- Contract Law applies to all contracts in Singapore. You need to be familiar with contract law as most business dealings involve contracts, e.g. employment, agency, distributorship and shareholders’ agreements.
- There is no single Statute that governs all contracts. The laws of contract can be found in case law and many of the English principles of law that have been adopted by Singapore.
- The law of contract deals with matters such as:
- validity of a contract
- validity of the terms of a contract
- establishing if any terms are implied into a contract
- establishing if there is a breach of contract
- Contracts can be oral or written - both have equal force and are legally binding. However, to avoid a situation of "your word against mine", it is generally more prudent to have written contracts.
- As contract law affects almost all business matters, it interacts with other disciplines such as property, intellectual property, sale of goods and consumer protection laws.
- You need to consult your lawyer or legal advisor for more information on these laws.