My Business Law Class

Offer is also known as proposal. What is an offer?“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.”[Section 2(a) of the Contracts Act ]  There are two Types of Offer n n Bilateral offer: Bilateral offer is made to a specific person or group of persons. Unilateral offer: Unilateral...

•What is ‘sale of goods’ contract? •A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in good to the buyer for a price (s.4(1)). In other words, a sale occurs when the ownership or property in goods passes to the buyer. • •• •What is ‘goods’ under the SOGA? • •Explain and illustrate the difference between movable and immovable property? Personal property or in civil law as known...

nDoctrine of utmost most good faith means that each party to a proposed contract is under a duty to disclose to the other all information which would influence his decision to enter into the contract, whether such information is requested or not. Failure to disclose material information gives the other party the right to avoid the contract.  nThe duty to disclose all the material facts or information rests more heavily on the insured than the insurer because the insured knows more...

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...

n What is income tax?qWhen tax is levied on the income of a person it is called income tax. If there is no income, there is no income tax. There are different types of income upon which tax is imposed, such as business income, employment income, rental income, dividends, interest, royalties etc. In Malaysia, income tax is imposed, assessed and collected under the Income Tax Act (ITA) 1967. nSection 3 of ITA 1967:q qA tax known as...