Will the buyer succeed in recovering the excess

Assignment Help Other Subject

Reference no: EM131175931 , Length: word count:2000

QUESTION 1

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.

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.

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.

QUESTION 2

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?

Reference no: EM131175931

Questions Cloud

What skills and abilities are most critical to success : What skills and abilities are most critical to success in your specialization? What strengths do you already bring to this area? What insights did you gain from the Sternberg text related to your career vision?

What are the advantages of this system : Costs can be aggregated or disaggregated horizontally and vertically. - What are the advantages of this system?

Find the maximum possible demand : Determine if the given equation is a supply or demand equation. For a supply equation, find the minimum price for which there will be any supply. For a demand equation, find the maximum possible demand and the maximum price that can be charged.

What is the schedule variance at the end of period 5 : What is the schedule variance at the end of period 5?- What is the cost variance at the end of period 5? - Given the current information, will the project finish on schedule and on budget?

Will the buyer succeed in recovering the excess : Will the buyer succeed in recovering the excess - Consider the situations and indicate whether consideration is present and whether Jack has an enforceable agreement.

Describe what your theory says about the possible cause : Explain at least three counseling techniques or core principles from your chosen counseling theory that could be used to address the primary and secondary problems of your client. Explain how each of these techniques or principles would be applied..

Estimate x the point on the other side of the river : estimate x, the point on the other side of the river where the power line comes out of the river, if the total cost of the power line is to be as small as possible (a sketch of the grap-or a table may be useful)

What is the budgeted cost for the work remaining : What is the forecasted cost at completion (FAC)?- What is the budgeted cost for the work remaining?

How changes to marriage will change american society : How changes to marriage and family will change American society? How social media, web sharing, and/or similar trends in the internet will affect social and personal behaviors?

User Account

All Pages