Business and Corporate Law Assignment -

Learning Outcomes -

• Demonstrate an understanding and application of law governing businesses and assess its effectiveness.
• Identify the main sources of law and essential elements of the legal system.
• Apply relevant legal rules relating to the law of obligations.
• Understand and be able to apply the law in a specified business situation/hypothetical scenario.
• Understand corporate fraudulent and criminal behaviour.
• Develop the key skills of self-management and problem solving.

Assessment Details -

Task - Read the following scenario and answer the question below:

Nikhil owes one of his suppliers, Namita £5,000 which was due to be repaid in full by 1 March. On the 2 March he receives a telephone call from Namita asking him to repay the £5,000 he owes. Nikhil knows that Namita is having cash flow problems and she herself may soon have to cease trading and so he offers to pay her £3,000 that day if she will accept it in full and final settlement of the debt. Namita agrees to accept the £3,000 in settlement of the debt and Nikhil arranges for the money to be transferred to her account.

Nikhil puts an advertisement in the back window of his van which states: 'This van is for sale. 6 years old, low mileage. £5,000: Telephone: Nikhil 01273 679810.' On 4 March, Vicky telephones Nikhil and asks him for his lowest price. Nikhil informs Vicky he will accept £4,000 for the van. Vicky asks Nikhil if he will hold his offer open for a few days. Nikhil agrees to hold the offer open for her until 7 March.

On 5 March, Brian comes to inspect the van. Nikhil informs Brian that the van was once owned by the Beastie Girls and was used to carry their music equipment when they were on tour. Brian is a great fan of the Beastie Girls, and he readily agrees with Nikhil to buy the van for £5,000. They draw up a written contract, in which no mention is made of who once owned the van. It is agreed that Brian will collect the van and hand over the purchase price on 6 March.

On 5 March, Vicky, having been unable to get through on the telephone, sends a letter to Nikhil, letting him know that she accepts his offer to sell the van to her for £4,000. On 6 March, Nikhil sends a text to Vicky to say that he has sold the van.

On 7 March, Nikhil e-mails Charlie, a friend, asking if he wants to buy his Rolex for £1,000. Charlie emails by return, asking Nikhil if he will accept payment by 3 instalments. He gets a reply from Nikhil saying 'No'. Later that day, Nikhil gets a message on his mobile phone. The message is from Charlie accepting the offer of the Rolex for £1,000. Nikhil has now decided that he cannot part with the watch which once belonged to his great-grandfather and sends a text to Charlie stating 'no sale'.

Discuss whether a valid contract has been made between Nikhil and Vicky using the rules of offer and acceptance.

Note - Need this assignment as per United Kingdom's Law Standards.

Attachment:- Assignment File.rar