Debt and payment, Financial Management

Assignment Help:

Jane has agreed to sell her Porshe 911 Cabriolet worth RM1.3 million to Lim for the price of RM 500,000. The decision was made rather hastily as Jane need money to pay her creditors who were chasing after her for the debts she owes them. The deposit was to be paid two weeks later.

When Lim made the said payment within the said two weeks, Jane refused to accept claiming that she made a mistake and that she was under undue influence. Jane also claim that is was unaware of what she had agreed with Lim as she was very upset and had taken some medication to relax her mind thus impairing her judgement.

Lim, who is a car dealer is upset over Jane's refusal as he had promised a reputable customer to sell the said car at a price of RM800,000. In view of the good pricing, his customer had agreed and Lim had, in fact accepted 50% of the purchase price and had proceed to submit his client's financing applications for the balance of 50%. His client is also very anxious to get the car which will be presented as a wedding gift to his daughter.

He seeks your opinion whether Jane can use all the above stated excuses to avoid the contract.

He also wants to know what are the causes of action he has against Jane and seeks your advise on to the appropriate remedy for him against Jane.

In the mean time, Mr. Lim's client is also in the process filling a suit against him and he seeks your advice


Related Discussions:- Debt and payment

Qualitative analysis, Does your company have a cutting-edge product idea th...

Does your company have a cutting-edge product idea that will blaze new trails in its industry? Is it properly retiring out-of-date products and keeping current with new consumer de

Explain cross hedging, Explain cross-hedging and discuss the factors determ...

Explain cross-hedging and discuss the factors determining its effectiveness. Answer: Cross-hedging includes hedging a position in one asset by taking a position in another asse

What is unsystematic risks, Q. What is Unsystematic Risks? Unsystematic...

Q. What is Unsystematic Risks? Unsystematic Risks stems from a managerial inefficiency, technological change in the production process, availability of raw material, changes in

Essential features of a sound capital mix, ESSENTIAL FEATURES OF A SOUND CA...

ESSENTIAL FEATURES OF A SOUND CAPITAL MIX A sound or an appropriate Capital structure should have the following essential features : highest possible use of leverage

Interpretations of profitability ratio''s, Interpretations of Profitability...

Interpretations of Profitability Ratio's - ROA:       ROA or the Return on Assets ratio is the ratio of net profit to total assets and this ratio indicates whether total assets

Calculate the effective annual rate, I keep getting different answers in ex...

I keep getting different answers in excel and the financial calculator. is there someone who can walk me through this problem step by step: You plan to buy a new house for $250,0

Financial Analysis Management, I need this in the next 24 hours urgently. I...

I need this in the next 24 hours urgently. If you can accept this, you must be meeting the deadline with strictly no delays or full payment refund is needed

Fixed rate versus floating rate asset backed securities, There are fi...

There are fixed as well as floating rate asset-backed securities. A floating rate asset-backed security is one whose underlying pool consists of loans or receivab

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd