Formation
Pursuant to Contracts Act 1950 (Malaysia) s 2(h), an agreement enforceable by law is a contract. The ingredients of a valid legally binding contract was set out in the case of Sri Kajang Rock Products Sdn Bhd v. Mayban Finance Berhad & Ors [1992] 1 CLJ 204 where VC George J (as he was then) stated:
“To constitute a valid contract, there must be separate and definite parties thereto; those parties must be in agreement, that there must be a consensus ad idem; those parties must intend to create legal relations in the sense that the promises of each side are to be enforceable simply because they are contractual promises and the promises of each party must be supported by consideration”
In summary for any contract to be effective in Malaysia four (4) elements must be present which are as follows:
- (a) Offer;
- (b) Absolute and unqualified acceptance of that offer;
- (c) An intention to create legal relations; and
- (d) The presence of consideration
This preview is an excerpt from the following publication. this publication for access to all the commentary and precedents.
Sale of Real Property - Step by Step Guide & Precedents
by By Lawyers For Lawyers author - Jayadeep Hari & Jamil
Overview
This step by step guide provides a comprehensive directory and convenient precedents which will help ensure a smooth and easy property sale.
This publication will guide you from the point of negotiation straight through to transfer of title. The guide includes practical commentary ensuring that no issues are overlooked together with a broad range of precedents.
All matters are covered including;
- Land Title Searches
- Bankruptcy Searches
- Essential preliminaries for property with OR without title
- Caveats
- Strata Title Act 1985
- Finalisation
This guide is written by lawyers for lawyers and consequently it is practical, efficient and easy to use.