Minister Refused Developers' Request to Raise Up House Selling Price...
Hi, Utusan Malaysia today reported that some of the Housing Developers have requested (government intervention) to raise up house selling price that they have agreed before with the buyers in the Sale and Purchase Agreement. Their reason is simple, they claimed that the hike of construction material is unbearable. Needless to elaborate further, the Minister however refused the request. My post is only to discuss on whether the developer may raise the selling unilaterally or not under the rule of contract. Under the rule of contract, the basic principle of offer, acceptance and consideration must be understand carefully before we discuss further. In such sale and purchase agreement, generally everyone could claim that the three elemnets of contract have been fulfilled. There are an offer made by the developer to sell the house, the buyer accepted the offer and then the buyer paid the purchase price (either by cash or with the help of any financier), though the purchase price has not be...