Consider the following situations
Course:- Business Law and Ethics
Length: 2000 Words
Reference No.:- EM131194380

Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Business Law and Ethics


Question No 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 No 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?


Verified Expert

The crux of all the questions present is whether the consideration is present or not and whether a contract exists or not.First of all Consideration is a part of contract to be valid .Contracts has four components that is an offer from the other party,the acceptance which is followed by the offer ,the promise and a consideration.Common law was present and contract is formulated by them. A contract can be defined as an agreement, which binds both the parties and supports them with what to do and what not.It is enforceable by law.In short words we can say contract is the agreement made and the agreement, which is enforceable. It can be written in oral as well as in written form.

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Business Law and Ethics) Materials
Alice and Bob have a dispute which leads to the end of their commercial relationship. Any project of running the business together is scrapped. However, issues such as payme
You are the ICE prosecutor assigned to the case drafting the Notice to Appear. Is Joe Alien subject to inadmissibility under §212 or removal under §237? Can Joe Alien be remov
Discuss the factors that must be present for a state court to have specific personal jurisdiction under the minimum contacts test. Provide examples to support your answer.
Describe the basic steps in the policy-making process. At what stage in the development of correctional policies is it most important to consider the impact of the U.S. Cons
Abbott, a person involved in the snow clearing business saw an advertisement from a local hardware store pertaining to the "Elite Snow Blower" by "Honda". The advertisement cl
Under contemporaneous reserve accounting, how does the computation period correspond with the maintenance period? -What are the advantages of a lagged reserve accounting perio
What police practices might lead a person to believe that police are operating in a discriminatory manner? Provide examples of a police practice that might lead to a minorit
Article- Homeland Security and Community Policing. This journal article review addresses criminal justice policy issues that stem from the formation of the Department of Home