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Business Contract Law For Non-legal Professionals
Understanding contract law is vital in business and will help you safeguard your business interests and protect your company’s rights at all times. Learn how and when a contract is formed, appreciate the different terms in a contract, find out the various vitiating factors that can rescind a contract and ways to discharge a contract, and remedies available to an innocent party in the event of a breach of contract? Real life examples and case scenarios will give you an opportunity to apply these knowledge to actual situations.
Be exposed to the fundamentals of contract law principles and learn when there is a fundamental breach of a contract and the various options available to an aggrieved party. More importantly, know how to protect your business interestsand rights by taking steps to ensure that your business has suitably worded exclusion clauses to limit liability. Be advised on how you can recover the maximum damages due to you in a dispute such as a breach of contract.
- What is a contract and how is it different from an agreement?
- Understand when a contract is formed.
- Assess whether a vitiating factor has occurred and the options available when it occurred.
- Develop an appreciation of express and implied terms and to contrast a condition, warranty and innominate term.
- Distinguish between misrepresentation, mistake, undue influence, duress, unconscionability and illegality and the effects on a contract.
- Identify clauses in restraint of trade and the legitimate interests to be protected.
- Recognise the various ways in which a contract may be discharged.
- Differentiate between penalty clause and liquidated damages clause.
- Appreciate the legal and equitable remedies available in the event of a breach of contract.
- Understand how damages are quantified based on concepts of causation and remoteness.
- Recognise when extra-ordinary or secondary losses may be claimed from the party in breach.
- Use of exemption clauses to protect your business interests.
· Business planning
· Safeguarding contractual rights
· Understanding implications of discharging contracts
· Enforcing contractual rights
· Differentiation of various contractual terms
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Alfred Lim is a litigation lawyer and a director of a law firm. His primary practice is in commercial litigation with an emphasis on construction disputes. He has acted in matters at all levels of the Singapore Courts as well as in institutional and ad-hoc arbitrations. Alfred obtained his Bachelor of Engineering, Civil (Honours) from the National University of Singapore before obtaining his LLB (Honours) on its accelerated Graduate LLB programme. He was a former prosecutor with the Ministry of Manpower and the Attorney-General's Chambers before joining the private practice. In September 2015, he attended Harvard Law School where he was trained in negotiation.
Alfred has been involved in matters pertaining to breaches of construction contracts, adjudications under the Security of Payments Act, product defamation, tenancy disputes, employment disputes, breaches of shareholders' agreements and High Court personal injury claims.
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