The Malaysian Contracts Act 1950 has encapsulated contract law tenets of English nineteenth century laissez faire market capitalism, freedom of contract and classical contract law. Through time, however, new forces have challenged the traditional views of contract law, supported by legislative reforms and judicial developments.

Discuss whether and to what extent values of modern contract law such as fairness and justice have influenced the law. Additionally, explore the roles of legislative reform and judicial interpretation in developing Malaysian contract law, as embodied within classical law concepts in the Contracts Act 1950, towards a modern law of contract.

explain the above in an essay form.