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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?
The Statute of Frauds is additionally intended to affirm that, for particular sorts of agreement, there is tried and true proof of the agreement and its terms Forthis situation.Despite Charter offering Ken a 10% commission, (for whatever remains o..
Research Microsoft Excel, the statistical package for the social sciences (SPSS), and the legal and ethical aspects of surveys and data collection. Post a new topic to the Discussion Board that contains your answers to the questions outlined in the a..
A thief steals your credit card and racks up $2,000 worth of charges. You notify your credit card company as soon as you realize the card is missing, but you must pay off the $2,000 bill charged by the thieves.
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