Discuss The Advantages And Disadvantages Of A Valid Contract

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The first element to constitute a valid contract is offer or proposal. An offer is an expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed by virtue of Section 2(a) and Section 2(b) of Contracts Act 1950. An agreement must happen between two or more parties when there is expression of willingness to enter into a contract and when it made with a legal intention that it shall be binding. From that, the contract will legally enforceable by law. Section 2(c) of states that a person making the proposal is the “offeror” while the person accepting the proposal is the “offeree”. As an example, A offers his Ferrari to B for the price of RM250000. B accepts the offer by buying the car. A is the offeror and B is the offeree. In Section 9 of Contracts Act 1950, there are two ways that offer can be made either orally, in writing, by conduct or by a combination of these methods.
There are two types of offer should be highlighted that is, first, unilateral. In a unilateral contract, only one party to the contract makes a promise and the offeree accepts the offer by performing a certain act. The offer can be made to one party or to the world at large through an advertisement. The offer is accepted once the act is performed. Only one person makes the promise. There is no obligation for the other party to make any promise. For instance, A promises to pay a reward to B if B

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