Suen Yeu Jeng FTAcct31 Commercial Law.docx - Commercial Law...

Commercial Law
Name: Suen Yeu Jeng
CT Number: CT0298154

Introduction
Commercial law is a body of law that is regulated by the uniform commercial code, a
set of laws for a lease of goods, secured transactions, sales of goods and negotiable
instrument. Some core areas of commercial law are contract law, consumer
protection and intellectual property laws ("What is Business and Commercial Law?",
n.d.). Commerce is extremely important to a nation, in order to have a strong
economic, a set of strong laws and regulations protecting businesses is crucial.
Examples of common commercial law legal issues are contract violations such as
advertising and marketing disputes, unfair competition issues and protection of
intellectual property and trade secrets ("What Is Commercial Law?", 2018).
Commercial law disputes can be resolved in various ways depending on the type of
conflict and violation.

Question One
There are four criterias needed in order for a contract to be formed, they are offer,
acceptance, consideration and legal capacity. Alan decided to sell his “Introduction to
Business Law in Singapore” textbook and all his notes taken in class. He then posted
on Facebook to inform his friends that he is selling his textbook together with all the
notes which is written in an exercise book for $200 and if anyone is interested to buy
them, payment is required by 5 Nov 2015. He also mentioned that he obtained a
High Distinction for this unit. There was not a contract formed between Alan and
Bernard as the offer posted by Alan on his Facebook was $200. Bernard’s reply was
a counter-offer of $150 instead of $200. Alan did not accept Bernard’s counter offer,
therefore, there was no acceptance of an offer. Although Bernard decided to buy
them at $200 later on, his intention was not communicated to Alan and so, there is no
existence on a contract amoung Alan and Bernard. In addition to that, the original
offer made by Alan was already invalid after a counter-offer was made.
Even though Charleen is still a minor, reading up on commercial law is deemed
beneficial for her future. Therefore, there was a contract formed between Alan and
Charleen. She had revealed her interest in buying the textbook for the price Alan offer
on his Facebook post and Alan nodded when Charleen asked if she could pay him on
6 Nov 2015. Although Alan was thinking about his favorite football team, his action
was a form of acceptance to Charleen. Alan’s acceptance was in fact a proof that
both of them had agreed to enter into a contract. Addition to it, Charleen had also
paid Alan by leaving $200 on his table which performed the consideration condition to
form a contract. Therefore, it concludes that there is a contract existing between Alan
and Charleen.
In Damien’s case, he did not accept the offer made by Alan on Facebook. Instead, he
accepted the offer by texting Alan after obtaining his handphone number. Damien met
Alan in Kaplan Higher Education and passed him $200 and informed that it was
payment for his commercial law materials. Alan kept the $200 and promised to pass
everything to Damien on a said date. Therefore, there is a contract between Alan and