Question: Could you please follow this format to answer the question, thank you so much! ISSUE - identify your immediate problem PRINCIPLE (or RULE)- identify the

Could you please follow this format to answer the question, thank you so much!

ISSUE - identify your immediate problem

PRINCIPLE (or RULE)- identify the principle(s) of law involved.

AUTHORITY - sources of law

APPLICATION - apply the principle(s) of law to the facts given

CONCLUSION - state the result of that application

Could you please follow this format to answer the question, thank you

Question 7 (20 marks) Chew is a horse racing fan and tells Lim, the manager of his construction company, to attend an auction and bid on his behalf for the horse, Hannibal. He told him to spend 'not a cent more than $100,000' on the horse. Lim bids $100,000 but with the auctioneer's commission and GST he receives an invoice for $120,000. Lim is himself very knowledgeable about horse breeding and he thinks that Hannibal could be sold for $150,000. In anticipation of Chew's rejection of the horse, Lim starts negotiations with a buyer willing to pay him $150,000 for Hannibal. Advise Lim as to his legal rights and duties and how he should deal with the matter

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Law Questions!

Could you please follow this format to answer the question, thank you so much! ISSUE - identify your immediate problem PRINCIPLE (or RULE)- identify the principle(s) of law involved. AUTHORITY -...

Please, Do small brief (Intro, body, conclu), comprising the most important takeaways of this text. Just a few notes about it please. I really need your assistance on them. Thank you very much. I...

Please, Do small brief (Intro, body, conclu), comprising the most important takeaways of this text. Just a few notes about it please. I really need your assistance on them. Thank you very much. ICLR...

LST2BSL Introduction to Business Law and Ethics Common Law Assignment INSTRUCTIONS 1. This assignment is worth 20% of your final mark for this subject. 2. All questions must be answered. 3. With...

Please read the following and answer the question. The questions is at the bottom. Business Ethics INTRODUCTION Among the concepts examined in this chapter are the nature of business ethics and the...

Need to write a short MEMO in Tax class. The instructions are attached as well as a sample of the required format. PLEASE FOLLOW THE FORMAT! The facts for your Tax Research Assignment 2 are as...

Hamish is keen to start a new business with low risk. His friends, Joseph, Gary, and Paul are recently retrenched from their jobs. They also want to join the new business with Hamish. A main...

Please read the academic paper and answer the question. Thank you. Based on class learnings, what are 3 tactics that JC Premium Cars did well and explain why. For the exclusive use of J. Judy, 2023....

Dynamic Medical Solutions Case Questions After reading the Dynamic Medical Solutions Case answer the questions below . Type your answers to the questions below in a Word document and send in through...

An example of how the APT language would be used on a part is shown in Figure 32-35. Essentially, it is necessary to tell the computer the location of a center of the bolt hole circle or one of the...

The New Pioneer closed-end fund has $520 million in securities, $5 million in liabilities, and 10 million shares outstanding. It trades at a 5 percent premium above its net asset value (NAV). a. What...

Journal Entry Identification Identify debit and credit accounts affected by each transaction. Paid $ 1 , 2 0 0 for advertising expense in cash. Debit: _ _ _ _ _ _ _ _ _ _ Credit: _ _ _ _ _ _ _ _ _ _...

Suppose the monetary base is 2000 dollars, currency held by the public is 600 dollars, bank excess reserves are 200 dollars, and the required reserve ratio is 10 percent. 1- Compute the amount of...

In Ramadan month and in Christmas, consumers increase their preferences for cash versus demand deposits. Explain the effect this has on 1- Primary deposits 2- Derivative deposits 3- Credit multiplier...

6. Which type of symmetry is best illustrated in the figure below: A. Bilateral Symmetry B. Radial Symmetry C. Equilateral Symmetry D. Asymmetric or No Symmetry 7. The ratio between consecutive terms...

Locate the bifurcation values for the one parameter family and draw the phase lines for the values slightly smaller than, slightly larger than, and at the bifurcation values. dy/dt=y^2-a

Write the hypothesis( Geometric and AXIOM Systems). [1] Given A * B * C and A* C * D. Then i. Show that A, B, C, and D are distinct points. ii. Show that A, B, C, and D are collinear.

A project manager

6. Based on the following distributional norms, discuss what you think should be the norms basis of your workplace / school. Prioritize the distribution norms as you think they should be used: a) It...

4. In what way is a values system crucial to a communication process?

3. How can rumours about someone contribute to creating the behaviour we expect him / her to have? Use examples from your own everyday life.