I had my first introductory class to Contract today. Today, I felt that the law was quite cut-n-dried and it revolved around money. Contract seems to be rather boring once you can get past all the terminology and concepts but this is where all the money is.
This could be a result of the subject itself or possibly even the delivery. In contrast to yesterday, our lecturer seemed to lack passion on the subject and was literally telling us what we needed to know to answer the exam questions and the types of questions to expect.
This could be due to a lack of knowledge or experience, seeing that the lecturer only has a Masters, or it is simply because one cannot find anything to love about Contract law as it is seen as something that is largely money oriented.
Personally, while I think that Contract is probably easier to tackle than Tort, I will have to focus on both equally as they are both important to everyday business and life. Contract tries to address the issue of damages. It is not so much about liability.
Anyway, a friend of mine has asked me to blog about law with a focus on small businesses. On my part, I’ll just blog about what interests me as my legal knowledge increases, which would include things relevant to small businesses as well.
But today, I learned something interesting – it is perfectly legal to have a prenuptial agreement in Malaysia. The main issue of concern is Consideration but as long as that can be proved, that contract can be addressed through the courts.
I also learned that there is a time-limit on contracts. Once a breach is detected, one has to sue the defaulter within a reasonable time otherwise, the inaction is taken as a tacit agreement or affirmation of the contract.