Saturday, January 17, 2009

Tuesday, January 29, 2008

SponsoredReviews


I was surprised when I opened an email from SponsoredReviews asking for my response to the purchased review by an advertiser. You see, my personal blog is neither optimized nor monetised, and talks nothing other than my personal life and games I've played. What's more, the advertiser has requested a review written in Chinese despite rumors saying SponsoredReviews no longer accepts Chinese blogs due to the troubles some had caused. I guess I must have been really lucky.

Well $6.50 is not much but it means a lot to me, as this is the first time I got paid for writing blog, especially when my blog has not more than 15 visitors a day, and was not written in English>v<

Thank you SponsoredReviews~

Monday, January 28, 2008

Ways to Enter a Valid Contract

There are five ways to enter a valid contract:

Writing(Black & White Agreement)
It can be either signed by both parties(eg. hire purchase agreement), by one party(eg. receipt) or unsigned(eg. parking ticket). A writing agreement appears to be more formal than agreements made by oral/verbal or conduct, and is often used in commercial, domestic and social contracts as a proof of intention.

Oral/Verbal
This is one of the most common ways of entering a contract as it happens everyday and everywhere. A simple example of such agreement would be taxi driver and passenger where the offer, acceptance and bargain are done solely by oral. Oral or verbal agreements are usually difficult to proof in the case where there is a dispute.

Deed
Deeds are done by assigning the ownership of properties from one party to another ie. from father to son. In such circumstances no sales are involved.

Conduct
By the word 'conduct' not only does it mean the act to do something(positive) but also the opposite, omission(negative). This can be seen in the scenario of accidentally breaks the displayed goods in a shop. In such case though you may have not been interested to enter a contract with the shop(by buying the broken item), but the ommission made(by breaking the item) has forced you to enter such contract(pay for it).

Statutory Requirement
Sometimes the law requires us to enter certain contract. For example we have to sign a Sales & Purchases Agreement when purchasing immovable property such as land & building. Failure to do so may sometimes to a void contact due to the illegality of it.

Sunday, January 27, 2008

Tax Residence of Individuals

In Malaysia the tax residence of an individual is determined by the numbers of days he is present in Malaysia in a particular year of assessment(YA).

Section 7(1) of The Malaysian Income Tax Act 1967 states that an individual is resident in Malaysia for the basis year in a particular YA if:

Section 7(1)(a): 182 days or more
The individual is in Malaysia for a total of 182 days or more in a calender year.

Section 7(1)(b): Less than 182 days
The individual is in Malaysia for a period of less than 182 days and that period is linked by or linked to another period of 182 days or more consecutively.
Certain temporary absences are ignored in ascertaining the 182 consecutive days:
i) Work related
ii) Owing to ill health or himself or members of his immediate family(parents if unmarried; spouse and children if married)
iii) Social visits not exceeding 14 days in aggregate. (Richard Allen Sonnet Anor v DGIR case - summer vacation cannot be taken as social visit)

Section 7(1)(c): 90 days or more
The individual is in Malaysia for a period of 90 days or more and has met the following conditions for any 3 out of 4 immediately preceding years:-
i) he had been a tax resident in 3 out of 4 calender years; or
ii) he was in Malaysia for at least 90 days in each of the 3 calender years

Section 7 (1)(d): Unusual Rule
Under this rule an individual can still be regarded as a tax resident even if he is entirely absent from Malaysia for the whole calender year in question if the following conditions are met:
i) he has been a tax resident for the 3 immediately preceding years and
ii) is also a resident in the following years.

Friday, January 25, 2008

Basic Elements of Contract

A contract means "...an agreement between 2 parties to do or not to do something ... legal obligation and not moral obligation ...it can be between 2 person, corporate, entity etc, but the minimum is 2 and the maximum is endless.."

In simple means, a contract is formed when 2 or more parties agree to enter into legally binding agreement. A legally binding agreement is an agreement which is not illegal(against the law), immoral(against the moral values) and moral(mere promise).

All contracts are governed by Contract Act 1950. The provision of Contract Act 1950 & Contracts (Amendment) Act 1976 must prevail compare to case law (precedents) or equity (fairness).

In order to form a legally binding contract, the following seven elements must be met:
a) Offer
b) Acceptance
c) Consideration
d) Certainty
e) Capacity
f) Consenting Mind
g) Intention to create legal relation

Without one of the above elements, a contract will become void.

The formulas of contract are:

i) Offer+Acceptance = Agreement
ii) Offer+Acceptance+Consideration = Contract
iii) Offer+Acceptance+Consideration+Consenting Mind+Certainty+Capacity+Intention to Create Legal Relation = Full Brown Contract

Introduction

It's been YEARS since I've last written a English blog... Damn, I don't even know how to write a proper intro! Well anyway, this blog serves 2 purposes: Improving my English and help me to pass ACCA. That's right, that's how I named after this blog.

You see, though good students would always claim that to pass ACCA all you have to do is understanding the knowledge, and of course practice and practice and practice and practice, but may I ask, how the hell would you 'understand' which section of what law does the element fall under? In the end memory is still the biggest obstacle to me, a complete computer addict.

So I told myself: Why don't I try writing and summarizing what I've been taught in school on a blog? That way I can remain sitting in front of my beloved pc while refreshing my memories of what've been taught. Currently my focus will be on F4(Malaysia v), F5 and F6(Malaysia v) as I'll be sitting for the exam in this June.

I hope I won't stop half way AGAIN this time, but I've been switching more than 7 blogs since the first one... Good luck to myself...