Question: Consideration is an important element in law. Without consideration, the agreement is a nudum pactum and not enforceable under the law. 1.Explain the meaning of

"Consideration is an important element in law. Without consideration, the agreement is a nudum pactumand not enforceable under the law."

1.Explain the meaning of consideration.

2.Describe three (3) principles of consideration.

3.Also, critically discuss the statement with reference to the Malaysian Contracts Act 1950 and case laws.

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