Will the buyer succeed in recovering the excess

Assignment Help Corporate Finance

Reference no: EM131154224 , Length: word count:2000

QUESTION 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 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?

Reference no: EM131154224

Questions Cloud

Draw on at least two of the readings from this week : Explain how geography has contributed to the development of diversity in the context of different cultures. Draw on at least two of the readings from this week. Provide an example of a specific population and describe how the population was divers..

Explain the key reasons why you believe that compositions : Select one (1) composition by Tchaikovsky that you enjoy. Describe the music and subject matter of that work, and explain why you enjoy it. Explain the key reasons why you believe that compositions by Tchaikovsky continue to be popular with contem..

Determine the electromagnetic power developed by armature : Determine the electromagnetic power developed by the armature under these conditions, in watts and in horsepower.

Describe the key motives involved in the increased presence : Describe the key motives involved in the increased presence of Westerners in India, China, and Japan in the 1700s and 1800s. Identify the key factors that led to Britain's successful imposition of its presence and trade policies on China, despite ..

Will the buyer succeed in recovering the excess : 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?

Determine the speed at which the machine runs as a motor : Determine the speed at which the machine runs as a motor.

Can relate to article on self-disclosure in relationships : Can you relate to this article on self-disclosure in relationships? If so, explain what specifically you could relate to and provide examples of your own experiences. If not, what has your experience been regarding self-disclosure in your intimate..

Find the ratio of the speed of the generator to motor : Find the ratio of the speed of the generator to the speed of the motor when the total line current is 80 A in both cases.

How can mass hysteria be prevented within the population : How can mass hysteria be prevented within the population - What should the federal government share with the state, and can this information be controlled?

User Account

All Pages