Give advice on given arrangement, Business Law and Ethics

Assignment Help:

Ben sold clothes at a market stall on weekends for a number of years. Two years ago business was very poor and Ben was forced to cease trading. Ben sold all of his remaining stock to a competitor at well below cost. Unfortunately, Ben had insufficient funds to pay his main supplier and creditor Alfred. He was still in debt to Alfred for $60,000.

Ben borrowed $25,000 from his brother and negotiated with Alfred in relation to the debt. He agreed to give Alfred $25,000 at the time of their discussions, and to work as a taxi driver on weekends until he could repay Alfred another $15,000. Ben agreed to this arrangement as full and final payment of the debt.

After two years of driving taxis, Ben has repaid Alfred the additional $15,000. Alfred now insists that Ben must still pay him the remaining $20,000 of the original debt.

Required:

Advise Ben and Alfred in relation to this matter.

 


Related Discussions:- Give advice on given arrangement

What was the unsc resolution 1540, UNSC adopted resolution 1540 UNSC ad...

UNSC adopted resolution 1540 UNSC adopted resolution 1540 stating to take appropriate and effective actions against any threat to international peace and security caused by the

Statutory interpretation, Words are imprecise. Interpretation of words and ...

Words are imprecise. Interpretation of words and the passages in which they are contained is a difficult task, but one nonetheless that is required when Courts are asked to apply t

Policies which reduce energy supplies, 1. Indicate whether the following st...

1. Indicate whether the following statements are true or false and briefly explain your answer. a. Actions by government to increase spending and by the central bank to increase

Determine the primary criticism of the stages model, Determine the primary ...

Determine the primary criticism of the stages model The primary criticism of the stages model is that it tends to be front-loaded, which means, more attention is paid to policy

Resolutions - meetings and resolutions, Resolutions: A meeting reaches...

Resolutions: A meeting reaches a decision by passing a resolution.  There are two kinds of resolution, ie. (a) an ordinary resolution which is carried by a simple majority

Organizational structure of urban authorities, Question 1: What do you ...

Question 1: What do you consider to have been the significant factors in the historical development of urban local government in Mauritius? Question 2: Give an account

How can an employee invoke constructive dismissal, Question 1: "Constru...

Question 1: "Constructive Dismissal is inherently different from dismissal in the sense that it is the employee who necessarily takes the initiative in considering the contrac

State article1of universal declaration of human rights, State Article1of Un...

State Article1of Universal Declaration of Human Rights Article 1: 'All human beings are born free and equal in respect and rights. They are endowed with reason and conscience

Sources of us law of contract, Sources of US Law of Contract However t...

Sources of US Law of Contract However the Law of Contract Act 1961, S. 2(2) provides like, except as may be provided through any written law to the time being in force, hence

Explain the concept of territory, Explain the concept of TERRITORY Stat...

Explain the concept of TERRITORY State is the most important subject of international law. It can be defined as a population, living in a definite territory that has government

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