Contract Act (Cap. 53): Primary legislation governing contract formation and enforcement in Singapore, including basic elements of valid contracts (offer, acceptance, consideration, intention)
Sale of Goods Act (Cap. 393): Legislation governing commercial transactions involving the sale of goods, relevant for LOIs involving purchase/sale agreements
Misrepresentation Act (Cap. 390): Regulates false statements and misrepresentations made during contract formation, crucial for ensuring LOI accuracy
Electronic Transactions Act (Cap. 88): Governs electronic communications and transactions, relevant for LOIs executed electronically
Competition Act (Cap. 50B): Ensures fair competition and prevents anti-competitive practices, must be considered in commercial LOIs
Land Titles Act (Cap. 157): Relevant for LOIs involving real estate transactions or property dealings in Singapore
Companies Act (Cap. 50): Governs corporate entities' operations and authority to enter into binding agreements
Arbitration Act (Cap. 10): Framework for arbitration proceedings in Singapore, important for dispute resolution clauses in LOIs
Mediation Act 2017: Provides framework for mediation proceedings, relevant for alternative dispute resolution provisions in LOIs
Binding vs Non-Binding Terms: Clear distinction required between which provisions are intended to be legally binding and which are not
Confidentiality Provisions: Essential clauses protecting sensitive information exchanged during the LOI period
Governing Law and Jurisdiction: Explicit clauses specifying Singapore law as governing law and determining jurisdiction for disputes
Break-up Fees: Provisions detailing any compensation payable if the proposed transaction doesn't proceed
