What are buyers potential claims against seller

Assignment Help Business Law and Ethics

Reference no: EM132303971

Question 1 (Contract Law)

On 1 October, Buyer saw a courier van parked in a carpark with a FOR SALE sign that included a telephone number and a price of "$25,000 cash." That night, Buyer called Seller. Buyer explained that he would have to borrow the money to purchase the vehicle but could get it next week. Seller provided his address to Buyer and told Buyer, "If you want the van, mail me a cheque for $5000 today. Pay the balance by 1 November." Later that same day, Buyer mailed Seller a $5000 cheque.

The next night, at Buyer's 18th birthday party, Buyer discussed the deal with Investor. After buying the van, Buyer planned to start a document courier service.Since mailing Seller the $5000 cheque yesterday, Buyer had spent $1200 on business cards, flyers and a mobilephone. Buyer projected a profit of $50,000 in the first year. Investor was impressed with Buyer's plans and agreed to loan Buyer $20,000 to buy the van.

On 25 October, Buyer called Seller to pick up the van. Seller refused and said someone had offered him $35,000 for the van. Seller had not cashed Buyer's cheque as yet. Seller offered to deposit the cheque and give him the van if Buyer would pay Seller $20,000 now plus $400 a month for 25 months. Buyer laughed and said, "Yeah, right." But without a van, Buyer would not be able to start his courier service.

Answer the following questions in detail, providing reasons for your answers. Refer to relevant case law to support your arguments:

1. What are Buyer's potential claims against Seller? What are Seller's potential defences? Who is likely to prevail should this case goes to court?

2. Assume Buyer prevails in his lawsuit against Seller. What remedy(s) is Buyer likely to receive from the court?

Question 2

Explain the meaning and implications of the following terms and concepts. In your answers, also identify and describe any legal framework(s) that affect or incorporate them (so, if you were asked to describe bills of exchange, you would define and explain a chose in action, negotiability and the Bills of Exchange Act 1909).

a. Chattel Mortgage
b. Perfection
c. Fixture
d. Torrens - System of registration for land rights and interests.
e. Leasehold

Reference no: EM132303971

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Reviews

len2303971

5/12/2019 9:54:25 PM

Please note that you may not find cases that are exactly like the scenarios you have been given for the assignment. Focus your efforts on finding cases that support your arguments, instead of finding one that has identical facts. For example, if you wanted to argue that no valid contract existed because no consideration was given, then look for cases that involve no consideration to support your argument.

len2303971

5/12/2019 9:54:17 PM

The video and documents are to aid you in how to format your assignment, and reference cases or statutes. Please note that for Part A, you should focus your case law research on the textbook only. For additional help writing part A of the assignment, look to Topic B under Resources for “Additional websites, documents and readings”: The three documents under Diagrams and other useful information are designed to help you with the assignment, especially with identifying issues. For additional help writing part B of the assignment, look to Topic C under Resources, including the section for “Additional websites, documents and readings”:

len2303971

5/12/2019 9:54:07 PM

Assignment Information: Part A is worth 20 marks and is a contracts law case scenario. Part B is worth 10 marks and is a property law case scenario. Total marks for the assignment is 30. Guideline for word length is 1500 words (1000 for part A and 500 for part B). There is no penalty for exceeding the 1500 word guideline. Additional information to help you with your assignment is located under the Assessment section of Moodle titled “Useful Resources”:

len2303971

5/12/2019 9:54:03 PM

Answer both questions. Question one is worth 20 marks (your answer should be between 800-1000 words) Question two is worth 10 marks (your answer should be between 400-800 words) Always ensure you refer to relevant case and statutory sources to support your answers.

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