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

Dissolution by the court, Dissolution by the Court Conversely Section 39...

Dissolution by the Court Conversely Section 39 of the Act prescribes the state of affairs that the court will decree the compulsory dissolution about a partnership. They are: li

Contract, what is void contract

what is void contract

Definitions of phoenix activity, phoenix activity involves "the evasion of ...

phoenix activity involves "the evasion of tax and other liabilities, such as employee entitlements, through the deliberate, systematic and sometimes cyclic liquidation of related c

State the law of the sea, LAW OF THE SEA   The  sea  and  all  areas  of  ...

LAW OF THE SEA   The  sea  and  all  areas  of  the  sea  are  regulated  by  international  law.  The  jurisdiction  of international law extends from the right of passage over t

Legitimacy in your ethical life, 1 With reference to the material discussed...

1 With reference to the material discussed in class n in the reading over the last few weeks, I would like you to continue a fours on the ethical things that we can all do in our e

Disadvantages of statute law, Disadvantages of Statute Law: Impositio...

Disadvantages of Statute Law: Imposition of law However some Acts are imposed on the people and reflect the views of the pundits or Executive in the ruling political part

Advantages of arbitration, Advantages of Arbitration (a) First is, Sp...

Advantages of Arbitration (a) First is, Speed : It is a faster scheme of dispute resolution (b) Second is, Convenient : Parties are free for determine as; Th

Disadvantages of stare decisis - rigidity, Disadvantages of Stare Decisis -...

Disadvantages of Stare Decisis - Rigidity However the case law method of administration of justice has been criticized on the grounds which it leads to rigidity because the di

On which convention international humanitarian law is based, On which conve...

On which convention International humanitarian law is based International humanitarian law  is  not  wholly  based  on  the  Geneva  Convention and  Hague convention. These law

State article 29 of international law, State Article 29 of international la...

State Article 29 of international law Article 29 states that a member of a diplomatic mission enjoys immunity from arrest or prosecution.

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