BSP Concepts & Cases Cheat Sheet.docx - BSP 1004 Cheat Sheet State Courts for small sums High Court for sums above $250,000 Advantages and

BSP Concepts & Cases Cheat Sheet.docx - BSP 1004 Cheat...

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BSP 1004 Cheat Sheet Introduction to Business Law in Singapore (Fifth Edition) Answering Law Questions: Identify issue : “The issue is whether…. given that…” Legal principles : “According to… (e.g Companies Act Section 13)” Applying: “On the facts, …” Conclusion: “In conclusion…” Note: Remember to scrutinize every point, even the smaller details as they can be points of contention Chapter 1: Introduction to Law Mainly discusses: 1) Law in Singapore (Pg 3) 2) Criminal and Civil Law (Pg 6) 3) Methods of Resolving Civil Dispute (Pg 9) 4) Methods of Resolving Civil Judgement (after judgement has been made) (Pg 16) Law in Singapore (Pg 3) Pg 3: Sources of Law in Singapore: 1) Legislation 2) Case/Common Law Criminal and Civil Law ( Pg 6) Pg 8: Differences (table) between civil criminal and civil proceedings Methods of Resolving Civil Disputes (Pg 9) 5 methods: 1) Negotiation ( Pg 9 , not covered in detail) 2) Litigation (Pg 9) State Courts: for small sums High Court: for sums above $250,000 Advantages and disadvantages Note: Time limits 3) Mediation (Pg 11) Singapore Mediation Centre: not free and choose mediator Primary Dispute Resolution Centre: free and cannot choose mediator Advantages and disadvantages 4) Arbitration (Pg 13) Singapore International Arbitration Centre Usually only gone for if pre-agreed in contract Advantages and disadvantages 5) Small Claims Tribunal (Pg 15) For cheaper amounts, alternative to litigation For 3 types of specific claims (Pg 15) Monetary limit: $10,000, or $20,000 if parties agree Methods of Resolving Civil Judgements (Pg 16) Pg 17: Bankruptcy - Conditions to file for bankruptcy ( Pg 17 ) - Exempted assets ( Pg 18 ) - Bankruptcy Restrictions ( Pg 18 ) - Ways a bankruptcy order may end (Pg 19 ) Other options ( Pg 19 ) 1) Voluntary Agreement ( Pg 19 ) 2) Debt Repayment Scheme ( Pg 19 ) 3) Writ of seizure and sale ( Pg 20 ) 4) Garnishee Order ( Pg 20 ) 5) Appointment of Receiver ( Pg 20 )
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Chapter 10: Law Relating to Business Organizations Mainly discusses: 1) Sole Proprietorship (Pg 224) 2) Partnership (Pg 227) 3) Companies (Pg 240) 4) Limited Liability Partnership (Pg 248) 5) Limited Partnership (Pg 250) Pg 223 : Incorporated (separate legal entity) & Unincorporated Sole Proprietorship (Pg 224) Business Names Registration Act Pg 224 – 225: Registration in General (Process and Effects of Non- Registration) Pg 226: Evaluation (advantages and disadvantages) Partnership (Pg 227) Partnership Act A relationship that subsists between persons carrying on business in common view of profit (section 1) When is there a partnership? (Pg 227) Jointly owning property, sharing of gross profits, and net profits not indicative that there is a partnership. Formalities (Pg 228) No requirement for written agreement. Again, need to be registered under Business Names Registration Act. Min. No.: 2 Max. No.: 20 (except accountants and lawyers) Relationship between Partners and Outsiders (Pg 229) 1) Partner’s liability for actions of other partners (Pg 229) Actual, implied (section 5) and apparent authority Implied Authority: Mercantile Credit Co Ltd v Garrot (1962 ) (Pg 230) (even though partnership did not state one partner was able to sell cars, it was determined partners have implied authority to sell goods)
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