What is the object and nature of the law of contract?
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Lawful Consideration: Subject to certain exceptions, an agreement is legally enforceable only when each of the parties to it gives something and gets something. An agreement to do something for nothing is usually not enforceable by law. The something given or obtained is called consideration.
The law is only concerned with the fulfillment of certain conditions by the parties so that the transaction can be recognized as a legally binding agreement and enforceable. Malaysian Contract law is embodied in Contracts Act 1950 (CA 1950), which is based on the English law of contract
hope it HELPS u
The law is only concerned with the fulfillment of certain conditions by the parties so that the transaction can be recognized as a legally binding agreement and enforceable. Malaysian Contract law is embodied in Contracts Act 1950 (CA 1950), which is based on the English law of contract
hope it HELPS u
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