Question: Phan owned a large sail boat moored at a remote harbour in northern Ontario. He loved sailing but injured his back and can no longer

Phan owned a large sail boat moored at a remote harbour in northern Ontario. He loved sailing but injured his back and can no longer sail such a large vessel. Phan decided to sell his boat and places an advertisement online to do so. The advertisement has many photos of the sailboat and all of its particulars including measurements, engine size, maximun speed, number of sleeping cabins and so on. Lisa has been shopping for this kind of boat and finds the price reasonable. They make up an agreement of sale and sign it, forming their contract. Phan and Lisa find out the next week when they meet at the harbour to transfer the boat that it was entirely destroyed the week before after being hit by lightning and burning. (1 mark) What is this type of contract enforceability problem does this situation contain? (2 marks ) If Lisa sued Phan for breach of contract, would she succeed? Why or why not?

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 Accounting Questions!

3 Suppose that instead of measuring shortage in terms of cost per shortage year, a cost of S dollars is incurred for each unit the firm is short. This cost does not depend on the length of time...

*Answer the following questions that are in the attachment** Using what the information below to answer the questions. The European Explorers;First Contact:"In 1492 Columbus sailed the ocean blue..."...

Based on the following essay I have to answer these questions; Section 1 what specifically is the problem you will address and what specifically is the solution you are offering? Your solution is...

Titanic: Project management - Lessons from history SDA Bod Introduction The White Star Line (WSL) was originally founded in Liverpool in 1845 by John Pilkington and Henry Wilson. The company's...

Please answer all of it, they are all part of the same question. Marketing Analytics: Setting the Exact Price You are the marketing manager for a sail manufacturing company that produces two sizes of...

Marketing Analytics: Setting the Exact Price You are the marketing manager for a sail manufacturing company that produces two sizes of sails: small and large. You are asked to help price the products...

You are the marketing manager for a sail manufacturing company that produces two sizes of sails: small and large. You are asked to help price the products so that the company is able to make a profit...

7 Required information Part 1 of 7 Marketing Analytics: Setting the Exact Price 10 points You are the marketing manager for a sail manufacturing company that produces two sizes of sails: small and...

IM .. HA A M Omice Update Top up to date with ourtypes, movements, choose Check for Us You are the marketing manager for a simcturing company that produces two sees of waland large. You wewed to help...

What is meant by the term 'coordination number'? (ii) What is the coordination number of atoms: (a) in a cubic close-packed structure? (b) in a body-centred cubic structure?

Wanderlust Ltd (WL) is an adventure company operating out of Australias Northern Territory, providing helifishing, quad-biking, mountain-biking, skydiving, swimming and trekking experiences. WLs...

P 2 4 . 2 Prepare a n variances, and prepare income statement Ayala Corporation accumulates the following data relative t o jobs started and finished during the month o f June 2 0 2 5 . Overhead i s...

Bowyer Manufacturing Company has the following production data for selected months. Compute the physical units for eachmonth. Ending Work in Process % Complete as to Conversion Cost Beginning Work in...

(Second Year of Depreciation Difference, Two Differences, Single Rate, Extraordinary Item) The following information has been obtained for the Gocker Corporation. 1. Prior to 2010, taxable income and...

Statement of Financial Position Adjustment and Preparation, the adjusted trial balance of Eastwood Company and other related information for the year 2010 are presented below. Additional information:...

To get an idea how big a farad is, suppose you want to make a 1-F air-filled parallel-plate capacitor for a circuit you are building. To make it a reasonable size, suppose you limit the plate area to...

Analyzing the Effects of Four Alternative Inventory Methods Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, 2012, the accounting...

AbnerCorporation's bonds mature in22 years and pay11 percent interest annually. If you purchase the bonds for$1,200, what is your yield tomaturity? Your yield to maturity on the Abner bonds...

=+Construct a data- and research-driven SWOT analysis

=+Who are our customers?

=+What are our goals presently?