Debt and payment, Financial Management

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

Posted Date: 2/14/2013 6:42:46 AM | Location : United States







Related Discussions:- Debt and payment, Assignment Help, Ask Question on Debt and payment, Get Answer, Expert's Help, Debt and payment Discussions

Write discussion on Debt and payment
Your posts are moderated
Related Questions
1: How will you inform your managers and supervisors about budgets, reporting requirements and financial delegations? 2: What mechanism you will implement to ensure that there a

An average should be: (a) vigorously defined, (b) easy to compute, (c) capable of simple interpretation, (d) dependent on all the observed values, (e) not unduly influenced by one

Q. Foreign exchange - Maximum loss? From Marton's point of view an adverse outcome is depreciation of the dollar against sterling as this lowers its income when converted into

Calculate the Price of Commonwealth bonds Commonwealth Company has a 10% coupon bond with a par value of $1000, The current yield to maturity on new bonds is 8%. If interest is

Walk-through tests - Auditor • "Walk-through tests" -That is tracing one or more transactions by accounting system and observing application of internal controls. Rev

Determine the Management buy-outs Management buy-outs (MBOs) The management of company buy out the shareholders. Management will usually require financial backers (ventu

Define the concept of a real option. Discuss some real options a firm can be confronted with when investing in real projects. A positive APV project is accepted under the supposi

Working capital cycle for a trade Inventories days (time inventories are held before being sold)   Plus   Trade receivables days (how long

Can some one tell me the defination of Historical weights and how we calculate the historical weight?? And given the diffrence between Historical weight Vs Marginal weights??

We can also express Modified duration as follows:                                                                                               ...Eq. (3) The