Debt and payment, Financial Management

Assignment Help:

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


Related Discussions:- Debt and payment

Why we measure a project''s risk as the change in the cv, Explain why we me...

Explain why we measure a project's risk as the change in the CV. We compute a project's risk as the change in the coefficient of variation for the reason that this focuses on t

Chain index numbers, Chain Index Numbers So far, we have constructed in...

Chain Index Numbers So far, we have constructed index numbers with a fixed base. Sometimes, comparison between the current/given year and the base year becomes meaningless once

Expansion financing, The securing of the working capital needed for the sup...

The securing of the working capital needed for the support of raises in accounts receivable and inventory related with an organizations initial expansion time.

What is accelerated depreciation, Q. What is Accelerated Depreciation? ...

Q. What is Accelerated Depreciation? Accelerated Depreciation - Method which records greater DEPRECIATION than STRAIGHT-LINE DEPRECIATION in the early years and less depreciati

Sources of return, When an investor invests in fixed income sec...

When an investor invests in fixed income securities, he receives returns from one or more of the following sources: Coupon Interest payment.

Ratio calculations from financial statements, Ricardo Martinez has prepared...

Ricardo Martinez has prepared the following financial statement projections as part of his business plan for starting the Martinez Products Corporation.  The venture is to manufact

Leverages, Evaluate the importance of leverages in financial management of ...

Evaluate the importance of leverages in financial management of small scale companies

Board of directors, Q. Board of Directors Board of Directors - Individu...

Q. Board of Directors Board of Directors - Individuals responsible for overseeing the affairs of an entity including the election of its officers. Board of a CORPORATION which

Prices and yields, Prices and Yields The face value of the government s...

Prices and Yields The face value of the government security is Rs.100 or Rs.1,000. Earlier, that is, before 1950s the government bonds were issued at a discount. There was no f

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd