Give advice on given arrangement, Business Law and Ethics

Assignment Help:

Ben sold clothes at a market stall on weekends for a number of years. Two years ago business was very poor and Ben was forced to cease trading. Ben sold all of his remaining stock to a competitor at well below cost. Unfortunately, Ben had insufficient funds to pay his main supplier and creditor Alfred. He was still in debt to Alfred for $60,000.

Ben borrowed $25,000 from his brother and negotiated with Alfred in relation to the debt. He agreed to give Alfred $25,000 at the time of their discussions, and to work as a taxi driver on weekends until he could repay Alfred another $15,000. Ben agreed to this arrangement as full and final payment of the debt.

After two years of driving taxis, Ben has repaid Alfred the additional $15,000. Alfred now insists that Ben must still pay him the remaining $20,000 of the original debt.

Required:

Advise Ben and Alfred in relation to this matter.

 


Related Discussions:- Give advice on given arrangement

Accounts and audit, ACCOUNTS AND AUDIT: By s.147(1) every company shal...

ACCOUNTS AND AUDIT: By s.147(1) every company shall cause to be kept in the English language "proper books of account" with respect to - (a) all sums of money received and

The health and safety issues in the hospitality industry, QUESTION 1 (i...

QUESTION 1 (i) What are the principles applicable regarding the unjustified termination of a contract of employment (ii) What would be your views regarding the legal issues

Benefits associated with ethical behavior, Question 1: (a) According to...

Question 1: (a) According to Archie Carroll what are the four interrelated aspects of corporate social responsibility? Use examples from the Mauritian context to illustrate you

Empowers directors - company management, Empowers directors - company manag...

Empowers directors - company management: In the case of companies which have adopted Table A, Article 107 empowers directors to appoint a managing director "for such period an

Methods of public issue, Methods of Public Issue: A company's authoris...

Methods of Public Issue: A company's authorised capital may be raised in one or the other of the following ways: a)      PLACING A 'placing' occurs if the company, inste

Contractual capacity of persons of unsound mind, Contractual Capacity of Pe...

Contractual Capacity of Persons of Unsound Mind Furthermore a contract entered into through a person of unsound mind is voidable on his option whether it is proved that the ot

Working of state jurisdiction, Working of State jurisdiction State juri...

Working of State jurisdiction State jurisdiction concerns essentially the extent of each State's right to regulate conduct or consequences of events. A state has the competence

How can an employee invoke constructive dismissal, Question 1: "Constru...

Question 1: "Constructive Dismissal is inherently different from dismissal in the sense that it is the employee who necessarily takes the initiative in considering the contrac

What is codifying treaty, What is Codifying treaty Codifying treaty, me...

What is Codifying treaty Codifying treaty, meaning whereby, certain existing customary laws are codified in order to develop international law and make it binding between the s

What is the dispute resolving mechanism, What is the dispute resolving mech...

What is the dispute resolving mechanism Obligation to follow a treaty between states arises only when it has been concluded in a written form. Moreover, a treaty must be in a

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