Contracts Act 1950

The Contracts Act 1950 is a Malaysian law that governs agreements between parties. It sets out the rules for forming, enforcing, and terminating contracts. To be valid, a contract typically requires an offer, acceptance, consideration (something of value exchanged), and the intention to create legal relations. The Act also addresses issues like breach of contract and remedies available to affected parties. It ensures that agreements are fair and legally binding, promoting trust and predictability in business and personal transactions. Understanding this law helps individuals and businesses navigate their rights and responsibilities in contractual agreements.