Saturday, December 21, 2013

Contract

In the brass of Tan Chiw Thoo v Tee Kim Kuay [1997] 2 MLJ 221, FC.,the Federal Court considered the distinction between adequateness of considerateness and adequateness of friendliness in a compromise arranging. Peh Swee FCJ convey that: It must be remembered that sufficiency of retainer is different, in law, from the enough of consideration, though any dictionary whitethorn show both(pre token(a)) wrangle to bear the same meaning. In law, the romances will a non bad(p) deal enquire into the sufficiency but non the adequacy of consideration, sufficiency in law is synonymous with validity in project to consideration. The stain of adequacy of consideration under the Contracts bite appears to be similar to that under English law, that is, consideration need not be adequate. The application of this rule can be seen intelligibly in illustration (f) in Section 26 of the Contracts morsel 1950. A agrees to sell a horse worth RM1,000 for RM10. As accede to the sy mpathy was freely given up. The system is a contract notwithstanding the insufficiency of the consideration. In former(a) words, nominal consideration in an agreement is adequate. In the case of Guthrie Waugh Bhd v Malaippan Muthuchumaru [1972] 2 MLJ 62, FC.
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,Gill FJ in the Federal Court utter that: It is unoriginal law that the judgeship is not concerned with the inadequacy of consideration. However, it may be an issue for the adequacy of the consideration in cases where the position is taken that there was no free consent given to the agreement. An agreement entered into without the free consent of one of the parties is principally each leisurea! ble or discharge. In such a case, the court may consider the issue of the adequacy of the consideration in determining whether there was free consent. This can be seen in Explanation 2 of Section 26 of Contracts Act 1950: An agreement to which the consent of the promisor is freely given is not void merely because the consideration is inadequate; but the inadequacy of the consideration may be taken into...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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