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

District magistrate''s court, District Magistrate's Court Establishm...

District Magistrate's Court Establishment Further District Magistrate's Courts are established to each district in England thgrough S.7(1) of the Magistrate's Courts Ac

Pooling of assets and liabilities, In 2004 the Corporations and Markets Adv...

In 2004 the Corporations and Markets Advisory Committee proposed that assets and liabilities of companies be aggregated and creditors paid from a common pool which is commonly refe

Analyse the extent of the criminal liability, One night Mr Kokintou and Ms ...

One night Mr Kokintou and Ms Mangetou, entered into a housethrough a window which was negligently left open by the owner of the house.  Whilst Ms Mangetou was keeping guard at the

Disadvantages of stare decisis , Disadvantages of Stare Decisis Over...

Disadvantages of Stare Decisis Over-subtlety or Artificiality However a judge is forced, but it were follow an earlier case that, his conscience may preclude him from

Online quiz in Bus Law, Hi Dear, Could you please do my online quiz in Bus...

Hi Dear, Could you please do my online quiz in Business Law. This is a 10 question quiz, made up of a combination of multiple choice and true/false type questions. You have 12 min

What is diplomatic immunity, What is Diplomatic immunity Diplomatic imm...

What is Diplomatic immunity Diplomatic immunity relates to the protection of the representatives of another state to ensure that they perform their international political func

Determine the role of policy entrepreneurs, Determine the role of Policy en...

Determine the role of Policy entrepreneurs These couplings are made, Kingdon argues that policy "entrepreneurs" brokers or middlemen, known as Policy entrepreneurs, play a key

Protection of creditors - function of the court, PROTECTION OF CREDITORS: ...

PROTECTION OF CREDITORS: Where the reduction of capital involves diminution of unpaid capital or repayment to shareholders of paid-up capital, creditors have a statutory right

What do you understand by collective bargaining, QUESTION 1 One of the ...

QUESTION 1 One of the main ingredients of a system of collective bargaining is the right to join and participate in the activities of a trade union. What is the extent of this

Remedies of the ultra vires lender, Remedies of the Ultra Vires Lender: ...

Remedies of the Ultra Vires Lender:                          In Sinclair v Brougham (26) the House of Lords explained that no action or suit lies at law or in equity to recove

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