BUSINESS AND CORPORATIONS LAW

HI6027: BUSINESS AND CORPORATIONS LAW Trimester 2 2016 Individual Assignment Instructions: Answer ALL questions. Each question is worth 10 marks. Total marks for this assignment is 20 marks. Total weight for this assignment is 20% Word limit is 2000 words. 2 QUESTION 1 – 10 MARKS Consider the followin" rel="nofollow">ing situations and in" rel="nofollow">indicate whether consideration is present and whether Jack has an enforceable agreement: a) Jane is goin" rel="nofollow">ing overseas and she offers to give her Lotus Super 7 sports car to Jack. The market value for this type of vehicle in" rel="nofollow">in good condition is around $25 000. Jack accepts. (2.5 MARKS) b) Jane offers to sell Jack her Lotus Super 7 sports car for $25 000. The market value for this type of vehicle in" rel="nofollow">in good condition is around $25 000. Jack accepts. (2.5 MARKS) c) Jane offers to sell Jack her Lotus Super 7 sports car for $2500. The market value for this type of vehicle in" rel="nofollow">in good condition is around $25 000. Jack accepts. (5 MARKS) QUESTION 2 – 10 MARKS A shipbuilder had contracted to build a tanker for North Ocean Tankers. The contract was in" rel="nofollow">in US dollars and didn’t contain" rel="nofollow">in 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 nin" rel="nofollow">ine months after delivery. Will the buyer succeed in" rel="nofollow">in recoverin" rel="nofollow">ing the excess? END OF ASSIGNMENT