Question about purchase agreement

Assignment Help Finance Basics

Reference no: EM13116711

Answer the question below as if you are counsel for Mr. Wide:

While on vacation in Brazil, Mr. Tall, a citizen of the United States, met Mr. Wide, a citizen of Brazil. Mr. Wide offered to sell Mr. Tall a vacation home in Brazil and to finance the purchase himself. Mr. Tall agreed and he signed a loan agreement promising to pay Mr. Wide in Brazilian currency. It turned out that the price was fair, but the property was unusable as a vacation property for all but a short period each year because of the unseasonable weather in Brazil. Mr. Tall wanted to back out of the agreement. Mr. Wide refused. Mr. Tall sued in a Brazilian court to have the contract set aside. At trial, Mr. Tall's attorney introduced proof to show that the loan agreement violated a U. S. currency regulation that forbade U. S. citizens from entering into foreign obligations without the advance authorization of the U. S. central bank, which Mr. Tall had not obtained. As both Brazil and the United States are members of the International Monetary Fund (IMF), Mr. Tall's attorney argues that the effect of Article VIII(2)(b) of the IMF Articles of Agreement is to make the loan contract unenforceable. In this case, who is the plaintiff? Is Mr. Tall attorney's argument correct? What are the key factors of the case that you think must be considered in the decision?

Reference no: EM13116711

Questions Cloud

Find percentage of males that weigh between a range : Find the percentage of such males that weigh between 190 and 210 lb. (Note: Make sure you choose the flag value closest to 190 and 210.) Give the proportion as a decimal rounded to thousandths.

Identify the initial speed of the bullet : The bullet remains in the block, and after the impact the block lands d = 2.2 m from the bottom of the table. Identify the initial speed of the bullet.

What is the new water level in the cylinder : A 50.0g silver object and a 45.0 g gold object are both added to a 55.5 mL of water contained in a graduate cylinder. what is the new water level in the cylinder.

Relationship between corporate culture and performance : Explain why you tend to find more shirking, more corruption, and more inefficiency in large firms than you do in small firms. Explain why you tend to find more shirking, more corruption, and more inefficiency in government than you do in large fi..

Question about purchase agreement : While on vacation in Brazil, Mr. Tall, a citizen of the United States, met Mr. Wide, a citizen of Brazil. Mr. Wide offered to sell Mr. Tall a vacation home in Brazil and to finance the purchase himself.

Financial statement analysis : ACCT212 Project 2: Financial Statement Analysis-YUM! Brands, Inc. Description: Using the financial statements for YUM! Brands, Inc. located in Appendix A of your Textbook, you will calculate Vertical and Horizontal Analysis and the Financial Ratios ..

Give the probability mass function : Let X be the number of calls you need to make until you find your friend. Give the probability mass function for X. How many calls do you expect to make until you find your friend?

Explain by how much time does the disk take to stop : A disk, initially rotating at 149 rad/s, is slowed down with a constant angular acceleration of magnitude 4.23 rad/s2. (a) Explain by how much time does the disk take to stop? (b) Through what angle (rad) does the disk rotate during that time?

Description of managing exchange rate risk : Do you think an American company doing business in Jamaica should hedge their currency or not? Give reasons for your answer.

User Account

All Pages