Preview

Legally Binding Agreement

Better Essays
Open Document
Open Document
1355 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Legally Binding Agreement
Table of contents Page
Part A:
Question 1(Q1) 3
Question 2(Q2) 4
Question 3(Q3) 4

Part B:
Question 1(Q1) 5
Question 2(Q2) 6
Question 3(Q3) 7

References 7

Part A
(Q1)
In the scenario described, the area of contract law applicable would be whether the offer and acceptance was put into a legally binding agreement. The offer of rewards given to the clerk from IRAS greatly depends on the usefulness of the information from the clerk to retrieve successfully the total amount of tax evaded by Evander. Firstly, to describe the contract, an offer is a definite intention by the offeror to enter into a legally binding agreement, be it a specific person, a group of people or the world at large, on the offeror’s terms (Benny, 2009). In this case, IRAS, being the offeror, offers a reward of 15 percent of tax which are recovered from the evaded tax and capped at one hundred thousand dollars if anyone discloses information which would have been loss (IRAS, 2007). Acceptance, on the other hand, occurs when the offeree comes to “meeting of the mind” with the terms stated by the offeror and come into a binding contract. This can be in the form of either writing, oral, or conduct.
In this case, the clerk, being the offeree, can show acceptance by going to the stated address on the IRAS website together with information and documents of the evasion if he wants to enter into a contract. The clerk can also show acceptance by filing a report by providing documentation and information through the IRAS website by mail with



References: Inland Revenue Authority of Singapore, IRAS, 2007 http://www.iras.gov.sg/irashome/page.aspx?id=6510#What_is_tax_evasion? Ravi Chandran, 2010, Introduction To Business Law In Singapore, 4th edition Benny, 2009, Singapore Business Law, 5th edition

You May Also Find These Documents Helpful

  • Better Essays

    BTT and Chou must exhibit mutual assent to determine when a contract was reached. The contract is determined to be valid if shown that an offer was made (by BTT), and there was acceptance by Chou. Initially, BTT and Chou entered a 90-day agreement for exclusive negotiation rights to Strat in exchange for $25,000. Once payment is accepted, Chou’s right to solicit distribution from an outside party is restricted. This shows mutual assent as the promisee, Chou, gave up a legal right and the promisor, BTT, made its promised based on a mutual exchange.…

    • 937 Words
    • 4 Pages
    Better Essays
  • Good Essays

    Business Law Contracts

    • 265 Words
    • 2 Pages

    Cyril made two contracts. The first was to have his house painted one month from the date of the written contract. The second was for his neighbor's 1957 Ford Thunderbird. Each contract was definite and clear in all respects. As to the house painting, Cyril inquired with the painter as to when the work could begin. The painter explained that he was extremely busy and was not sure if he could fulfill the contract. Cyril flew into a rage and immediately hired someone else who painted the house, but at a higher price. Cyril then sued the painter, claiming that there was an anticipatory repudiation of the contract by the painter.…

    • 265 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    15 marks • Attempt Question 2 • Allow about 40 minutes for this section Section III Pages 9–10…

    • 2134 Words
    • 9 Pages
    Powerful Essays
  • Satisfactory Essays

    Common Law Contracts

    • 390 Words
    • 2 Pages

    Yes, common law contracts also apply to the scenario. Article 2 only covers tangible items, and everything else is than governed by common law contracts. An example is Grocery Inc 's contracts with vendors are covered by the UCC because the involvement of the sale, but a vendor or an individual who stocks the shelving themselves (performing a service) would be covered under common laws.…

    • 390 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    THE AGREEMENT

    • 3540 Words
    • 15 Pages

    An agreement is the essence of every contract. The parties to a contract are the offeror (who makes an offer) and the offeree (to whom the offer is made). If, through the process of offer and acceptance, an agreement is reached, and the other elements are present (consideration, capacity, legality), a valid contract is formed.…

    • 3540 Words
    • 15 Pages
    Powerful Essays
  • Good Essays

    Common Law Contracts

    • 1491 Words
    • 4 Pages

    Course Hero has millions of student submitted documents similar to the one below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support.…

    • 1491 Words
    • 4 Pages
    Good Essays
  • Good Essays

    This story is about Troy who bought a radio-operated helicopter. He got a nice offer in the shop with warranty and he bought the helicopter immediately. The extended manufacturer warranty sounded great which he got when he made the deal. The problem was that he have never read what is this warranty means exactly. He will know that too late after his problem. But that wasn’t only his fault because the seller…

    • 1306 Words
    • 6 Pages
    Good Essays
  • Satisfactory Essays

    written contracts

    • 467 Words
    • 2 Pages

    In the case of Paula she has a legitimate reason to file charges for reinstatement or pay as long as she has some type of proof where Next Corporation compromises to give her employment. A good example will be a welcome letter, emails, or any other document that has information about her employment and duties. Luckily for her, in the state of New York a handshake deal is a legally binding document such in the case of Texaco and Pennzoil in 1984. Also, if Paula can present witnesses in court that were aware of the business or employment offer, she can enforce it just like a written contract.…

    • 467 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Risk Assessment Nvq

    • 2231 Words
    • 9 Pages

    • Describe how risk assessments can help address dilemmas between individuals’ rights and health and safety concerns…

    • 2231 Words
    • 9 Pages
    Powerful Essays
  • Good Essays

    IN CONSIDERATION OF THE COVENANTS and agreements contained in this Sales Agreement, the parties to this Agreement agree as follows:…

    • 1336 Words
    • 6 Pages
    Good Essays
  • Best Essays

    Many individuals do not understand the full significance of the terms outlined in a contract until they find themselves at the receiving end of litigation. In addition, they do not recognize that a contract can be established with as little as a verbal agreement between parties which can, as with a written contract, become the basis to award damages in the event that one or more members default on the agreement. When individuals make purchases they form contracts with the entity whose business they patronize. Formation of a contract for sale need only entail an offer and acceptance between parties and is legally binding when agreement and consideration are ascertained. The purpose of this paper is to address legal considerations one should take into account when making oral purchases in the marketplace.…

    • 2642 Words
    • 11 Pages
    Best Essays
  • Better Essays

    Most of you did well on questions 3 and 4, so here I post only sample answers to questions 1(a) & (b) and 2:…

    • 1074 Words
    • 5 Pages
    Better Essays
  • Good Essays

    Contract Law

    • 797 Words
    • 4 Pages

    The respondent is unable to justify the violations of Section 8 and 10 of the canadian charter of rights and freedoms (charter) with regards to section 24 (2) of the charter. Section 24 (2) states that where in proceedings under section (1), a court concludes that evidence was obtained in a manner that did not infringe or deny any rights of freedoms guaranteed by the charter, the evidence shall not be excluded if it is established that, having regard to all the circumstances, the admission of it in the proceedings would bring the administration of justice into disrepute (charter).…

    • 797 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Contract Law

    • 500 Words
    • 2 Pages

    “To create a binding agreement the acceptance must occur, and that ‘acceptance’ must be final and absolutely unconditional. This is clear under Australian contract law.”…

    • 500 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    Tax Fraud

    • 1674 Words
    • 7 Pages

    This paper will discuss the topic of tax fraud. We will begin by introducing the basic concepts of tax fraud. Secondly, this paper will also delve into some of the laws that have been passed as punishment for those parties that decide to commit tax fraud. We will also highlight some of the more current examples of tax fraud that have been committed and the details that lead to the perpetrators being caught. Lastly we will discuss the role that criminal investigators have in the realm of tax fraud.…

    • 1674 Words
    • 7 Pages
    Powerful Essays