.1%; position: absolute; text-align: justify; top: 0.49em;"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">n</span></span></span></span><span class="Apple-style-span" style="font-family: inherit;"></span><br />
<span class="Apple-style-span" style="font-family: inherit;"><div class="separator" style="clear: both; text-align: center;"><a href="http://im.in.com/connect/images/profile/b_profile3/Income_Tax_300.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="http://im.in.com/connect/images/profile/b_profile3/Income_Tax_300.jpg" width="266" /></a></div><div style="text-align: justify;"><b><br />
</b></div><div style="text-align: justify;"><b>What is income tax?</b></div></span></div><div class="O1" style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "80 20 0"; mso-margin-left-alt: 422; mso-text-indent-alt: 217; text-align: justify;"><span style="color: #3b812f; left: -4.06%; position: absolute; text-align: justify; top: 0.61em;"><span class="Apple-style-span" style="font-family: inherit;">q</span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">When tax is levied on the income of a person it is called income tax. <span class="Apple-style-span" style="white-space: nowrap;">If there is no income, there is no income tax. <span class="Apple-style-span" style="white-space: normal;">There are different types of income upon which tax is imposed, such as business income, employment income, rental income, dividends, interest, royalties etc. <span class="Apple-style-span" style="font-family: inherit;">In Malaysia, income tax is imposed, assessed and </span><span class="Apple-style-span" style="font-family: inherit;">collected under the Income Tax Act (ITA) 1967.</span></span></span></span></span></div><div class="O1" style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "80 20 0"; mso-margin-left-alt: 422; mso-text-indent-alt: 217; text-align: justify;"></div><div class="O1" style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "80 20 0"; mso-margin-left-alt: 422; mso-text-indent-alt: 217; text-align: justify;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="white-space: nowrap;"><span class="Apple-style-span" style="white-space: normal;"><span class="Apple-style-span" style="font-family: inherit;"><p:colorscheme colors="#ffffff,#000000,#5f5f5f,#006633,#cc9900,#3b812f,#996600,#afbf39"></p:colorscheme></span></span></span></span></span><br />
<span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="white-space: nowrap;"><span class="Apple-style-span" style="white-space: normal;"><span class="Apple-style-span" style="font-family: inherit;"><div v:shape="_x0000_s1026"><div class="O" style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "100 20 0"; mso-margin-left-alt: 216;"><span style="font-size: 167%;"><span style="color: #cc9900; font-family: Wingdings; font-size: 65%; left: -3.96%; position: absolute; top: 0.49em;">n</span></span><span class="Apple-style-span" style="font-family: inherit;"><b>Section 3 of ITA 1967:</b></span></div><div class="O1"><span style="visibility: hidden;"><span style="color: #3b812f; left: -3.91%; position: absolute;"><span class="Apple-style-span" style="font-family: inherit;">q</span></span></span><span class="Apple-style-span" style="font-family: inherit;"> </span></div><div class="O1"><span style="color: #3b812f; left: -3.63%; position: absolute; top: 0.61em;"><span class="Apple-style-span" style="font-family: inherit;">q</span></span><span class="Apple-style-span" style="font-family: inherit;">A tax known as income tax shall be charged for each year of assessment upon the </span><b><u><span class="Apple-style-span" style="font-family: inherit;">income</span></u></b><span class="Apple-style-span" style="font-family: inherit;"> of any </span><u><span class="Apple-style-span" style="font-family: inherit;"><b>person</b></span></u><span class="Apple-style-span" style="font-family: inherit;"><b> </b></span><u><span class="Apple-style-span" style="font-family: inherit;"><b>accruing</b></span></u><span class="Apple-style-span" style="font-family: inherit;"> in or </span><u><span class="Apple-style-span" style="font-family: inherit;"><b>derived</b></span></u><span class="Apple-style-span" style="font-family: inherit;"> from Malaysia or<b> </b></span><b><u><span class="Apple-style-span" style="font-family: inherit;">received </span></u></b><u><span class="Apple-style-span" style="font-family: inherit;"><b>in Malaysia from </b></span></u><u><span class="Apple-style-span" style="font-family: inherit;"><b>outside Malaysia(foreign source income).</b></span></u></div><div class="O" style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "100 50 0"; mso-margin-left-alt: 216;"></div></div></span></span></span></span></span></div><div class="O" style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "80 50 0"; mso-margin-left-alt: 216;"></div></div>rInhttp://www.blogger.com/profile/05649315125919601316noreply@blogger.com0tag:blogger.com,1999:blog-5084382688775703150.post-53005991038325587752010-04-25T01:21:00.000-07:002010-04-25T01:21:24.495-07:00The Inland Revenue Board (IRB)<p:colorscheme colors="#ffffff,#000000,#5f5f5f,#006633,#cc9900,#3b812f,#996600,#afbf39"><span class="Apple-style-span" style="font-family: inherit;"> </span></p:colorscheme><div v:shape="_x0000_s1026"> <div class="O"><span style="color: #cc9900; left: -3.9%; position: absolute; text-align: justify; top: 0.49em;"><span class="Apple-style-span" style="font-family: inherit;">n</span></span><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: inherit;">Prior to March 1996, known as the Department of Inland Revenue Malaysia (under the Ministry of Finance). Became a Statutory Board on the 1st of March, 1996. <span class="Apple-style-span" style="font-family: inherit;">Generally speaking the </span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">Inland Revenue Board (IRB) is responsible for:</span></span></span></div></div><div class="O1"><span style="color: #3b812f; left: -3.47%; position: absolute; text-align: justify; top: 0.61em;"><span class="Apple-style-span" style="font-family: inherit;">q</span></span><span lang="EN-GB"><div style="text-align: justify;"><ul><li><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">formulation of new tax policies for both the private and public </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">sectors,</span></span></li>
<li>tax collection; and</li>
<li><span class="Apple-style-span" style="font-size: 29px;"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">compliance enforc</span></span><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">ement.</span></span></span></li>
</ul><div><br />
</div><div><b>Functions of IRB:</b></div><div><p:colorscheme colors="#ffffff,#000000,#5f5f5f,#006633,#cc9900,#3b812f,#996600,#afbf39"><div class="O" v:shape="_x0000_s1026"> <div style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "80 20 0"; mso-margin-left-alt: 216;"><span style="font-size: 106%;"><span style="color: #cc9900; font-family: Wingdings; font-size: 65%; left: -3.73%; mso-color-index: 4; mso-special-format: bullet; position: absolute; top: .49em;">n</span></span><span lang="EN-GB"><ul><li><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">Act as an agent of the Malaysian Government and to provide services in </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">administering, assessing, collecting and enforcing payment of taxes under the </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">IRB.</span></span></li>
<li><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">Advice the Malaysian Government on matters relating to taxation and to liase </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">with the appropriate Ministries and statutory bodies on such matters;</span></span></li>
<li>Participate in or outside Malaysia in respect of matters relating to taxation;</li>
<li><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">Perform such other functions as are conferred on the Board by any other </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">written law;</span></span></li>
<li><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">Act as a collection agent for and on behalf of any body for the recovery of </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">loans due for repayment to that body under any written law.</span></span></li>
</ul><div>Taxes Under IRB:</div><div><p:colorscheme colors="#ffffff,#000000,#5f5f5f,#006633,#cc9900,#3b812f,#996600,#afbf39"><div v:shape="_x0000_s1026"><div class="O"><ul><li><span class="Apple-style-span" style="font-family: inherit;">Income Tax</span><span style="mso-tab-count: 3; width: 25.34%;"><span class="Apple-style-span" style="font-family: inherit;"> Income </span></span></li>
<ul><li><span style="mso-tab-count: 3; width: 25.34%;"><span class="Apple-style-span" style="font-family: inherit;">Tax Act 1967 </span></span></li>
<li><span style="mso-tab-count: 3; width: 25.34%;"><span class="Apple-style-span" style="font-family: inherit;">Promotion of Investment Act 1986 </span></span></li>
<li><span style="mso-tab-count: 3; width: 25.34%;"><span class="Apple-style-span" style="font-family: inherit;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">Labuan Offshore Business </span></span></span></span></li>
<li><span style="mso-tab-count: 3; width: 25.34%;"><span class="Apple-style-span" style="font-family: inherit;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">Activity Tax Act 1990</span></span></span></span></li>
</ul><li><span class="Apple-style-span" style="font-family: inherit;">Petroleum income tax</span><span style="mso-tab-count: 1; width: 7.91%;"><span class="Apple-style-span" style="font-family: inherit;"> </span></span></li>
<ul><li><span class="Apple-style-span" style="font-family: inherit;">Petroleum (Income Tax) Act 1967</span></li>
</ul><li><span class="Apple-style-span" style="font-family: inherit;">Real Property Gains </span></li>
<ul><li><span class="Apple-style-span" style="font-family: inherit;"><p:colorscheme colors="#ffffff,#000000,#5f5f5f,#006633,#cc9900,#3b812f,#996600,#afbf39"><div class="O" v:shape="_x0000_s1026"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">Real Property Gains Tax 1976</span></span></div></p:colorscheme></span></li>
</ul><li><span class="Apple-style-span" style="font-family: inherit;">Estate Duties</span><span style="mso-tab-count: 3; width: 22.77%;"><span class="Apple-style-span" style="font-family: inherit;"> </span></span></li>
<ul><li><span class="Apple-style-span" style="font-family: inherit;">Estate Duty Ordinance</span></li>
</ul><li><span class="Apple-style-span" style="font-family: inherit;">Stamp Duties</span><span style="mso-tab-count: 3; width: 22.26%;"><span class="Apple-style-span" style="font-family: inherit;"> </span></span></li>
<ul><li><span class="Apple-style-span" style="font-family: inherit;">Stamp Act 1949 </span></li>
</ul></ul><div><p:colorscheme colors="#ffffff,#000000,#5f5f5f,#006633,#cc9900,#3b812f,#996600,#afbf39"><div class="O" v:shape="_x0000_s1026"> <div style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "100 50 0";"></div></div></p:colorscheme></div></div><div class="O" style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "100 50 0";"></div></div></p:colorscheme></div></span></div></div></p:colorscheme></div></div></span></div><div class="O" style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "90 50 0"; mso-margin-left-alt: 216;"></div></div>rInhttp://www.blogger.com/profile/05649315125919601316noreply@blogger.com0tag:blogger.com,1999:blog-5084382688775703150.post-12015979241569496682010-04-25T01:08:00.000-07:002010-04-25T01:08:01.140-07:00Tax<div class="separator" style="clear: both; text-align: center;"><a href="http://www.mediabistro.com/agencyspy/original/TaxCuts_h-726000.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="280" src="http://www.mediabistro.com/agencyspy/original/TaxCuts_h-726000.jpg" width="320" /></a></div><br />
<div style="text-align: justify;">What is TAX?</div><div style="text-align: justify;"><br />
</div><p:colorscheme colors="#ffffff,#000000,#5f5f5f,#006633,#cc9900,#3b812f,#996600,#afbf39"></p:colorscheme><div class="O" v:shape="_x0000_s1026"> <div style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-line-spacing: "100 20 0"; mso-margin-left-alt: 216;"><span style="font-size: 167%;"><span style="color: #cc9900; font-family: Wingdings; font-size: 65%; left: -4.03%; position: absolute; text-align: justify; top: 0.49em;">n</span></span><span lang="EN-GB"><div style="text-align: justify;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">A sum of money paid by the citizens to the </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">government on the income or value of purchases </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">of certain specific goods and services. <span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">The purpose is to bear government expenditure </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">and to undertake development projects.</span></span></span></span></div><div style="text-align: justify;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></span></span></span></div><div style="text-align: justify;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></span></span></span></div><div style="text-align: justify;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">Why TAX?</span></span></span></span></div><div style="text-align: justify;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></span></span></span></div><div style="text-align: justify;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">In Malaysia, tax is the main contributor to the Federal Government’s revenue. <span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">In year 2003, tax contributed RM64,891 million or approximately 70.1% of </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">the Federal Government’s revenue.</span></span></span></span></span></span></div><p:colorscheme colors="#ffffff,#000000,#5f5f5f,#006633,#cc9900,#3b812f,#996600,#afbf39"><div v:shape="_x0000_s1026"> <div class="O"><span style="color: #cc9900; left: -4.14%; position: absolute; text-align: justify; top: 0.49em;"><span class="Apple-style-span" style="font-family: inherit;">n</span></span><span lang="EN-GB"><div style="text-align: justify;"><br />
</div></span><span lang="EN-GB"><div style="text-align: justify;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">Tax revenue constituted direct taxes amounting to RM43,016 million and </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">indirect taxes of RM21,875 million. </span></span></div></span></div><div class="O1"><span style="visibility: hidden;"><span style="color: #3b812f; left: -4.1%; position: absolute;"><span class="Apple-style-span" style="font-family: inherit;">q</span></span></span><span lang="EN-GB"><u><span class="Apple-style-span" style="font-family: inherit;"> </span></u></span></div><div class="O1"><span style="color: #3b812f; left: -3.55%; position: absolute; text-align: justify; top: 0.61em;"><span class="Apple-style-span" style="font-family: inherit;">q</span></span><span lang="EN-GB"><div style="text-align: justify;"><ul><li><span lang="EN-GB"><u><span class="Apple-style-span" style="font-family: inherit;">Direct taxes</span></u></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"> include </span></span><span lang="EN-GB"><b><u><span class="Apple-style-span" style="font-family: inherit;">income tax</span></u></b></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">, petroleum income tax, stamp </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">duties and real property gains tax.</span></span></li>
</ul></div></span></div><div class="O1"><span style="color: #3b812f; left: -3.47%; position: absolute; text-align: justify; top: 0.61em;"><span class="Apple-style-span" style="font-family: inherit;">q</span></span><span lang="EN-GB"><div style="text-align: justify;"><ul><li><span lang="EN-GB"><u><span class="Apple-style-span" style="font-family: inherit;">Indirect taxes</span></u></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"> include import duties, export duties, excise duties, </span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;">sales tax and service tax.</span></span></li>
</ul></div></span></div></div></p:colorscheme><div style="text-align: justify;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></span></span></span></div></span></div></div>rInhttp://www.blogger.com/profile/05649315125919601316noreply@blogger.com0tag:blogger.com,1999:blog-5084382688775703150.post-55822979589626030652010-04-25T00:59:00.000-07:002010-04-25T00:59:42.592-07:00Insurable Interest<p:colorscheme colors="#ffffe1,#000000,#330033,#330033,#cccc99,#ff0000,#990033,#b2b2b2"><span class="Apple-style-span" style="font-family: inherit;"> </span></p:colorscheme><div class="O" style="text-align: justify;" v:shape="_x0000_s1026"><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;">An “insurable interest” means an interest (financial or otherwise) in the subject matter of a contract of insurance, which provides the </span></span><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;">insured with the right to enforce the contract.</span></span></div><div class="O" style="text-align: justify;" v:shape="_x0000_s1026"><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span></span></div><div class="O" style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-margin-left-alt: 216;" v:shape="_x0000_s1026"><span lang="EN-US" style="font-size: 24pt; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-hansi-font-family: Arial;"><p:colorscheme colors="#ffffe1,#000000,#330033,#330033,#cccc99,#ff0000,#990033,#b2b2b2"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;"> </span></span><div class="O" style="text-align: justify;" v:shape="_x0000_s1026"><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">A person who would suffer pecuniary loss if property was destroyed could be said to have an </span></span></span><span lang="EN-US"><b><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">insurable interest</span></span></b></span><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;"> in the property. If no </span></span></span><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">insurable interest exists, then the contract of insurance is void. </span></span></span></div><div class="O" style="text-align: justify;" v:shape="_x0000_s1026"><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;"><br />
</span></span></span></div><div class="O" style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-margin-left-alt: 216;" v:shape="_x0000_s1026"><span lang="EN-US" style="font-size: 24pt; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-hansi-font-family: Arial;"><p:colorscheme colors="#ffffe1,#000000,#330033,#330033,#cccc99,#ff0000,#990033,#b2b2b2"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;"> </span></span><div class="O" style="text-align: justify;" v:shape="_x0000_s1026"><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">The amount of the insurable interest is the amount of the pecuniary loss which the insured would suffer as a result of the occurrence of the event insured against, </span></span></span><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">for example, loss or damage to a house cause by fire.</span></span></span></div><div class="O" style="text-align: justify;" v:shape="_x0000_s1026"><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;"><br />
</span></span></span></div><div class="O" style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-margin-left-alt: 216;" v:shape="_x0000_s1026"><span lang="EN-US" style="font-size: 20pt; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-hansi-font-family: Arial;"><p:colorscheme colors="#ffffe1,#000000,#330033,#330033,#cccc99,#ff0000,#990033,#b2b2b2"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;"> </span></span><div class="O" style="text-align: justify;" v:shape="_x0000_s1026"><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">An owner has an insurable interest in his own property, for example, his house or car. Where the ownership has been transferred to a buyer, the seller would no </span></span></span><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">longer have an insurable interest in the subject matter.</span></span></span></div><div class="O" style="text-align: justify;" v:shape="_x0000_s1026"><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;"><br />
</span></span></span></div><div class="O" style="mso-char-wrap: 1; mso-kinsoku-overflow: 1; mso-margin-left-alt: 216;" v:shape="_x0000_s1026"><span lang="EN-US" style="font-size: 20pt; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-hansi-font-family: Arial;"><p:colorscheme colors="#ffffe1,#000000,#330033,#330033,#cccc99,#ff0000,#990033,#b2b2b2"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;"> </span></span><div class="O" style="text-align: justify;" v:shape="_x0000_s1026"><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">A creditor is also regarded as having an interest on the life of his debtor to the extent of the debt.</span></span></span></div><div class="O" style="text-align: justify;" v:shape="_x0000_s1026"><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;"><br />
</span></span></span></div><p:colorscheme colors="#ffffe1,#000000,#330033,#330033,#cccc99,#ff0000,#990033,#b2b2b2"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;"> </span></span><div v:shape="_x0000_s1026"> <div class="O"><span style="color: #b2b2b2; left: -3.65%; position: absolute; text-align: justify; top: 0.1em;"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">n</span></span></span><span lang="EN-US"><div style="text-align: justify;"><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">In life assurance, a person has an insurable interest in his own life and </span></span></span><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">limb. In addition, section 152(2) of the Insurance Act 1996 states that:</span></span></span></div></span></div><div class="O" style="text-align: justify;"><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;"><br />
</span></span></span></div><div class="O1"><span style="color: #cccc99; left: -3.19%; position: absolute; text-align: justify; top: 0.3em;"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">n</span></span></span><span lang="EN-GB"><div style="text-align: justify;"><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;"> "A person shall be deemed to have insurable interest in relation to </span></span></span><span lang="EN-GB"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">another person if that other person is –</span></span></span></div></span></div><div class="O1"><span style="color: #cccc99; left: -3.06%; position: absolute; text-align: justify; top: 0.3em;"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">n</span></span></span><span lang="EN-US"><div style="text-align: justify;"><ul><li><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">his spouse, child or ward being under the age of majority at the time </span></span></span><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">the insurance is effected;</span></span></span></li>
</ul></div></span></div><div class="O1"><span style="color: #cccc99; left: -3.54%; position: absolute; text-align: justify; top: 0.3em;"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">n</span></span></span><span lang="EN-US"><div style="text-align: justify;"><ul><li><span class="Apple-style-span" style="font-size: medium;">his employee; or</span></li>
</ul></div></span></div><div class="O1"><span style="color: #cccc99; left: -3.01%; position: absolute; text-align: justify; top: 0.3em;"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">n</span></span></span></div></div></p:colorscheme><div class="O" style="text-align: justify;" v:shape="_x0000_s1026"><ul><li><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">notwithstanding paragraph (a), a person on whom he is at the time of </span></span></span><span lang="EN-US"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;">the insurance is effected, wholly or partly, dependent.</span></span></span><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-size: medium;"> "</span></span></li>
</ul></div></p:colorscheme></span></div></p:colorscheme></span></div></p:colorscheme></span></div></p:colorscheme></span></div>rInhttp://www.blogger.com/profile/05649315125919601316noreply@blogger.com1tag:blogger.com,1999:blog-5084382688775703150.post-2045458197190165422010-04-15T23:24:00.000-07:002010-04-15T23:24:45.237-07:00Types of Companies<div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Types of Companies</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br />
</span></div><div><ul><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Main Categories</span></li>
<ol><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Private Company</span></li>
<div class="separator" style="clear: both; text-align: left;"><a href="http://giftnlogo.com/V1/images/GNLGiftSdnBhd.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="150" src="http://giftnlogo.com/V1/images/GNLGiftSdnBhd.jpg" width="200" /></a></div><ul><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Cannot sell shares to general public</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">The name end with Sdn. Bhd. (Sendirian Berhad)</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Example: Gift and Logo Sdn.Bhd.</span></li>
</ul><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Public Company</span></li>
<div class="separator" style="clear: both; text-align: left;"><a href="http://www.biocrawler.com/w/images/b/bd/PublicBankBerhadWingOnHouse.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="150" src="http://www.biocrawler.com/w/images/b/bd/PublicBankBerhadWingOnHouse.jpg" width="200" /></a></div><ul><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Raise capital by selling shares </span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Run by a board of directors elected by shareholders</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">The name end with Bhd. (Berhad)</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Example: Public Bank Berhad</span></li>
</ul></ol><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Based on Liability</span></li>
<ol><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Company Limited by Shares</span></li>
<ul><li style="text-align: justify;"><span lang="EN-GB" style="line-height: 115%;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Liability of the members are limited by shares in the memorandum</span></span></li>
<li style="text-align: justify;"><span lang="EN-GB" style="line-height: 115%;"><span lang="EN-GB" style="line-height: 115%;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">A member cannot be asked to pay more than the amount unpaid on his shares when the company is wound up</span></span></span></li>
<li style="text-align: justify;"><span lang="EN-GB" style="line-height: 115%;"><span lang="EN-GB" style="line-height: 115%;"><span lang="EN-GB" style="line-height: 115%;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">If he has paid in full for his shares, he cannot be asked for any further contribution</span></span></span></span></li>
</ul><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Company Limited by Guarantee</span></li>
<ul><li style="text-align: justify;"><span lang="EN-GB" style="line-height: 115%;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">A member needs only to contribute the amount he agreed to guarantee</span></span></li>
</ul><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Company Limited by Shares and Guarantee</span></li>
<ul><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Mix of both Company Limited by Shares and Company Limited by Guarantee</span></li>
</ul><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Unlimited Company</span></li>
<ul><li style="text-align: justify;"><span lang="EN-GB" style="line-height: 115%;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">The liability of the members to contribute to the assets of the company on winding up is not limited in any way</span></span></li>
<li style="text-align: justify;"><span lang="EN-GB" style="line-height: 115%;"><span lang="EN-GB" style="line-height: 115%;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">The members will be liable to pay all the debts of the company</span></span></span></li>
</ul></ol></ul><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="line-height: 18px;">For more references, visit: <span class="Apple-style-span" style="font-family: 'Times New Roman'; line-height: normal;"><a href="http://www.kpmg.com.my/kpmg/publications/tax/I_M/Chapter2.pdf">http://www.kpmg.com.my/kpmg/publications/tax/I_M/Chapter2.pdf</a></span></span></span></div></div>rInhttp://www.blogger.com/profile/05649315125919601316noreply@blogger.com0tag:blogger.com,1999:blog-5084382688775703150.post-14306195465106992802010-04-15T22:33:00.000-07:002010-04-15T22:38:54.362-07:00Formation of Company<div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="background-color: yellow;">Formation of Company</span></span></div><div><ul><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Required Membership</span></li>
<ul><li><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="background-color: yellow;">Two or more person</span><span class="Apple-style-span"><span class="Apple-style-span" style="background-color: white;"> should be associated to form the company</span></span></span></li>
</ul>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Lawful Purpose</span></li>
<ul><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Means that the company that you make is <span class="Apple-style-span" style="background-color: yellow;">legal in front of the law</span>. You cannot create such an illegal company</span></li>
</ul>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Selection of Names</span></li>
<ul><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">The name of the company should be <span class="Apple-style-span" style="background-color: yellow;">meaningful</span>(not vague). </span></li>
</ul>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Subscribing MOA & AOA</span></li>
<ul><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">The person should subscribes their names to MOA</span></li>
<li><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">MOA is Memorandum of A Company, that includes:</span></div><ul><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">the name of the company</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">the objectives of the company </span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">the powers of the company</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">share capital clause</span></li>
</ul></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">AOA is Article of A Company, known as the constitution of the company. It is basically a set of regulations for internal management of the company</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="background-color: yellow;">Doctrine of </span><i><span class="Apple-style-span" style="background-color: yellow;">Ultra Vires</span></i></span></li>
<ul><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">An administrative authority may not act or function in excess of its power. If he acts beyond his power, then his act would be unlawful and invalid</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">However this rule is not applicable in Malaysian company law. Under section 20(1) of the Companies Act an </span><span style="font-style: italic;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">ultra </span></span><span style="font-style: italic;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">vires</span></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"> contract made by the directors of a company becomes valid</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">This section protects the interests of the third parties who make business contracts with the company</span></li>
</ul></ul>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Lodge in Registrar of Companies</span></li>
<ul><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span style="font-family: Arial;">Shall lodge the memorandum and the articles of the company with the Registrar</span></span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span style="font-family: Arial;"><span style="font-family: Arial;">Shall pay the registration fees</span></span></span></li>
</ul>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Issue of Certificate of Incorporation</span></li>
<ul><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">After submitting the MOA & AOA and pay the registration fee, then the registrar will register the company and issues the Certificate of Incorporation</span></li>
</ul></ul></div>rInhttp://www.blogger.com/profile/05649315125919601316noreply@blogger.com0tag:blogger.com,1999:blog-5084382688775703150.post-56884891186367350322010-04-15T21:59:00.000-07:002010-04-15T22:00:52.469-07:00What Is Company?<div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br />
</span> </div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="http://www.hindu.com/biz/2005/06/13/images/2005061300661501.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><img border="0" height="255" src="http://www.hindu.com/biz/2005/06/13/images/2005061300661501.jpg" width="320" /></span></a></div><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br />
</span> <br />
<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Everyone should familiar with company right? But what is company?</span></div><blockquote><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">"A company is a form of business organization"</span></div></blockquote><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Business is activity to provide goods or services at a profit. Every business carried on for the purposes such as trade, commerce, craftmanship, profession must be registered.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br />
</span> </div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">In Malaysia, main statute of Company Law is "Companies Act 1965". The Act enables an association of persons to form various types of corporate organization known as registered company. In addition to protecting the right and interests of shareholders in particular and investors in general, this Act also provides facilities for the incorporation of companies, its constitution, its relation with members and creditors, management and winding-up.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br />
</span> </div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">3 types of business entitled in Malaysia:</span></div><div style="text-align: justify;"></div><ol><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Sole Proprietorship</span></li>
<ul><li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Owned by one person.</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Can have large number of employees</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Simplest form of business organization with minimal legal requirements</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Only Malaysian citizen and permanent resident can register business as sole proprietorship</span></li>
<li style="text-align: justify;"><span style="line-height: 115%;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Registration of Businesses Act 1956 is applicable</span></span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="line-height: 18px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Example: Laundry </span></span></li>
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjD49uWvyFQf2_0p87pJ1g9FVRphUqkJxfLvZJy8Z7gq9HuUJx8sCPZlvsCdSmI256gBXo_vxzO2yPnsy9xQO539jim_T9o8GcTzguW5kBF4BvHlIXPjm3e-SStg2QZAwKoGvgv63Vn538/s1600/lililulu.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjD49uWvyFQf2_0p87pJ1g9FVRphUqkJxfLvZJy8Z7gq9HuUJx8sCPZlvsCdSmI256gBXo_vxzO2yPnsy9xQO539jim_T9o8GcTzguW5kBF4BvHlIXPjm3e-SStg2QZAwKoGvgv63Vn538/s200/lililulu.jpg" width="200" /></span></a></div></ul>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Partnership</span></li>
<ul><li style="text-align: justify;"><span style="line-height: 115%;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">At least two persons agree to carry on a business in common with a view to profit</span></span></li>
<li style="text-align: justify;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">The legalities required to set up a partnership are minimal and is similar to that of sole proprietorship</span></span></span></li>
<li style="text-align: justify;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Does not exist as a separate legal entity</span></span></span></span></li>
<li style="text-align: justify;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Normally spring up between friends</span></span></span></span></span></li>
<li style="text-align: justify;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">However, it is advisable to have a formal Partnership agreement drawn up by a solicitor. The agreement should state the responsibilities of each partner, on what grounds and how the partnership may be terminated and the procedure for dealing with disputes between the partners</span></span></span></span></span></span></li>
<li style="text-align: justify;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span class="Apple-style-span" style="line-height: normal;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Only Malaysian citizen and permanent resident can register business as partnership</span></span></span></span></span></span></span></li>
<li style="text-align: justify;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Partnership Act 1961 applies</span></span></span></span></span></span></li>
<li style="text-align: justify;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Example: Dental Surgery </span></span></span></span></span></span></li>
</ul><div class="separator" style="clear: both; text-align: center;"><a href="http://67.228.37.217/dynFSS/fongandgoh/docs/images22/Entrance_sharp.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><img border="0" height="150" src="http://67.228.37.217/dynFSS/fongandgoh/docs/images22/Entrance_sharp.jpg" width="200" /></span></a></div>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Company</span></li>
<ul><li style="text-align: justify;"><span style="line-height: 115%;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">A company is a legal entity that is separate and distinct from its members and shareholders. When a company is formed, it is said to have become "incorporated"</span></span></li>
<li style="text-align: justify;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">A company is capable of owning property, making contracts, employing people and being sued or of suing</span></span></span></li>
<li style="text-align: justify;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Unlike sole proprietorships or partnerships, companies have continuity of succession, as it is unaffected by the death or incapacity of one or more of its members</span></span></span></span></li>
<li style="text-align: justify;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span style="line-height: 115%;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Example: Sime Darby Berhad </span></span></span></span></li>
<div class="separator" style="clear: both; text-align: center;"><a href="http://lh3.ggpht.com/_3EG3Sk8ruTk/R2x8W34rMQI/AAAAAAAADvY/xLbn9zHHPKk/s1600/Logo+SIME+DARBY.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><img border="0" src="http://lh3.ggpht.com/_3EG3Sk8ruTk/R2x8W34rMQI/AAAAAAAADvY/xLbn9zHHPKk/s320/Logo+SIME+DARBY.jpg" /></span></a></div></ul></ol><div style="text-align: justify;"><span class="Apple-style-span" style="line-height: 18px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br />
</span> </span></div><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br />
</span><br />
<div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br />
</span> </div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Times New Roman', serif;"><br />
</span></div><div class="MsoNormal"><span style="font-family: 'Times New Roman', serif;"><o:p></o:p></span></div>rInhttp://www.blogger.com/profile/05649315125919601316noreply@blogger.com0tag:blogger.com,1999:blog-5084382688775703150.post-5276794776502879922010-04-14T12:06:00.000-07:002010-04-14T12:06:53.985-07:00Sample of Sale of Goods Contract<span class="Apple-style-span" style="font-family: Arial, sans-serif; font-size: 13px;"><pre>Agreement made and entered into this [date] , by and
between [name of seller], of [address]
[city] , [state] , herein referred to as "Seller",
and [name of buyer] , of [address]
[city] , [state] , herein referred to as "Buyer".
Seller hereby agrees to transfer and deliver to buyer, on
or before [date] , the following goods:
Buyer agrees to accept the goods and pay for them in
accordance with the terms of the contract.
Buyer and Seller agree that identification shall not be
deemed to have been made until both parties have agreed that
the goods in question are to be appropriated and fulfill the
requirements of performance of said contract with the buyer.
Buyer agrees to pay for the goods at the time they are
delivered and at the place where he receives said goods.
Goods shall be deemed received by buyer when delivered to
address of buyer as herein described.
Until such time as said goods have been received by buyer,
all risk of loss from any causualty to said goods shall be
on seller.
Seller warrants that the goods are now free from any
security interest or other lien or encumbrance, that they
shall be free from same at the time of delivery, and that
he neither knows nor has reason to know of any outstanding
title or claim of title hostile to his rights in the goods.
Buyer has the right to examine the goods on arrival and has
[number] of days to notify seller of any claim for damages
on account of the condition, grade or quality of the goods.
That said notice must specifically set forth the basis of
his claim, and that his failure to either notice seller
within the stipulated period of time or to set forth
specifically the basis of his claim will constitute
irrevocable acceptance of the goods.
This agreement has been executed in duplicate, whereby both
buyer and seller have retained one copy each, on [date] .
______________________________
______________________________
[Signatures]</pre><pre></pre><pre></pre><pre></pre><pre>*Source: <span class="Apple-style-span" style="font-family: Arial, sans-serif; white-space: normal;"><a href="http://www.formsguru.com/forms/legal-forms/congood2.html">http://www.formsguru.com/forms/legal-forms/congood2.html</a></span></pre></span>rInhttp://www.blogger.com/profile/05649315125919601316noreply@blogger.com0tag:blogger.com,1999:blog-5084382688775703150.post-25207450327826705642010-04-14T11:07:00.000-07:002010-04-14T11:07:04.607-07:00Exercise on Company Law<div style="text-align: auto;"><div style="text-align: center;"> </div><div style="text-align: center;"><b><span class="Apple-style-span" style="font-size: x-large;">Exercise on Company Law</span></b></div><div style="text-align: center;"><span class="Apple-style-span" style="font-size: xx-large;"><b><br />
</b></span></div></div><center> <br />
<br />
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .75pt; mso-cellspacing: 0in; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt; mso-table-layout-alt: fixed;"><tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;"> <td style="background: white; height: 15.0pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 23.78%;" valign="top" width="23%"><div class="MsoNormal"><div style="text-align: center;">Question No.<o:p></o:p></div></div></td> <td style="background: white; height: 15.0pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 22.46%;" width="22%"><div class="MsoNormal"><div style="text-align: center;">Student ID<o:p></o:p></div></div></td> <td style="background: white; height: 15.0pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 53.76%;" width="53%"><div class="MsoNormal"><div style="text-align: center;">Name<o:p></o:p></div></div></td> </tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;"> <td style="background: white; height: 15.0pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 23.78%;" valign="top" width="23%"><div class="MsoNormal"><div style="text-align: center;">1<o:p></o:p></div></div></td> <td style="background: white; height: 15.0pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 22.46%;" width="22%"><div class="MsoNormal"><div style="text-align: center;">1071113157<o:p></o:p></div></div></td> <td style="background: white; height: 15.0pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 53.76%;" width="53%"><div class="MsoNormal">GAZZAZ, YAHYA AHMED Y<o:p></o:p></div></td> </tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;"> <td style="background: white; height: 15.0pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 23.78%;" valign="top" width="23%"><div class="MsoNormal"><div style="text-align: center;">2<o:p></o:p></div></div></td> <td style="background: white; height: 15.0pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 22.46%;" width="22%"><div class="MsoNormal"><div style="text-align: center;">1051107981<o:p></o:p></div></div></td> <td style="background: white; height: 15.0pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 53.76%;" width="53%"><div class="MsoNormal">RIRIN YUSTIKARINI<o:p></o:p></div></td> </tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;"> <td style="background: white; height: 15.0pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 23.78%;" valign="top" width="23%"><div class="MsoNormal"><div style="text-align: center;">3<o:p></o:p></div></div></td> <td style="background: white; height: 15.0pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 22.46%;" width="22%"><div class="MsoNormal"><div style="text-align: center;">1041111392<o:p></o:p></div></div></td> <td style="background: white; height: 15.0pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 53.76%;" width="53%"><div class="MsoNormal">HAFIZAH BINTI SHAM<o:p></o:p></div></td> </tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;"> <td style="background: white; height: 15.0pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 23.78%;" valign="top" width="23%"><div class="MsoNormal"><div style="text-align: center;">4<o:p></o:p></div></div></td> <td style="background: white; height: 15.0pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 22.46%;" width="22%"><div class="MsoNormal"><div style="text-align: center;">1061110877<o:p></o:p></div></div></td> <td style="background: white; height: 15.0pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 53.76%;" width="53%"><div class="MsoNormal">JERRY OLUSEGUN OJO<o:p></o:p></div></td> </tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;"> <td style="background: white; height: 15.0pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 23.78%;" valign="top" width="23%"><div class="MsoNormal"><div style="text-align: center;">5<o:p></o:p></div></div></td> <td style="background: white; height: 15.0pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 22.46%;" width="22%"><div class="MsoNormal"><div style="text-align: center;">1071120419<o:p></o:p></div></div></td> <td style="background: white; height: 15.0pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 53.76%;" width="53%"><div class="MsoNormal">MOHD AZRUL BIN NORDIN<o:p></o:p></div></td> </tr>
</tbody></table></center><br />
<br />
<blockquote><div style="text-align: justify;"><br />
Ben and Gary are the subscribers of Sporty Sdn. Bhd., a company that imports sport equipments from China to Malaysia. After two years of successful business, the company decides to buy 70% of shares at Promo Sdn. Bhd. another local company that does the promotion and distribution works for Sporty Sdn. Bhd. in Malaysia. The other 30% shares were retained by Lim and Leong, both the original subscribers of Promo Sdn Bhd. On this outset, please discuss the legal issues and their solution according to the Malaysian company laws that you have learned:</div></blockquote><br />
<div class="MsoNormal" style="text-align: justify;"><b>Question 1</b></div><div class="MsoNormal" style="text-align: justify;"><b>Memorandum and Articles of Association are vital documents for every company. Explain the nature and function of each of Memorandum of Association and Articles of Association.</b></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;">The internal 'rule book' that, according to corporate legislation, every incorporated firm must have and work by. And which, along with memorandum of association, forms the constitution of a firm. Also called articles, it is a contract (1) between the members (stockholders, subscribers) and the firm and (2) among the members themselves. It sets out the rights and duties of directors and stockholders individually and in meetings. Certain statutory (obligatory) clauses (such as those dealing with allotment, transfer, and forfeiture of shares) must be included; the other (non-obligatory) clauses are chosen by the stockholders to make up the bylaws of the firm. A court, however, may declare a clause ultra vireos if it is deemed unfair, unlawful, or unreasonable. A copy of the articles is lodged with the appropriate authority such as the registrar of companies. Articles are public documents and may be inspected by anyone (usually on payment of a fee) either at the premises of the firm and/or at the registrar's office. Lenders to the firm take special interest in its provisions that impose a ceiling on the borrowings beyond which the firm's management must get stockholders' approval before taking on more debt.</div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><o:p> </o:p></div><div class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><question 2=""><o:p></o:p></question></b></div><div class="MsoNormal" style="text-align: justify;"><b>Question 2</b></div><div class="MsoNormal" style="text-align: justify;"><b>Sporty Sdn. Bhd. made a contract with ChinaSport Corp (a Chinese company) to supply gymnastic equipments to Kuala Lumpur. Unknown to Gary, Ben had made a prior back agreement with ChinaSport Corp to allocate some shares of ChinaSport Corp to Ben personally as a gift for his role in concluding the contract with Sporty Sdn. Bhd. Gary only knew this later and he asked if there is anything he could do against Ben. Please advise him and support your answer with relevant decided case law.</b></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><u>Solution<o:p></o:p></u></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;">Ben is one of the subscribers of Sporty Sdn. Bhd. Here, Ben made a contract with ChinaSport Corp where Sporty Sdn. Bhd. also has made a contract. Ben will receive an amount of profit in behalf of his position in Sporty SDN. BHD. and also he will get profit personally from ChinaSport Corp. This is make Ben has more profit than Gary. </div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;">Gary can dismiss Ben from Sporty Sdn. Bhd. because Ben’s personal share conflicted with his duty as a company subscriber. As a company subscriber, Ben should avoid that kind of contract. Gary also can sue Ben for what he did. Gary can make an action to recover the amount that Ben had received. </div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><u>Relevant Case Law<o:p></o:p></u></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;">Boston Deep Sea Fishing and Ice Co v Ansell (1888)</div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;">Ansell was the managing director of the plaintiff. He ordered the construction of two new fishing boats for the company. Unknown to the plaintiff, the shipbuilders paid Ansell a commission on the orders. In addition, Ansell accepted payments from two other companies (in both of which he held shares), with which he placed orders on behalf of the plaintiff. When the company found out, Ansell was dismissed and the company brought an action to recover the amount of the bribes, in which they were successful.</div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><o:p> <b style="mso-bidi-font-weight: normal;"><o:p> </o:p></b></o:p></div><div class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><question 3=""><o:p></o:p></question></b></div><div class="MsoNormal" style="text-align: justify;"><b>Question 3</b></div><div class="MsoNormal" style="text-align: justify;"><b>In undertaking the promotion activities, Promo Sdn. Bhd. had received loan amounting to RM 1million, that is currently outstanding (overdue) and exceeds the assets of Promo Sdn. Bhd. Bank Putri Berhad (the creditor) seeks to claim for the repayment from all the company’s owners, i.e. Sporty Sdn. Bhd., Lim and Leong. Please explain to them the law on this and who should be liable to pay the debt in this situation. Please support your answer with relevant decided case law.</b></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><u>Solution<o:p></o:p></u></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;">In this case all of the shareholders which is known as their partnership should liable to pay the debt to save their business. They will have to liable for debts of the partnership even if it is caused by the actions of other partners. With the unlimited liability, each partner is also liable to use their private resources to meet the partnership's debts. Based on the Companies Act 1965, the word 'company' means is a corporate body or corporation. A corporation is an artificial legal person that exists independently of the individuals who at any given time are the members of the corporate body. </div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><u>Relevant Case Law<o:p></o:p></u></div><div class="MsoNormal" style="text-align: justify;"><b><u><br />
</u></b></div><div class="MsoNormal" style="text-align: justify;">Salomon v Salomon</div><div class="MsoNormal" style="text-align: justify;">Salomon was a prosperous boot and shoe manufacturer. He ran the business as a sole trader under the style of 'A. Salomon & Co.'. Salomon was married and he had five children. All his children pestered him for a share in the business. Salomon then decided to incorporate his business as a limited liability company. He gave one share each to his wife and his five children and he himself took 20,001 shares. The business was then transferred to the company, and in consideration thereof debentures were issued to Salomon. But Salomon continued to run the business as before. The business floundered. Salomon was unable to salvage the company and the company was put into liquidation. There were enough assets to pay off the secured creditors including Salomon himself who was a debenture holder. But the unsecured creditors were left stranded. The liquidator sued Salomon.</div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><o:p> <b style="mso-bidi-font-weight: normal;"><o:p> </o:p></b></o:p></div><div class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><question 4=""><o:p></o:p></question></b></div><div class="MsoNormal" style="text-align: justify;"><b>Question 4</b></div><div class="MsoNormal" style="text-align: justify;"><b>Knowing that Promo has an outstanding debt amounting to RM 1million, Lim and Leong, who also acted as directors of Promo Sdn. Bhd. secured another business with a third party in which Promo has to finance the project with their money first, and therefore they applied for another loan at another bank. The loan of RM 500K was approved, but not long after that the loan was due and it was obvious that Promo Sdn. Bhd. could not pay as it already became insolvent in the first place. In the view of doctrine of separate legal entity, please discuss the liabilities of the directors (Lim and Leong) in this case. Please support your answer with relevant decided case law.</b></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><u>Solution<o:p></o:p></u></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;">In the follow up of the case, Lim and Leong would have to absolve the liabilities of the company. It was known from this case that both Lim and Leong who are co-directors of Promo Sdn. Bhd are fully aware that the company is became insolvent; due to this, they were not supposed to go for any form of business transaction that will make their debt increase. If they do so, it will be with the intent that they want to defraud. </div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;">In the view of doctrine of separate legal entity, it is believed that a company is held as a person different from it members and its director who manages it. However, a basic basic exception also holds- <b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">the Lifting of the Corporate Veil</i></b>. A company member is held responsible for any debt if it deems responsible for Fraudulent Trading.</div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><u>Relevant Case Law<o:p></o:p></u></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;">The case Re William C. Leitch Brs. Ltd.<span style="font-family: Arial, sans-serif;"> </span>[1932] 2 Ch 71 is suitable for this case. The company was insolvent but its directors continue to carry on its business and purchase further goods on credit. Maugham J. declared one of the directors personally liable for the price of those goods, citing:</div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="margin-left: .5in; text-align: justify;">“…if a company continues to carry on business and to incur debts at a time when there is to the knowledge of the directors no reasonable prospect of the creditors ever receiving payment of those debts, it is, in general, a proper inference that the company is carrying on business with intent to defraud.”</div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;">With reference to the above decided case, Lim and Leong will have to be responsible for the RM500,000 loan that they got after they have been insolvent. It would not be the responsibility of Promo Sdn. Bhd. to absolve the debt. So the bank can hold Lim and Leong.</div><div class="MsoNormal" style="text-align: justify;"><br />
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</div><div class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><question 5=""><o:p></o:p></question></b></div><div class="MsoNormal" style="text-align: justify;"><b>Question 5</b></div><div class="MsoNormal" style="text-align: justify;"><b>Gary and Ben wanted to sell all their shares to Jojo and Cool respectively. What is the effect of these transactions to the status of the company Sporty Sdn. Bhd.? Please justify your answer with a case law.</b></div><div class="MsoNormal" style="line-height: 150%; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><u>Solution<o:p></o:p></u></b></div><div class="MsoNormal" style="line-height: 150%; text-align: justify;">The status of the company will remain the same. Gary and Ben only sell all their shares to Jojo and Cool, in other words only the share holder change hand. Similar case law is has below: </div><div class="MsoNormal" style="line-height: 150%; text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><u>Relevant Case Law<o:p></o:p></u></b></div><div class="MsoNormal" style="line-height: 150%; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: 150%; text-align: justify;">ABDUL AZIZ BIN ATAN & 87 ORS V LADANG RENGO MALAY ESTATE SDN BHD (1985) 2 MLJ 165.</div><div class="MsoNormal" style="line-height: 150%; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;">Facts<o:p></o:p></b></div><div class="MsoNormal" style="line-height: 150%; text-align: justify;">All the shareholders of the company sold and transferred their entire share holdings to a certain buyer</div><div class="MsoNormal" style="line-height: 150%; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;">Issue<o:p></o:p></b></div><div class="MsoNormal" style="line-height: 150%; text-align: justify;">The court had to determine whether a change of employer took place</div><div class="MsoNormal" style="line-height: 150%; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;">Held<o:p></o:p></b></div><div class="MsoNormal" style="line-height: 150%; text-align: justify;">An incorporated company is a legal person separate and distinct from its shareholders. The company, from the date of incorporation, has perpetual succession and did not change its identity or personality even though the entire share holding of the company changed hands.</div>rInhttp://www.blogger.com/profile/05649315125919601316noreply@blogger.com0tag:blogger.com,1999:blog-5084382688775703150.post-91241494333408141662010-03-02T02:04:00.000-08:002010-03-02T06:45:19.309-08:00Contract<div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="http://www.buzzle.com/img/articleImages/299065-10322-18.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="213" src="http://www.buzzle.com/img/articleImages/299065-10322-18.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><br />
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</div><div class="separator" style="clear: both; text-align: justify;">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.</div><blockquote><div style="text-align: justify;">"An agreement between two or more parties that is legally binding between them."</div></blockquote><div style="text-align: justify;">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.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Essential Element of Contract</div><div style="text-align: justify;"></div><ul><li>Offer and Acceptance</li>
<li>Intention to create legal Relations</li>
<li>Consideration</li>
<li>Certainty</li>
<li>Legality</li>
<li>Legal Capacity</li>
<li>Free Consent</li>
</ul><div>Discharge of contract can be done by:</div><div><ol><li>Discharge by performance</li>
<li>Discharge by frustration</li>
<li>Discharge by Breach of Contract</li>
</ol><div><br />
</div></div>rInhttp://www.blogger.com/profile/05649315125919601316noreply@blogger.com0tag:blogger.com,1999:blog-5084382688775703150.post-5416454491616453432010-02-09T01:55:00.000-08:002010-03-02T03:35:28.019-08:00Geena's Crimes<div class="MsoNormal" style="text-align: justify;"><span style="line-height: 115%;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><span class="Apple-style-span"><br />
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<span style="line-height: 115%;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><span class="Apple-style-span">Case:</span></span></span></div><blockquote><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><span class="Apple-style-span">Geena runs an </span><b><span class="Apple-style-span">unregistered online investment portal</span></b><span class="Apple-style-span"> from her home in KL where she managed to get people deposit money to her account. It was discovered that the investment was a scam and she attempted to flee with the money, only to be arrested in the airport by immigration officers because she held a </span><b><span class="Apple-style-span">fake passport</span></b><span class="Apple-style-span">.</span></span></div></blockquote><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><span class="Apple-style-span"><span class="Apple-style-span" style="line-height: 18px;">Oh no! This is not about “cracking my head” anymore… Geena make me go deeper inside my brain!. I was thinking, to understand Geena’s situation, we have to know what was actually she did then put it together…</span></span></span></div><span style="line-height: 115%;"> <br />
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<span style="line-height: 115%;"><div style="text-align: center;"><a href="http://photos.pokerplayer.co.uk/images/front_picture_library_UK/dir_11/total_gambler_5607_15.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span class="Apple-style-span"><img border="3" height="213" src="http://photos.pokerplayer.co.uk/images/front_picture_library_UK/dir_11/total_gambler_5607_15.jpg" width="320" /></span></a></div><div style="text-align: justify;"><span class="Apple-style-span" style="line-height: normal;"><span style="line-height: 115%;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><span class="Apple-style-span"><br />
</span></span></span></span></div><div style="text-align: justify;"><span class="Apple-style-span" style="line-height: normal;"><span style="line-height: 115%;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><span class="Apple-style-span">First thing is she was running unregistered online investment portal. What? Unregistered? Yeah… That means that kind of online investment portal is Illegal and unauthorized. Geena </span></span><span class="apple-style-span"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><span class="Apple-style-span">has violated the law of trade & investment</span></span></span></span><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><span class="Apple-style-span">. That’s a crime, man! Of course it is crime. She can be considered as a thief, you know, because after she got the money, she will runaway… Haha! If I’m the victim, I will so happy if she got caught by the police coz I can get my money back. But it’s such a stupid action if you trust the unregistered online investment portal.</span></span></span></div></span><br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://antifraudintl.org/imagehosting/84a7658ea14c8b.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span class="Apple-style-span"><img border="3" height="320" src="http://antifraudintl.org/imagehosting/84a7658ea14c8b.jpg" width="233" /></span></a></div><div style="text-align: center;"><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><span class="Apple-style-span"><br />
</span> </span></div></div></div><div class="MsoNormal" style="text-align: justify;"><span style="line-height: 115%;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><span class="Apple-style-span">Second thing is when she wants to runaway with the money outside the country, sadly, she got caught coz she holds a fake passport. Wow, now, she just not makes one crime but two! Because she is in Malaysia, she will go to prison for maximum 5 years or fine around RM10000 (</span></span><em><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><span class="Apple-style-span">Passports Act 1966 (Revised 1974)</span></span></em></span><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><span class="Apple-style-span"><em></em>. Worse case, she can get both, she has to pay the fine and go to jail…</span></span></div>rInhttp://www.blogger.com/profile/05649315125919601316noreply@blogger.com0tag:blogger.com,1999:blog-5084382688775703150.post-18241116746944483602010-02-02T04:55:00.000-08:002010-03-02T03:34:46.385-08:00A Story About Ryan<div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><br />
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<span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;">OK, this should be the first case that "crack my head" a bit :D This is the story about a married guy named Ryan.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><br />
</span> </div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKTid7UY6z4ZZoxEK2agIS-GtVz4uqDYREA5xe2LWm_eZotcUnnS3axgFepyRVMn9G5tgHCgWJyr9Ldzz2ANPybs8lsYzmzr8lpTdZLXWhAvTUsKRea6ezdEkzNVcuvz_qgBJmhyIClXU/s1600-h/Ryan.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKTid7UY6z4ZZoxEK2agIS-GtVz4uqDYREA5xe2LWm_eZotcUnnS3axgFepyRVMn9G5tgHCgWJyr9Ldzz2ANPybs8lsYzmzr8lpTdZLXWhAvTUsKRea6ezdEkzNVcuvz_qgBJmhyIClXU/s320/Ryan.jpg" /></span></a></div><div style="text-align: center;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><br />
</span> </div><div style="text-align: justify;"><span class="Apple-style-span" style="line-height: 17px;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><br />
</span> </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;">Situation:</span></div><blockquote><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;">When driving his car home in Georgetown, Ryan called and talked with his wife through his mobile phone without the use of hands-free device. While talking, he lost control over his car and eventually hit a walking pedestrian.</span></blockquote><div style="text-align: left;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;">Ryan : (Still talking on the phone with his wife)</span></div><div style="text-align: left;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"> "Oh, no! Honey I'll call you back later! I just hit</span></div><div style="text-align: left;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"> someone!"</span></div><div style="text-align: left;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"> (Get out of the car)</span></div><div style="text-align: left;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"> "OMG! I'm very sorry yaa! Are you OK?"</span></div><div style="text-align: left;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;">Pedestrian: (With angry face)</span></div><div style="text-align: left;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"> "Sorry sorry? Can't you see my leg bleeding huh? You</span></div><div style="text-align: left;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"> just hit me with your car. You can't just apologize!</span></div><div style="text-align: left;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"> Do something laaa, if not I'll report you!"</span></div><div style="text-align: left;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;">Ryan : (Scared)</span></div><div style="text-align: left;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"> "No, no, no! Don't report me laaa! Will get so many</span></div><div style="text-align: left;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"> and more complicated problem. I know I'm wrong, I </span></div><div style="text-align: left;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"> was talking with my wife on the phone and accidently</span></div><div style="text-align: left;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"> hit you with my car.</span></div><div style="text-align: left;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;">Pedestrian: "Then What you gonna do?"</span></div><div style="text-align: left;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;">Ryan : "How bout taking you to the hospital and I'll pay for</span><br />
<span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"> the medical fee until you recover your injury?"</span></div><div style="text-align: left;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;">Pedestrian: "Ok, laaa. We go now fast, fast, fast!"</span></div><div style="text-align: left;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><br />
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</span> </div><div style="text-align: left;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;">Ending:</span></div><blockquote><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;">Finally Ryan take the pedestrian to the hospital and pay all the medical fee then he go home to his wife.</span></blockquote><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><br />
</span> </div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;">In this story, it is clear that Ryan breaking a traffic law. Using a hand phone without hands-free device is forbidden, it is against the law in Malaysia,and he also hit someone.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><br />
</span> </div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;">The pedestrian can report Ryan to the police (or ask Ryan a big amount of money to recover the injury :D hehehe). But here, the pedestrian choose to accept Ryan's offer. They end the case without procedure of law.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><br />
</span> </div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;">This case shouldn't go to the court. But they should go to the police to make a report. However, Ryan is wrong and he should pay some fine of what he was doing.</span></div>rInhttp://www.blogger.com/profile/05649315125919601316noreply@blogger.com0tag:blogger.com,1999:blog-5084382688775703150.post-75059413913538278222010-01-28T03:23:00.000-08:002010-03-02T03:34:16.351-08:00Introduction to Law<div style="text-align: justify;"><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><b><span class="Apple-style-span" style="font-size: x-large;"><br />
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<span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><b><span class="Apple-style-span" style="font-size: x-large;">What is Law?</span></b></span><br />
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</div><div class="separator" style="clear: both; text-align: justify;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><b><span class="Apple-style-span" style="font-size: x-large;">Type of Law</span></b></span></div><div class="separator" style="clear: both; text-align: justify;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><b><span class="Apple-style-span" style="font-size: x-large;"><br />
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</div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Law? Hearing the word 'law' always remind me of my dad. Years by years he always persuade me to study law, but then I didn't remember why I ended up studying E-Commerce in MMU. The whole family that I know mostly have profession in politic or law or something related(even my sister!). But me? I think I don't have to go with the same direction with them, I must be different.</div></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: justify;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: justify;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Talking about study law, honestly I always avoid Business Law subject(even if the lecture is very nice and he teaches very well), but then I realized that sooner or later I have to take this subject. So, I decided to take the subject this semester with the other five subjects.</div></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: justify;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: justify;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Is the subject hard? I don't know yet. I didn't attend the first class and when I checked MMLS, I don't have to attend the tutorial class this week but I have to make a special blog for the subject instead. I was very happy when I read Mr. Sonny post, this is the very first great impression so that maybe I will enjoying my Business Law subject. And after a very long designing, this special blog is ready to roll. This blog will contain any kind of things that I learned in the Business Law class.</div></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: justify;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: justify;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;">I can't promise anything to what I will write on my blog, I will try to give my best. And I hope that my blog will give a new perception to get a better understanding in studying Business Law subject.</div></div>rInhttp://www.blogger.com/profile/05649315125919601316noreply@blogger.com