Contracts Act (Cap. 53): Primary legislation governing contract formation, including requirements for valid contracts, consideration, capacity to contract, and rules regarding duress and undue influence
Moneylenders Act (Cap. 188): While family loans are typically exempt, this Act must be considered to ensure compliance and avoid regulated moneylending activities. Includes provisions on interest rate restrictions
Civil Law Act (Cap. 43): Contains provisions regarding interest rates, requirements for written contracts, and enforcement of contractual rights
Limitation Act (Cap. 163): Establishes time limits for enforcement of promissory notes (6 years for contractual claims) and prescription periods
Family Law Considerations: Legal implications regarding impact on matrimonial assets and estate planning considerations
Stamp Duties Act (Cap. 312): Requirements for stamp duty on loan documents and potential exemptions for family arrangements
Clear Party Identification: Legal requirement to clearly identify all parties involved in the promissory note
Loan Amount Specification: Requirement for clear and specific statement of the loan amount
Repayment Terms: Legal requirements for clearly defined repayment terms and schedule
Interest Rate Provisions: Requirements for clear specification of interest rates (if any) and compliance with legal limits
Default Provisions: Legal requirements for specifying consequences of default and remedies available
Enforceability Clauses: Requirements for ensuring the legal enforceability of the promissory note
Witness Requirements: Legal requirements for witness attestation of the document
Execution Formalities: Legal requirements for proper execution and signing of the promissory note
