BBM204/03 Business Law ASSIGNMENT 2 (35%) Answer ALL questions 1

BBM204/03 Business Law

ASSIGNMENT 2 (35%)

Answer ALL questions

1. In relation to Contracts Act 1950, write short essay on the following:

1. Coercion (15 marks)

NOTE : Discuss on  ss15, ss19 & ss65 CA 1950 – provide example

SS15 – treat / actual use of force – is and offence in penal code, against you, your loved ones and your property, provide example

 ss19  - avoidable – continue to terminate the contract provide example

ss65 -  if terminate the contract, provide example

2. Mistake (15 marks)

NOTE : Discuss on  ss21, ss22 & ss23 CA 1950 – provide example

SS23 – mistake done by one party, the contract is still valid unless there was some elements was misrap

SS21 – both party made serious mistake then the contract is VOID explain with example

SS22 – state wrong LAW, if state wrong Malaysian Law is valid but is state the LAW that not enforce in Malaysia then the contract is VOID, provide examples

2. State the THREE (3) exceptions to the general rule that contracts made by minors (persons below the age of majority) are void.                                                                                                    (30 marks)

NOTE :

• • Discuss ss10(1) & 11 CA1950 & Age of Majority Act 1971
  • THREE exceptions to the above are:
  • Contract for necessaries – provide example
  • Contracts of scholarship – provide example
  • Contracts of insurance – provide example

3. Explain the minimum requirement to register as a limited liability partnership.                (30 marks)

NOTE :

• Minimum Two Persons 
  • Two persons are needed to register the LLP. (in whole or in part, an individual or a body corporate)
• 18 years old
  • At least 18 years old and Malaysian citizen/permanent resident; and
    Usually living in Malaysia.
• Name and details of Partners
• Lawful Business
  • For any lawful business for the purpose of making a profit
• LLP agreement
• Compliance Officer
  • One of his partners or a person qualified to act as secretary under the Companies Act 2016
• Name and details of compliance officer
• Proposed name of the LLP
  • Name of the LLP should be unique, and it must not be same or similar to the name of any existing company, LLP.
• Letter of approval
  • From MyLLP
• Address of registered office
  • Need to have a registered office in Malaysia to which all communications and notices may be addressed

4. Explain five of the various classifications of agents with example.                                (10 marks)

NOTE :

1. A broker
   • Commercial agent appointed to negotiate based on commission but he does not  have lien over good if P did not pay him
2. A factor
   • Commercial agent entrusted with good
   • Has lien over  the good if P did not pay the commission
3. A commission agent (called commission merchant)
   • An agent appointed by a principal to sell goods or to buy goods on behalf of the principal
4. A del credere agent
   • He is an agent to P Contracted with 3rd party & promised to pay extra commission
   • If 3rd party fail to do something, the agent is liable
5. Power of attorney
   • Legal instruments under which principal gives authority to the agent to act on his behalf