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In the context of contract law explain: (b) when an offer can be revoked. (5 marks)
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Initial Pte Ltd was set up 10 years ago by a group of friends during the dot com boom. The company has been rather inactive in the last two years and the shareholders have lost interest in the business. Cheong, who owns 20% of the shares in Initial Pte Ltd, wants to liquidate the company.Required:Advise Cheong how and when he can take steps to liquidate the company. (10 marks)
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In the context of company law, explain what a derivative action is, and when and how a shareholder can bring such an action under the Companies Act (Cap 50). (10 marks)
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