Contract Law in Singapore
Contract Law in SingaporeUpdated on Thursday 26th May 2016
Rate this article
based on 1 reviews.
based on 1 reviews.
Singapore Contract Law has its origins in the English law system; moreover, 13 English Commercial statuses are incorporated in the laws applied in Singapore. Although rooted in the English jurisprudence, the legal system in Singapore is modifying in accordance with the practices established by other developed legal systems, in order to offer a better outlet for international companies interested in the business environment in Singapore. If you plan on opening a business here, our law firm in Singapore can provide you with consultancy.
Contract in Singapore – offer and acceptance
As stated by the contract law in Singapore, a contract is an agreement document between two (or more) parties, whose rights and obligations are stipulated in the contract. The rights and obligation of the contract legislation in Singapore can vary in accordance to the stipulations of the contract, but in all cases, they are enforceable by law.
All contracts in Singapore must contain an offer and an acceptance of offer on which the parties must agree on.
• the offer represents the promise of an offeror “to be bound on certain specified terms upon the unqualified acceptance of these terms by the person to whom the offer is made” (Chapter 8 of the Commercial Law). In all cases, the offer must be made with the intention to be respected.
• the acceptance of the offer must always be communicated to the offeror, but the contract law contains some exceptions, which can be explained in detail by our attorneys in Singapore.
Terms of the Contract in Singapore
A contract should always stipulate the terms in which the offer and the acceptance of offer can occur. If the two parties have agreed upon a certain matter orally or in a written statement, these won’t be legally taken into consideration as long as the terms of their commercial relationship are already stipulated into a contract.
Regardless of the purpose it carries, a contract is a complex document, legally binding two parties. If you need to sign a contract, our law firm in Singapore can offer you in-depth consultation on the law of the contract.