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?
•Word limit is 2000 words.
•essay types
Developing career related capabilities
• Business numeracy and literacy
• Developing managerial proficiency
• Working in the new economy
• Leadership skills
• Entrepreneurship
• Social responsibility and ethics
2,000 words Maximum Group Assignment - Video presentation 10 minutes Maximum
1. Prescribed textbook or any law books
2. Lecture notes - including ppt slides
3. Any other notes - whether typed or handwritten
References:
• Ciro T & Symes C (2013), Corporations Law in Principle,9th ed., Lawbook Co.
• Hanrahan P, Ramsay I ,& Stapleton,G, (2013), Commercial Applications of Company Law,14th ed, CCH
• Lipton, P Herzberg, A & Welsh, M (2009), Understanding Company Law 17th Ed, Lawbook Co