X and Y had a number of complicated business transactions Y threatened to sue X

X and y had a number of complicated business

This preview shows page 24 - 32 out of 32 pages.

#26X and Y had a number of complicated business transactions. Y threatened to sue X for breach of contract. X wrote to Y rejecting his allegations. However, in order to help Y out, X promised to give Y a discount of 5% on any further orders received from Y this year. Y accepted the promise and instructed his lawyers not to proceed against X. Y placed further orders and was allowed the promised discount. However, before the end of the year, X informed Y that no further discounts could be allowed. Advise Y a.Y has no remedy since X’s promise of a discount was induced by Y’s economic duress b.Y has no remedy since the promise of a discount was not in writing c.Y can seek specific performance to enforce X’s promise of a discount d.Y has a remedy if it can be shown that X’s promise of a discount is consideration for Y’s promise not to sue
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#27A newspaper conducts a competition and the conditions of entry include a clause which says “the judges’ decision is to be final and not to be called in question in any Court of law”. M fills in the answers and sends in the entry. The correct answers are printed in a later edition of the newspaper and it corresponds with M’s answers. However, M is not awarded the prize. M has a remedy If the newspaper had announced M to be the winner but later failed to pay,
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#28A limited liability partnership (LLP)
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#29A sole proprietorship A. Cannot have employeesB. Need not keep books of accounts C. Is the simplest business form D. Is created by contract and must be registered under the Business Names Registration Act
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#30 A director of a Singapore company
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#31Minority shareholder protection:
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#32 In Singapore, insider trading
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#33The implied duties under the Sale of Goods Act A. Cannot be excluded at all B. Applies only to sellers but not to buyers C. Can be varied by agreement of the parties subject to the Unfair Contract Terms Act D. None of the above
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#34Negligent misstatement
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