Economical Law Remarks

 Financial Legislation Notes Article

п»їTutorial 2 Response

Question 1

Identification

-Could Paula recover her financial debt from Sue?

Explanation from the Law

H. 26-GR: A promise unsupported by account is emptiness.

The Limit Act 1953, s. 6(1)(a)

-limitation period is 6 years from the time the cause of action arose

Using the Law

Claire had decided to repay the sum took out within 1 month i. electronic. Dec 2007 This is the time of the break of contract and Paula's cause of action. Date barred by statute:

December 2013

Conclusion

-Cannot recover the money after December 2013. It truly is time-barred because past 6 years

*Basically, when we say My spouse and i pay you another day, then the acknowledgement for general rule (6 years) commence tomorrow

Problem 2

Executory

A assure is made in return for another; a mutual exchange of guarantees.

-S. 24 Illustration (a)

-Murugesu versus Nadarajah [1980]; Wong Hon Leong David sixth is v. Noorazman bin Adnan[1995]; Ahmad Zaini bin Japar v. TL Offshore Sdn Bhd [2007]

Executed

A promise is done in return for the performance of your act. e. g. incentive cases. -A unilateral contract

-Carlil v. Carbolic Smoking Ball Company. Ltd [1893]

-only the promisor manufactured the assure

-promisee carry out the required take action

Past thought

A guarantee in return for a great act which includes already been performed. The action Is done ptior to the assurance. -Kepong Prosection Ltd. & S T Jegatheesan & Ors. v. A E Schmidt & Anor

Query 3

Standard rule- contract without account is gap S. twenty six.

Exceptions:

S. 26(a)- agreement based on normal love and affection:

a. Writing

w. Registered in the event that law needs so

c. Based on organic love and affection

deb. Closed romance between get-togethers

-ReTan Soh Sim [1951]; Tang Meng Hock v. Tang Ming Seng

S. 26(b)- agreement to compensate for a past voluntary take action.

-Illustration (d)

S. 26(c)- agreement to pay statut barred personal debt provided next conditions pleased:

-Illustration (e)

Question 4

Identification of Issues

Whether or not the transfer of the home...