Will the buyer succeed in recovering the excess

Assignment Help Other Subject

Reference no: EM131191407 , Length: word count:1250

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: EM131191407

Questions Cloud

Analyze the potential benefits that flat tax structure have : Analyze the potential benefits that a flat tax structure might have on both taxpayers and the United States Treasury. Defend or critique a flat tax structure.

Find the two mass flow rates and the entropy produced : Find the two mass flow rates and the entropy produced in each turbine and in the mixing chamber.

Leadership determinants of organizational performance : Explain the leadership determinants of organizational performance.

Determine the force exerted on the gate by the shear pin : The square gate AB is held in the position shown by hinges along its top edge A and by a shear pin at B. For a depth of water d = 3.5 ft, determine the force exerted on the gate by the shear pin.

Will the buyer succeed in recovering the excess : 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.

Provide critical review of literature in energy derivatives : You are required to provide a critical review of literature in Energy Derivatives preferably those traded in your country. Your assignment should be written in a research format including introduction, literature review, discussion, and conclusio..

Determine pressure value as indicated by bourdon-tube gauge : Determine the pressure value as indicated by the Bourdon-tube gage at the top of the tank. Assume irrotational flow.

Should america use its diplomatic or military power : Should America use its diplomatic, informational, economic or military power to further the goal of universal democracy, rule of law, freedom of speech, freedom of religion? Why or why not?

How do you see porters five forces affecting your company : How do you see Porter's five forces affecting your company's financial strategy for being competitive in the marketplace? How do the same five forces affect your projections and ideas for future business opportunities?

User Account

All Pages