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BO1BLAW204 Business Law

tag 0 Download 8 Pages / 1,978 Words tag 19-03-2021

Question

Part A

David, a developer, borrowed $100 000 from Rees for a development project with which he was associated. The terms of the agreement were that the money would be repaid within 120 days at 14 per cent interest. At the conclusion of the 120 days, David told Rees that he would be unable to pay the full amount as the development hadn't sold as well as had been expected. He offered to pay $90 000 by cheque immediately in full settlement of the debt. Rees accepted. Rees subsequently claimed the balance of $10 000, plus the interest. David argued that he shouldn't have to pay any more because he had paid Rees under one of the exceptions to the Foakes v Beer principle (ie, payment in a different kind) and that the doctrine of promissory estoppel operated to protect debtors such as himself from just this sort of problem. Who is correct here—Rees or David? Discuss. 

Part B

Margaret owned an antique store that specialised in rare porcelain dolls. When she opened the business in 1989, it was at a shop in an eastern suburb of Melbourne. In 1999 she started to advertise on the Internet and by 2006 the business had grown to the point where she needed help to keep the business going. After a family discussion one night at the kitchen table in July 2006, it was agreed that Margaret would probably keep the business going for another couple of years and then retire. Emily, her youngest daughter and aged 16, would work in the shop as long as was needed and in return, she would receive any unsold dolls. When Margaret retired at the end of 2009, she decided that she would give the unsold stock to charity and they could auction it and keep the proceeds. Advise Emily. 
 
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