PURPOSE This assignment is designed to evaluate students’ understanding on the elements of a valid contract and to enhance students’ ability to discuss the principles related to insurance contract and takaful contract. REQUIREMENT Students have to answer ALL QUESTIONS and justify their answers with correct provisions under respective statutes, relevant precedents and case laws which connote to the correct answers.
“An agreement without consideration is void”. (S.26 Contracts Act 1950)
Based on the above provision, discuss the consideration as one of the elements of a valid contract under the Malaysian law. By referring to the statutes and decided cases, compare the position of consideration between the Malaysian law and the English law. [30 Marks]
Choose ONE insurance company and ONE takaful company in Malaysia. Compare and discuss the principles related to insurance contract offered by both companies. Support your discussion with relevant provisions from the Statutes. [30 Marks