Discuss whether valid contract made between Nikhil and Vicky

Assignment Help Business Law and Ethics

Reference no: EM132242049 , Length: word count:2000

Business and Corporate Law Assignment -

Learning Outcomes -

Demonstrate an understanding and application of law governing businesses and assess its effectiveness.
Identify the main sources of law and essential elements of the legal system.
Apply relevant legal rules relating to the law of obligations.
Understand and be able to apply the law in a specified business situation/hypothetical scenario.
Understand corporate fraudulent and criminal behaviour.
Develop the key skills of self-management and problem solving.

Assessment Details -

Task - Read the following scenario and answer the question below:

Nikhil owes one of his suppliers, Namita £5,000 which was due to be repaid in full by 1 March. On the 2 March he receives a telephone call from Namita asking him to repay the £5,000 he owes. Nikhil knows that Namita is having cash flow problems and she herself may soon have to cease trading and so he offers to pay her £3,000 that day if she will accept it in full and final settlement of the debt. Namita agrees to accept the £3,000 in settlement of the debt and Nikhil arranges for the money to be transferred to her account.

Nikhil puts an advertisement in the back window of his van which states: 'This van is for sale. 6 years old, low mileage. £5,000: Telephone: Nikhil 01273 679810.' On 4 March, Vicky telephones Nikhil and asks him for his lowest price. Nikhil informs Vicky he will accept £4,000 for the van. Vicky asks Nikhil if he will hold his offer open for a few days. Nikhil agrees to hold the offer open for her until 7 March.

On 5 March, Brian comes to inspect the van. Nikhil informs Brian that the van was once owned by the Beastie Girls and was used to carry their music equipment when they were on tour. Brian is a great fan of the Beastie Girls, and he readily agrees with Nikhil to buy the van for £5,000. They draw up a written contract, in which no mention is made of who once owned the van. It is agreed that Brian will collect the van and hand over the purchase price on 6 March.

On 5 March, Vicky, having been unable to get through on the telephone, sends a letter to Nikhil, letting him know that she accepts his offer to sell the van to her for £4,000. On 6 March, Nikhil sends a text to Vicky to say that he has sold the van.

On 7 March, Nikhil e-mails Charlie, a friend, asking if he wants to buy his Rolex for £1,000. Charlie emails by return, asking Nikhil if he will accept payment by 3 instalments. He gets a reply from Nikhil saying 'No'. Later that day, Nikhil gets a message on his mobile phone. The message is from Charlie accepting the offer of the Rolex for £1,000. Nikhil has now decided that he cannot part with the watch which once belonged to his great-grandfather and sends a text to Charlie stating 'no sale'.

Discuss whether a valid contract has been made between Nikhil and Vicky using the rules of offer and acceptance.

Note - Need this assignment as per United Kingdom's Law Standards.

Attachment:- Assignment File.rar

Reference no: EM132242049

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Reviews

len2242049

2/25/2019 1:09:57 AM

Word Counts: 2000 words. Student need this assignment as per United Kingdom's Law Standards. Your work will be marked in grades rather than percentages. This is considered to deliver the most accurate and fair outcomes for students. Each assignment that you undertake will be assessed using the common grading system. Information about the grading system can be found in your Course Handbook. Weighting This assignment is worth 40% of the module grade. You are required to submit this assignment by Friday/3pm. You must submit your assignment by using the Turnitin gateway in the module’s Canvas site. Please Note: The act of submitting your work electronically will be taken as an acceptance of the Declaration of Authorship.

len2242049

2/25/2019 1:09:51 AM

Word Limit - The word limit for this assessment is 2,000 words. All written assignments include clear guidance on the maximum amount that should be written in order to address the requirements of the assessment task (a ‘word limit’). If the submission exceeds the word limit by more than 10%, the submission will only be marked up to and including the additional 10%. Anything over this will not be included in the final grade for the item of assessment. Abstracts, reference lists, and footnotes are excluded from any word limit requirements. Where a submission is notably under the word limit, the full submission will be marked on the extent to which the requirements of the assessment task have been met. Generally speaking, submissions under the word limit fall short of the requirements of the assessment task.

len2242049

2/25/2019 1:09:45 AM

Grade Criteria - Work which fulfils all the criteria of the grade below, but at an exceptional standard. Work of distinguished quality which demonstrates strong, convincing and consistent evidence appropriate to the task or activity. Rigorous and authoritative command of academic / professional conventions appropriate to the discipline. Work of very good quality which displays most, but not all, of the criteria for the grade above in relation to the learning outcomes. Work of highly commendable quality which clearly fulfils the criteria for the grade below, but shows a greater degree of capability in relation to the relevant learning outcomes. Work submitted but given an LG grade due to late submission. Work submitted, but work comprises no value.

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