KNOW WHEN A CONTRACT IS FORMED EVEN WHEN YOU HAVE NOT SIGNED ANYTHING

Some ‪#‎entrepreneurs and ‪#‎malaysianbusiness require transactions to be concluded quickly, as the saying goes, “time is money” and every minute wasted is less money for businesses. This is also pertinent to people who buy and sell through social media (‪#‎onlinevendors). When business is conducted this way, there will be plenty of negotiations over the phone or email. Be aware that you are bound to the terms of what have been agreed between parties, even if you have not signed anything. Subject to both parties agreeing on the terms of the transaction, here are some examples that you should thread carefully:-

1. Series of exchanges through social media (‪#‎Facebook;‪#‎Instagram;‪#‎Watsapp;‪#‎Twitter etc.)
2. The terms of the contract through a series of email exchanges.
3. Even if the agreement was not signed or dated.
4. To that extend, even if only 1 party signs the contract.
5. Even when the terms are agreed over the phone, the fact that you have performed even a small part of what was agreed, implies the existence of a contract.

What Should you Do?

1. Be careful of what you type and say.
2. Don’t commit to any terms until you have thought it over and are able to commit.
3. Avoid using words like “I agree” until you have truly agreed on the terms.
4. Don’t hesitate to ask for time to consider the terms.
5. Seek legal advice, whenever in doubt.