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Business Law

 Essay in Business Regulation

TUTORIAL 2

1 ) Ali and Abu were neighbours. Ali had to head to Singapore for any business workshop. Before this individual left, he told Abu " You should look after my house”. Following two weeks to be away, Ali's house found fire and Abu can only conserve a briefcase containing RM30, 000. When Ali returned home, he thanked Abu for keeping his bag and promised he would pay Abu RM2, 000 so that he had completed. Later, Ali refused to pay what he had guaranteed. Advise Abu.

Referring to section 2(d) of Contracts Act1950, the use of the words " has done or abstained from doing” imply that set up act was prior to the assure, such an action would comprise consideration so long as it is carried out at the desire of the promise. Therefore , mentioning the situation of Ali, he can bound to fulfil his promise to Abu as in Malaysia, past thought is good consideration. This theory was established regarding Kepong Prospecting Ltd sixth is v. Schmidt. In 1953 Color applied to the us government of the Condition of Johore for a sales permit to get iron ore. He was assisted in the discussions by Schmidt, a talking to engineer. A prospecting allow was naturally to Color in Nov 1953, and in December 1953 Tan published to Schmidt stating that Schmidt was to be paid out 1 percent of the selling price of most ore that might be sold coming from any portionof the explained land which was in repayment for the work Schmidt experienced done aiding to obtain the prospecting permit and for any operate that Schmidt might doing in aiding to have mining operations started up. Tan after that executed a power of attorney in preference of Schmidt which conferred upon Schmidt broadly expressed forces to get the convenience of any of Tan's exploration properties upon such account and subject to such circumstances as Schmidt thought appropriate. In Sept 1955, an agreement was made between the company and Schmidt. Under Clause one of the agreement the organization inter alia agreed to shell out Schmidt 1% of all ore that might be gained from any land composed in...

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