KUALA LUMPUR, Jan 14 (Bernama) -- A committee to study amendments to the Contract Act 1950 (Act 136) has been set up to conduct a comprehensive study of the act, which was last amended in 1976.
The Prime Minister’s Department’s Legal Affairs Division said in a statement today that the committee was set up with the assistance of Monash University and Universiti Kebangsaan Malaysia (UKM) and will be chaired by Federal Court Judge Datuk Vazeer Alam Mydin Meera.
"A large part of the act uses old definitions and is based on legal principles that are no longer relevant to the needs of this modern era.
"Many provisions are unable to tackle complex issues in transactions, especially e-commerce transactions and digital agreements,” the division said.
It also said that the committee will conduct a study on the developments of contract law, study important Malaysian court decisions and core fields of contract law.
"It includes a restatement of contract law, recommending the need to renew Act 136 and prepare a report on the need to renew the act,” the division said, adding that the study will take 24 months, in three set phases.
-- BERNAMA
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