Will the buyer succeed in recovering the excess

Assignment Help Business Law and Ethics

Reference no: EM131171742 , Length: word count:2000

Business and corporation law

QUESTION 1 - (1000 words)

Consider the following situations and indicate whether consideration is present and whether Jack has an enforceable agreement:

a) Jane is going overseas and she offers to give her Lotus Super 7 sports car to Jack. The market value for this type of vehicle in good condition is around $25 000. Jack accepts. (250 words)

b) Jane offers to sell Jack her Lotus Super 7 sports car for $25 000. The market value for this type of vehicle in good condition is around $25 000. Jack accepts (250 words)

c) Jane offers to sell Jack her Lotus Super 7 sports car for $2500. The market value for this type of vehicle in good condition is around $25 000. Jack accepts (500 words)

QUESTION 2 - (1000 words)

A shipbuilder had contracted to build a tanker for North Ocean Tankers. The contract was in US dollars and didn't contain any provisions for currency fluctuations. Approximately halfway through construction of the ship, the United States devalued its currency by 10 per cent. As the shipbuilder stood to make a loss on the contract, it demanded that an extra US$3 million be paid or it would stop work. The buyer reluctantly agreed under protest to pay, as he already had a charter for the tanker and it was essential that it be delivered on time. The buyer didn't commence action to recover the excess payment until some nine months after delivery. Will the buyer succeed in recovering the excess?

Word limit is 2000 words

Reference style - Harvard

YOU MUST FOLLOW THE IRAC METHOD.

Reference no: EM131171742

Questions Cloud

Calculate the accumulated value of the loan : Cody received a loan of $45,750, 4 years ago. The interest rate charged on the loan was 4.92% compounded quarterly for the first 6 months, 5.10% compounded semi-annually for the next 2 years, and 5.88% compounded monthly thereafter. a. Calculate t..

Determine the range of each input and of the output : Representing all signals using regular binary code, calculate 16 + 15 and check whether the result is valid.

If gasoline taxes were significantly increased : If gasoline taxes were significantly increased in the United States, then. other taxes, such as income taxes, could be lowered. some of the government regulations that require automakers to produce more fuel-efficient cars would become unnecessary. i..

Construct the equation of a line : How do you construct the equation of a line if two points on the line are known? Explain the process you use.

Will the buyer succeed in recovering the excess : A shipbuilder had contracted to build a tanker for North Ocean Tankers. The contract was in US dollars and didn't contain any provisions for currency fluctuations. Will the buyer succeed in recovering the excess

Define the elements of a legal contract using examples : Define the elements of a legal contract using examples from the scenario where applicable. Decide whether or not there was a contract for the purchase of the automobile. Identify the facts from the scenario which support your decision on whether o..

Why family firms promising laboratory to examine questions : why are family firms a promising laboratory to empirically examine questions of general interest in financial economics.

What is the measure of the third angle : If the measures of two angles of a triangle are 90 degrees°and 21 degrees°, what is the measure of the third angle?

Adaptation of services to the internet : How have the following industries had to change to adapt to this technological change?

User Account

All Pages