LAW240 Introduction To Commercial Law Assignment Answers Malaysia
LAW240 Introduction To Commercial Law unit is designed to provide students with a broad understanding of the Malaysian legal system and how it operates in the business context. The unit will cover the main areas of commercial law, including contract, agency, sale of goods, company, partnership, and insolvency law. Students will develop an understanding of the nature of commercial transactions and the legal rules that govern them. The unit will also provide students with an opportunity to apply their legal knowledge to practical problems. By the end of the unit, students should be able to apply the law to commercial situations and understand the practical operation of the legal system in Malaysia.
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In this section, we are discussing some assigned tasks. These are:
Assignment Task 1: Identify the principles of law relating to the Malaysian legal system, the law of contract, the law of agency, and the law of torts and professional negligence.
The Malaysian legal system is based on the English common law system and derives its laws from a variety of sources, including legislation, judicial precedent, and custom. The fundamental principles of law that underpin the Malaysian legal system include the rule of law, separation of powers, and judicial independence.
- The law of contract is a central part of the Malaysian legal system and governs the formation, performance, and enforcement of contracts. The key principles of contract law are offer and acceptance, consideration, intention to create legal relations, capacity, and certainty.
- The law of agency is also an important area of Malaysian law and governs the relationships between principal and agent. The main principle of agency law is that an agent is authorized to act on behalf of a principal in dealings with third parties. An agent owes duties of care and loyalty to the principal and must comply with any instructions given by the principal.
- The law of torts is concerned with civil wrongs (as opposed to criminal wrongs). A tort is a civil wrong that gives rise to a claim for damages. The most common type of tort in Malaysia is negligence. Professional negligence is a type of negligence that occurs when a professional breaches their duty of care to their client. Professional negligence can give rise to claims for damages in both contract and tort.
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Assignment Task 2: Explain the principles of law applicable to the Malaysian Legal System, employment, commercial i.e. law of contract, law of agency and Shariah matters, and the law of torts and professional negligence affecting business transactions in Malaysia and which are applicable in their discipline of studies.
The principles of law applicable to the Malaysian legal system, employment, commercial i.e. law of contract, law of agency and Shariah matters, and the law of torts and professional negligence affecting business transactions in Malaysia are as follows:
- Employment law in Malaysia is governed by a variety of laws and regulations, including the Employment Act 1955, the Industrial Relations Act 1967, and the Trade Unions Act 1959. The key principles of employment law include the right to work, freedom of association, and the right to bargain collectively.
- Commercial law in Malaysia is governed by the Contracts Act 1950, the Sale of Goods Act 1957, the Companies Act 1965, and the Partnership Act 1961. The key principles of commercial law include offer and acceptance, consideration, intention to create legal relations, capacity, and certainty.
- Shariah law is the Islamic law that governs all aspects of Muslim life. Shariah law is derived from the Quran and the Hadith and is interpreted by Islamic jurists. The key principles of Shariah law include the prohibition of riba (interest), the prohibition of gambling, and the promotion of justice.
These are the key principles of law that are applicable to the Malaysian legal system, employment, commercial i.e. law of contract, law of agency and Shariah matters, and the law of torts and professional negligence affecting business transactions in Malaysia.
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Assignment Task 3: Apply the relevant legal conceptual knowledge and principles of the law of contract to commercial issues.
In Malaysia, the law of contract is governed by the Contracts Act 1950. The Act applies to all contracts made within the country, regardless of whether they are oral or written. The main purpose of the Act is to regulate the formation and performance of contracts, as well as to provide remedies in the event of a breach. Under the Act, a contract is defined as an agreement between two or more parties that creates an obligation to do or not do something. In order for a contract to be binding, there must be an offer and acceptance, consideration, and intention to create legal relations. If any of these elements are absent, then the contract will be void and unenforceable.
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