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Business Law Study Material for Lec 2 - 3

by: biji0001 Notetaker

Business Law Study Material for Lec 2 - 3 BU8301

Marketplace > Nanyang Technological University > Business Administration > BU8301 > Business Law Study Material for Lec 2 3
biji0001 Notetaker
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Here are some tips for you to use my notes. 1) The main structure words are in boxes. 2) Important definitions are underlined (single line) 3) Detailed structure words are underlined (double lin...
Introduction to Business Law in Singapore
Class Notes
Business Law BU8301




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This 2 page Class Notes was uploaded by biji0001 Notetaker on Saturday February 20, 2016. The Class Notes belongs to BU8301 at Nanyang Technological University taught by in Summer 2015. Since its upload, it has received 124 views. For similar materials see Introduction to Business Law in Singapore in Business Administration at Nanyang Technological University.


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Date Created: 02/20/16
[CONTRACT FORMATION] Definition: Contract is an agreement that gives rise to obligations that are enforceable. Formation 1) offer 2) acceptance 3) intention to create legal relations 4) consideration. Zoom in the four elements OFFER Termination of Offer Revocation • can revoke even if there’s a specified time frame –Routledge v Grant (1828) • Revocation must be communicated to the offeree (a reliable third party) Dickinson v Dodds (1876) • “receipt rule” only effective when received Byrne v Van Tienhoven (1880) • offer of unilateral contract cannot be withdrawn once offeree started Errington v Errington (1952). Counter Offers • any proposed change of the terms of the original offer. • The original offer is terminated, (offeree) cannot go back to the original offer and decide to accept it (unless the offeror agrees). • inquiry whether (offeror) will accept different terms neither an offer nor rejection –Stevenson, Jacques & Co v Mclean (1880). ACCEPTANCE • Silence does not amount to acceptance. Felthouse v Bindley (1862) Communication of acceptance 1) Instantaneous communication • “receipt rule”Entores Ltd v Miles Far East Corporation (1955). • office hours: effective when it received into the machineBrimnes (1974) 2) Acceptance by post • “postal rule” Adams v Lindsell(1818) • Excluded a) the letter not properly addressed and stamped. b) Need an instantaneous communication. c) Offeror specifically require …. by fax etc INTENTION • General Rule: no intention in social & domestic agreements – Balfour v Balfour (1919). Exception: 1) agreement was reached in a business context 2) couple: a) not in good terms, legally separated; b)agreement relating to their matrimonial propertyMerritt v Merritt (1970). c)Settle in writing • General Rule: commercial agreements, intention to create legal relations Edwards v Skyways (1964). Exception: 1) The agreement is binding “in honour only”. 2) a “gentlemen’s agreement” binding 3) letters of intent/comfort Kleinwort Benson Ltd v Malaysia Mining Corporation Bhd(1989) [CONTRACT FORMATION] CONSIDERATION 1) real value 2) Past consideration 3) sufficient (but not adequate) 4) move from (promise) 5) Performance of an existing public duty is not valid consideration. 6) Performance of an existing contractual duty owed to the promisor 7) Performance of an existing contractual duty owed to a third Variation of contract 1) Fresh consideration 2) Seal or deed 3) limited exception: Williams v Roffey (1991) . a) without dishonesty or fraud b) got practical benefit or avoided disbenifit Thus, the variation is binding 4) Promissory estoppel Central London Property Trust Ltd v High Trees House Ltd (1947) a) Parties must have an existing legal relationship. b) A clear and unequivocal promise made by (promisor) not to enforce his strict legal rights against (promisee); c) Reliance by (promise) who had altered his position; d) Inequitable for the promisor to go back on his promise. only be used as defence not a cause of action Combe v Combe (1951). 5) Rule in Pinnel’s case • Part payment of a debt is no consideration in support of a promise not to claim the balance. • Payment of a smaller sum does not discharge a larger debt (even if the creditor initially agrees to take it in full discharge). Exception (when less payment of a smaller sum is Valid?) 1. before the due date at the creditor’s request 2. accompanied, at the creditor’s request, by delivery of a chattel e.g. a gift. 3. made by a third party in discharge of the debt is good consideration. Privity of contract General Rule: The terms of contract enforced only by parties to the contract Beswick v Beswick (1967). Exception: Section 2, Contracts Act, a third party is able to enforce if: 1) the contract expressly provides for it or 2) term purports to confer a benefit on the third party (who is expressly identified).


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