LAW 101 UM Study Skills Elements of Law & Contract Law Past Consideration Essay

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Law

LAW 101

University of Malaya

LAW

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Write an assignment, must be completed in accordance with the requirements in those photos,The assignment will be in a report format of not more than 1800 words. APA FORMAT

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ASSIGNMENT Assessment Details This is an individual assignment. The word count should not exceed 1500 words. a. "In the formation of a contract, past consideration may create a valid contract and consideration need not move from the promisee". Discuss. (40 marks) b. Ali made the following proposals to Sam: (1) A proposal to lease his house in Bangsar, 'for as long as Sam wishes (ii) A proposal to sell his antique table fan for RM5,000 Sam accepted Ali's proposal for the lease of his house. With regards to the second proposal, Sam told Ali that he is willing to pay RM3,000 for the fan. Ali refused. Sam then told Ali that he is willing to accept Ali's original offer of RM5,000. However, Ali now refuses both the grant the lease as well as the fan to Sam Discuss whether there is a valid contract between Ali and Sam in respect of the proposal for the lease of house in Bangsar and the proposal for the sale of fan. (60 marks) (Total: 100 marks) Turnitin Details Turnitin ID: 23015166 Password: abc123 Performance Criteria for Assignment Marks are awarded based on the following guidelines: Grade General 0-49% 50-59% Assessment Guidelines Pass answers are expected to be legible, tidy, well organised and written in clear, understandable English. Students who grossly exceed the word limit will be penalized Superficial analysis and language of the subject are absent or scant. Irrelevant regurgitation of text book. Ideas are poorly expressed. Many key issues are ignored. Concepts and language of the subject are used but are often confused in application and or explanation. Evidence of reading and research. Understanding of the application of appropriate law. Key issues are identified and analysed, although this may be restricted at times. Some sources are acknowledged. Evidence of wider reading. The assignment effectively interprets the information and exhibits the integration of ideas across the subject area. The assignment has credible recommendations. A systematic approach to development and evaluation is used. Most sources are acknowledged and referenced using the relevant Referencing System. Arguments are clear and convincing. Confident integration of law is demonstrated. Consistent referencing to sources using the relevant Referencing System. 60-69% 70% and above
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Past consideration in the law of contract.
The Constitution of a valid contract involves making a promise of a valuable item. This
valuable item is known as a consideration. In most cases, considerations are always settled in the
form of money transactions. On the other hand, luxurious goods or services can serve as a
consideration. Consideration is key for any contract to be legally binding (Savelyev, 2017).
Hence the presence of consideration is the starting point in the formulation of a valid contract.
Furthermore, individuals involved in contract formation tend to benefit from past consideration.
In other words, each party involved in the contract made a promise to honor the contract. In
circumstances where considerations are poorly defined, the contract can be term as null and void
(Allen, Kraakman & Subramanian, 2016). Legally binding agreements among parties can either
be unilateral or bilateral contracts. A mutual promise with considerations between two parties is
classified as a bilateral contact. While unilateral contacts are where one party's performance
determines whether the first party will make a promise or not. An example of a unilateral
contract is when party A vows to pay party B $ 40.00, and in exchange, party B will service
party A's car.
Nevertheless, parties involved in a bilateral contract, are bound by the promises they have
made whereas, unilateral contractual agreement binds the individual who first made the promise
(Allen, Kraakman & Subramanian, 2016). The other party must undertake the action promised in
a unilateral contract to provide consideration. For consider...


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