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Business Law Assignment, SMU, Singapore On 1 May, Atkins Pte Ltd (Atkins) received brochures from Belvin Pte Ltd (Belvin), the local distributor of the “Raybon”
On 1 May, Atkins Pte Ltd (Atkins) received brochures from Belvin Pte Ltd (Belvin), the local distributor of the “Raybon” brand of sports shoes, advertising the latest limited edition of Raybon shoes for sale at $50 per pair. Atkins wanted to get their hands on the limited-edition shoes, so they quickly sent an email to Belvin stating “We are glad to place an order for 100 pairs, on 30 days credit terms”.
On 2 May Belvin replied by email that they could deliver 100 pairs, cash on delivery. On 3 May Atkins sent out a letter informing Belvin that they are agreeable to paying cash on delivery of the Raybon shoes. The letter reached Belvin on 5 May. On 4 May Belvin emailed Atkins stating that they were no longer in a position to deliver the Raybon shoes as they had run out of stock due to overwhelming demand. Discuss if there is a binding contract between Atkins and Belvin.
Ace Car Company (ACC), a company that sells cars in Singapore, had plans to set up operations in Malaysia. Rather than offer more shares to its current members or to the public, the directors borrowed $10 million dollars from Singapore Global Bank (SGB) to finance this expansion. Recently, as the direct result of the trade war between the United States and China, with global economies headed into a recession, ACC’s accounts department reported the company’s sales have been very poor for the whole of 2022, and shareholders have begun to sell off their shares in anticipation of ACC going into liquidation due to poor sales. The directors of ACC immediately stopped trading and informed SGB. SGB intends to commence an action to recover the loan it made to ACC. Would SGB be able to recover its loan from ACC’s directors, members, and/or employees of the company?
To have a contract vitiated on the grounds of misrepresentation, there generally has to be a false representation of fact, made by one party to another, with the purpose of inducing that other party to enter into a contract. List and explain the types of misrepresentation and further state if silence could amount to misrepresentation.
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