INTRODUCTION TO ENTREPRENEURSHIP
CHARACTERISTICS OF AN ENTREPRENEUR
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Wadiah
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Wakalah
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Either A or B
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None of the above
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Detailed explanation-1: -Wakalah literally means protection, delegation, or authorization. Legally, wakalah refers to a contract in which a person who has complete legal capacity authorizes another to conclude a certain well-defined permissible contract on behalf of that person.
Detailed explanation-2: -There are two parties in a wakalah contract namely the principal and the agent. The basic condition for both parties is to have a legal capacity to enter into a contract. Therefore, an insane or a minor cannot enter into a contract of wakalah due to the absence of legal capacity.
Detailed explanation-3: -Wakalah refers to a contract in which a party (muwakkil) authorizes another party as his agent (wakil) to perform a particular task, in matters that may be delegated, either voluntarily or with imposition of a fee (Bank Negara Malaysia, 2015).
Detailed explanation-4: -Related Content. A Sharia-compliant contract, under which a depositor (or muwakkil) appoints another to act as its agent or to manage an investment on its behalf.