Introduction to Business Law - Research Paper Sept 2014
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ALTERNATE PAPER INTRODUCTION TO BUSINESS LAW INSTRUCTIONS: COMPLETE ALL QUESTIONS BELOW 1. Consider the enforceability of the following agreements entered into by a minor: i. Books a holiday with a travel agent, paying $100,000.00 down and promising to pay $15,000.00 per month for six months. After paying $45,000.00 in all, the minor went on a holiday and thereafter refused to pay any more. (3 marks) ii. Purchases fifty (50) shares from a limited company promoted by his friend; (4 marks) iii. Borrows $10,000.00 from Teo, pretending that he is of maturity, and spend $7,000.00 on an IPad, &1,500.00 on Polo shirts and the remaining $3,500.00 on paying fees at a university where he is studying accountancy. (8 marks) 2. On April 6 Milton placed the following advertisement on his post office notice board: “Solutions Personal Computer for sale for $138,000.00, interested persons contact owner at 105 Old Hopey Road, Kingston 5 or fax 123-1000.” Later that day, James faxed a message to Milton saying he was prepared to buy the computer for $130,000.00.
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Transcript of Introduction to Business Law - Research Paper Sept 2014
ALTERNATE PAPER
INTRODUCTION TO BUSINESS LAW
INSTRUCTIONS: COMPLETE ALL QUESTIONS BELOW
1. Consider the enforceability of the following agreements entered into by a minor:
i. Books a holiday with a travel agent, paying $100,000.00 down and promising to pay $15,000.00 per month for six months. After paying $45,000.00 in all, the minor went on a holiday and thereafter refused to pay any more.
(3 marks)
ii. Purchases fifty (50) shares from a limited company promoted by his friend; (4 marks)
iii. Borrows $10,000.00 from Teo, pretending that he is of maturity, and spend $7,000.00 on an IPad, &1,500.00 on Polo shirts and the remaining $3,500.00 on paying fees at a university where he is studying accountancy.
(8 marks)
2. On April 6 Milton placed the following advertisement on his post office notice board: “Solutions Personal Computer for sale for $138,000.00, interested persons contact owner at 105 Old Hopey Road, Kingston 5 or fax 123-1000.”
Later that day, James faxed a message to Milton saying he was prepared to buy the computer for $130,000.00.
On the morning of April 6, Suen mailed a letter to Milton stating: “I will buy your computer for $138,000.00.
Milton, who was not happy with James’s price, nevertheless faxed James in the afternoon of April 7 saying that he could come and pick up the computer as soon as he wished.On April 8, Milton received Suen’s letter and James phoned to say he would collect the computer by midday.
Advise all the parties. (15 marks)
3. Vinnie was employed by Rat Hoarding Race Transport Services Ltd. as a driver. The Company encouraged its drivers to ‘bring in as much fares as possible or else’. The Company has a prescribed route and advised all drivers to adhere to the designated route.
Vinnie in seeing the increased level of competition and wanting to maintain his level of fare brought in daily, on one occasion diverted from the prescribed route to reach the terminus and reload before his competitor. In so doing Vinnie collided in the rear of a car which was properly parked on the side of the road damaging the car and injuring the owner who was seated in the car.
The owner wishes to recover damages. Advise him (15 marks)
Would your advice differ if Vinnie allowed Pratt a driver on suspension to pick up his girlfriend and take her shopping, when the accident occurred?
(5 marks)
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