Professional Documents
Culture Documents
Tutorial Workbook
Tutorial Workbook
FOUNDATION IN ACCOUNTING
AND
FOUNDATION IN BUSINESS
TUTORIAL WORKBOOK
NAME:
CLASS:
1
EFFECTIVE: JUNE 2022
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2
EFFECTIVE: JUNE 2022
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3
EFFECTIVE: JUNE 2022
1) Define ‘sources of law’ and describe in detail the main sources of Malaysian law.
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EFFECTIVE: JUNE 2022
2) What are ‘judicial decisions’ and how do they work in the Malaysian Legal System?
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EFFECTIVE: JUNE 2022
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EFFECTIVE: JUNE 2022
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EFFECTIVE: JUNE 2022
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EFFECTIVE: JUNE 2022
2) Describe the main elements for the formation of a legally binding contract and how it
works.
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EFFECTIVE: JUNE 2022
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EFFECTIVE: JUNE 2022
2) Describe the timeline of the sale and purchase with relevant sections.
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EFFECTIVE: JUNE 2022
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EFFECTIVE: JUNE 2022
4) Describe the way in which a partnership is formed and explain the rights and obligation
that comes with its formation.
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EFFECTIVE: JUNE 2022
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EFFECTIVE: JUNE 2022
2) Explain some of the ways in which an agency may be created and terminated.
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EFFECTIVE: JUNE 2022
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EFFECTIVE: JUNE 2022
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EFFECTIVE: JUNE 2022
Amy owns a set of antique tea set and wishes to get rid of them by selling it for RM1,000. She
calls Ben on the phone and made this proposal for sale to him. In addition to that Amy also tells
Ben that if he agrees to accept this proposal, he should tell her so as soon as possible. However,
before they end the conversation, Ben tells Amy that he would rather purchase the antique tea
set at RM500. Amy refused to accept that price and after a long conversation, she hung up the
phone. After some consideration, Ben decides that RM1,000 is a reasonable price and calls
Amy a few days later to accept the initial price proposed by her. To Ben’s disappointment,
Amy tells him that her antique tea set has been sold to someone else for RM400.
1) Define the term ‘contract’ under the Contracts Act 1950 and identify the parties in this
scenario and the possible dispute arising between them.
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EFFECTIVE: JUNE 2022
2) What is Ben trying to do when he gives Amy a lower price for the antique tea set? Identify
and explain the legal term for this.
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EFFECTIVE: JUNE 2022
3) Define and explain the term ‘acceptance of an offer’ and, based on question two, consider
if the original offer can still be accepted.
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EFFECTIVE: JUNE 2022
4) Summarise all that has happened in this contractual transaction and consider the outcome
of this contract.
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EFFECTIVE: JUNE 2022
One day Carmen walks into Denny’s clothing store. While he was looking around for a suitable
jacket, he saw an expensive-looking leather jacket with a price tag that is marked RM1. He
immediately takes the item to the cashier to purchase it for that price. Denny checks with the
other similar leather jackets and found out that only this tag was marked RM1 whilst the others
are marked RM1,000. Upon this knowledge Denny informs Carmen about the mistake and told
her that the selling price is actually RM1,000 and not RM1. However, Carmen insists on
purchasing the leather jacket for RM1 since it was price-marked as such. She also claims that
since she has taken the item, there is now a contract for sale.
1) Define and explain the term ‘offer’ under the Contracts Act 1950 and discuss the two
different types of ‘offer’.
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EFFECTIVE: JUNE 2022
2) Consider if the expensive-looking leather jacket with a price tag that is marked RM1 is an
offer. If it isn’t, define and explain what is the term used for it.
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EFFECTIVE: JUNE 2022
Summarise the discussion in the previous two questions and consider if Carmen can accept
the expensive-looking leather jacket for RM1 and conclude a valid contract.
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EFFECTIVE: JUNE 2022
Esther has an award-winning book titled “The Science of Everything” and wishes to sell it to
her friend, Franz. On 1st February she writes a letter to Franz offering to sell him her book for
RM100 and indicates to him that if she doesn’t hear from him by 7th February, she will sell the
book to someone else. Upon receiving the letter on 3rd February, Franz immediately replies and
send his letter of acceptance to Esther by post. Due to some complications within the postal
system, the letter was delayed and Esther only got Franz’s letter on 10th February. By this time
Esther has already sold the book to someone else.
1) Under the Contracts Act 1950, define and explain the nature of ‘acceptance’ in a
contractual transaction.
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EFFECTIVE: JUNE 2022
2) With the letter only reaching Esther by 10th February, consider if there is a valid contract
by applying the principles of communication in acceptance.
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EFFECTIVE: JUNE 2022
Discuss the issues faced by judges when applying the law in cases that come before the courts
and how they solve these issues.
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EFFECTIVE: JUNE 2022
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EFFECTIVE: JUNE 2022
Discuss the nature of a Partnership from the time of its formation to its dissolution.
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