Biz Law Project Essay

1549 words - 7 pages

Script for Business Law Project:Slide 17:Although UOME seems to have a good claim against MUS, what about MUS' stand?Isn't it unfair that UOME Bank, which agreed to discharge the entire loan and waive all outstanding interest payments if MUS repays $800,000 of the principal sum on the due date and $200,000 two weeks later, wins this case?If we recall correctly, there are the 4 exceptions to the general rule of Part Payment.Can anyone tell me which is it?(stop the class once it finish the definition of promissory estoppel)Slide 18:Yes that is correct. For MUS to have a good claim, it can use Promissory Estoppel. This essentially estoppes UOME from going back on its initial promise.Estoppel - ...view middle of the document...

It followed MUS then uses the budget originally set aside for paying the interest due to the bank on refurbishing some of the seminar rooms.So, did MUS act in reliance on this promise?Generally, such reliance is evidenced by the MUS's change of position on the faith of the promise, that is by doing or omitting to do something which he would otherwise not have done or omitted to do. Is it "Generally, such reliance is evidenced by the MUS's change of position on the faith of the promise, that is by repaying UOME's full loan, MUS could not have otherwise refurbished the seminar rooms.Now, some cases suggest that Detrimental Reliance is necessary.Slide 24: Class, do you think the repayment of the $1million and refurbishing of seminar rooms consider as detrimental reliance?Once again, thank you for your comments.Slide 25: Now, I'll take you on a journey of Hughes v Metropolitan Railway Company (1877)The verdict in this story is that the tenant had suffered lost time to effect repairs as a consequence of relying on the landlord's implied promise.1) Similarly, NUS could have suffered a detriment/disadvantage as it cannot claim back the budget used to refurbish the Seminar Rooms. Honestly, is this strong enough? Is there any other case study? Or any way to rephrase this sentence? I have 3 takes.2) However, sometimes it is not necessary to show detriment. As we have learnt through the nature of consideration.It is either a benefit conferred on the promisor or a detriment suffered by the promise.In a way, the bank benefitted from the repayment of $1 million and has also benefitted through its support of the corporate social responsibility movement in Singapore and educational development in Singapore. Is this correct?3) More recently, the English position endorsed by the Singapore High Court in Abdul Jalil bin Ahmad bin Talib v A Formation Construction Pte Ltd (2006).In this case, it stated that detriment of the kind required for the purpose of estoppel by representation is not an essential requirement and all that is necessary is that the promisee (MUS) acted in reliance on the promise in such a way to make it inequitable to allow the promisor (UOME) to act inconsistently with it.Under this approach, the question whether promise (MUS) suffered any detriment would only be a factor to be taken into account when considering the last element of the doctrine, ie, whether it is in fact inequitable for the promisor to retract his promise in all circumstances. I think this sounds more feasible.Now lets take a look at this element.Slide 26: It must be deemed inequitable for promissor to go back on his promise.This element is very important as it overlaps substantially with the concept of detrimental reliance.Slide 27: So class, everyone of you who read this case study would know that the Hongkong tycoon gave MUS $20 million dollars.Isn't that a very big sum? So why can't MUS...

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