6847294
Description
Flashcards by Fauziah Mahat, updated more than 1 year ago
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Created by Fauziah Mahat
over 7 years ago
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| Question | Answer |
| THE DIFFERENCES BETWEEN WAAD AND AQAD | THE DIFFERENCES BETWEEN WAAD AND AQAD |
| WAAD It is a promise between one party to another. It is a unilateral contract. | AQAD It is a contract between two parties. It is a bilateral contract. |
| WAAD The offer and acceptance of the offerer is known as a promise which connotes an expression of willingness of a person on a particular subject matter. | AQAD The application of promise can be seen in several Islamic transactions contracts such as sale and purchase, murabaha, musyarakah, ijarah, takaful, etc. |
| WAAD The party who received the promised will bear the responsibility whatever promised given by the person who give the promise. | AQAD Binding the 2 parties which have agreed, that is each party is bound to fulfil the responsibility which they have agreed earlier. |
| WAAD *Terms & Conditions are not well defined. | AQAD Terms & conditions are fixed in details and specific (is well-defined) |
| WAAD The promise has no specific definition of its own however it can be explained as a commitment made by one person to another to undertake a verbal proposition made by someone. | AQAD It is included when there is a contract upon both parties. The contract is legally binding upon the contracting parties once it fulfills all the requirements needed. |
| WAAD When the promised was not being fulfilled then penalty received is just a moral penalty. | AQAD When the liability was not fulfilled, therefore the penalty received is suitable with the earlier contract agreed by both parties. |
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