This paper circulates around the core theme of a) Jane is going overseas and she offers to give her Lotus Super 7 sports car to Jack. together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
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. (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 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 good condition is around $25 000. Jack
accepts. (5 MARKS)
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?