Business law Essay Example | Topics and Well Written Essays - 2250 words - 1

Business law - Essay Example bligation under a contract arises when two or more parties enter into an agreement with each or among each other and that agreement is entered into with a consideration or by Deed and no mistake, misrepresentation or frustration is attendant before, during or after the agreement. Under such kind of agreement the promisee is obliged to deliver and the promissor is entitled to receive in accordance with the terms of the contract and in the event of failure of the promisee to deliver what is expected of him, then the promissor is entitled to recover damages for breach of contract. 2 In the present case, Bajool freely entered into a contract with BSP with the terms of the contract clearly set forth in the agreement. The time of deliveries is specific as well as the manner and amount of payments in installment. Although there is always a probability that prices of any commodity may from time to time fluctuate, as in this case, Bajool did not negotiate for a provision at the time of the ag reement that would stipulate that in the event of a fluctuation, particularly a rise in the price of industrial salt, the agreed contract price shall forthwith also increase under a ‘rise and fall’ clause. Absent such a clause and considering that the contract is not long-term, Bajool is not justified in forcing BSP to agree to a different contract price and ultimately terminated the contract when the same failed. Therefore, Bajool’s termination of the contract is unwarranted and unjustified. This is especially true if the agreement of the parties had been put into writing considering that the Australian legal jurisdiction strictly adhere to the ‘parol evidence’ rule. This rule states to the effect that when the terms of an agreement are put into writing, then no other evidence of the intention and the terms that the parties agreed in the contract can be admitted to prove the terms agreed upon by them. This is the same doctrine held in the case of Me rcantile Bank of Sydney v

The Potential for Energy Savings Firms in Singapore Essay

The Potential for Energy Savings Firms in Singapore - Essay Example Singapore is one of the largest oil refiners in the world. It has a distinction of being the world’s busiest bunkering port and the world’s third-largest oil trader. The Asia Pacific oil prices are set by the Singapore oil price. Singapore has to buy all the oil resources needed for the country from abroad. Like any other country, Singapore is also facing the challenge to the sustained energy resources supply. Since the country depends solely on imported oil and gas for its energy needs, Singapore is highly vulnerable to the risk of loss of supply. The competition for energy resources between nations is tightening day by day. Hence the requirement of energy security is very crucial for the country. In the national energy policy report, Lim HNG Kiang, the Minister for trade and industry of the Singapore Government, says that â€Å"Moving forward, we need a holistic national energy policy framework to meet our objectives of economic competitiveness energy security and environmental sustainability. As a small island state with limited indigenous resources, a strong and growing economy is our best defense against high energy prices and climate change.†Ã‚   The Singapore’s energy system is largely based on imported oil and natural gas. In order to sustain their economic growth and support civilization, Singapore must take serious consideration of their energy sector and should have a clear view on energy security. There is a need to become more energy efficient. Alternative resources for energy can be utilized by Singapore, but the resources are limited. Turning to nuclear energy like major countries in the world is not easily possible for the small island city nation. For that, they should consider oceanic nuclear power plants in international waters. Biofuel and solar energy are the other two alternatives for Singapore’s energy sector.