BUSINESS LAWBUSS2422Akram posted the offer letter on 2 October 2020 to Salam to sell his Honda City for RM50 000 to be accepted by 10October 2020. On 4 October 2020 Akram posted another letter to revoke his proposal. The revocation letter reachedSalam on 9 October 2020. On 8 October 2020, Salam posted his acceptance letter accepting the proposal.Based on the facts above:(a) Advise Salam as to his legal rights against Akram in relation to the agreement.(b)Explain if your answer would be different if Salam posted the letter of acceptance after the letter of revocationreached him.Support your answer with relevant statutory provisions of the Contracts Act 1950 and decided cases.Format:Times New Roman 121% spacingFront cover - Standard FormatNumber of pages - Minimum 3 pages, maximum 5 pages

The case involving Akram and Salam unfolds a narrative in the realm of contract law, where the…

Answered: Akram posted the offer letter on 2…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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James is looking to enter into a listing contract with Mary to sell her house. The two are trying to come to an agreement on what type of listing contract to use. What type of listing contract will offer James the least amount of protection? O An open listing agreement since it is a unilateral contract. O An exclusive Right to Sell agreement since it is a bilateral contract. O An Exclusive Agency agreement since the owner can still find a buyer themselves O An Exclusive Agency agreement since it is a unilateral contract.
Mohammed wants to sell his bike and he gives an advertisement. In the advertisement it is mentioned that a fastest bike is available for sale at 5000 OMR. Omar is interested in this offer and Mohammed says that it can be driven at the speed of 500km/hour in the normal roads. Omar is mesmerized by the offer and agrees buy. Question a. Is the contract in this case enforceable by law? Expluin why or why not?
Select the statement that describes how bilateral and unilateral contracts are alike and different. Both contract types involve two parties. But in bilateral contracts, both parties make a promise; in unilateral contracts, only one party does. Both are valid contract classifications, but only bilateral contracts involve two parties. Both are valid contract classifications, but only unilateral contracts involve two parties. Both contract classifications involve two promises, but only bilateral contracts involve two parties.
How is an offer terminated? options: 1) A counter-offer by the offeree. 2) The offeree makes enquiries regarding the terms of the offer. 3) When there is a breach of the term by the offeree after acceptance. 4) The offeror serves a notice of revocation within reasonable time after acceptance.
On January 1, 2021, Crane, Inc. signs a 10-year noncancelable lease agreement to lease a storage building from Holt Warehouse Company. Collectibility of lease payments is reasonably predictable and no important uncertainties surround the amount of costs yet to be incurred by the lessor. The following information pertains to this lease agreement.(a) The agreement requires equal rental payments at the beginning each year.(b) The fair value of the building on January 1, 2021 is $6550000; however, the book value to Holt is $5500000.(c) The building has an estimated economic life of 10 years, with no residual value. Crane depreciates similar buildings using the straight-line method.(d) At the termination of the lease, the title to the building will be transferred to the lessee.(e) Crane’s incremental borrowing rate is 11% per year. Holt Warehouse Co. set the annual rental to insure a 10% rate of return. The implicit rate of the lessor is known by Crane, Inc.(f) The yearly rental payment…
State whether the following agreements or contracts are void, voidable valid, and provide a reason for your answer. Q.2.4 Amy, who is 17, has inherited an apartment in Cape Town from her deceased father. The apartment is valued at R2 million. With her mother’s assistance, Amy enters into an agreement to sell the apartment to her aunt. Q.2.5 Justin, who is mentally ill, concludes a contract for the sale of his laptop without his curator knowing.
The following situations generally require a contract to be in writing: • sales of land • purchases of goods over $500 • promises made in consideration of marriage ⚫ contracts that cannot be completed in less than one year • a contract in which one person promises to pay the debt of another person This legal concept is known as offer and acceptance promissory estoppel the statute of frauds et lux perpetua luceat eis
C&D Services contracts with Ace Concessions, Inc. to provide service for Ace’s vending machines. A few months later, C &D wants to sell out to Dean Vending Services, and assign its contract with Ace Concessions to Dean. Can C&D assign the contract without Ace Concessions consent? What will C&D’s risk be in the assignment?
1) We-Assemble, a well-known manufacturer of high-end processors used in mobile phones located in China, concluded a contract for the sale of 10,000 processors with MobliesRus (a manufacturer of mobile phones based in France). The contract stipulates FOB Shanghai (Incoterms 2010) and that delivery must be made on the 3rd of July 2019. During negotiations, MobilesRus had told We-Assemble that it had a very lucrative contract for the sale of mobile phones with a particular company which could only be fulfilled if the processors were delivered on time. MobilesRus however did not mention the exact amount of profit it was going to make from the contract, which was £30,000. We-assemble was unable to produce the goods on time and as a result was only able to make delivery on the 5th of July. On delivery MobilesRus discovered that the goods did not conform to their description under the contract and had a market value of £8000. a) Does the CISG apply? Note: you may assume that under the…
Case: Ahmed, who was admitted to a hospital, was required to undergo surgery. Before his operation, he agreed to sell his house which was already listed for sale, to his doctor for Rs. 9.7 million. The market price of the house was Rs. 10 Million. After a successful operation, Ahmed rescinded the agreement alleging “Undue Influence” by the doctor. Can he succeed? Yes or No? Justify your answer keeping in view the ingredients of undue influence as laid down in Contract Act, 1872.
Provide reaction on discussion below if you agree or disgaree: Whether the limitation of liability in ADT's service contract with Melodee Lane Lingerie Co. is valid would depend on the specific terms and enforceability of that contract. Contractual limitations of liability are generally upheld if they meet certain legal criteria. However, the enforceability of such limitations can vary based on jurisdiction and the nature of the contract. Here are some factors to consider. Clear and Unambiguous Terms: For a limitation of liability clause to be valid, it should be clear and unambiguous in its language. It should not be buried in fine print or hidden within the contract. Bargaining Power: Courts may scrutinize such clauses more closely if there is a significant disparity in bargaining power between the parties. If one party had little or no opportunity to negotiate the terms, it may be viewed less favorably. Public Policy: Courts may refuse to enforce limitations on…
Ravi wanted to buy a property owned my Ramesh, Ravi invited Ramesh to his home to discuss the further course of action. During the discussion Ravi threatens to him to sell that property at a very low price. Under the threat of life Ramesh signs the agreement.Ramesh comes to you to check how the legal framework will help him to over comewith this situation and loss-making deal.

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