Suen Yeu Jeng FTAcct31 Commercial Law.docx - Commercial Law Name Suen Yeu Jeng CT Number CT0298154 Introduction Commercial law is a body of law that is

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

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Commercial Law Name: Suen Yeu Jeng CT Number: CT0298154
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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.
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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
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