SOLVING THE QUESTIONS (PROBLEMS)

SOLVING THE QUESTIONS (PROBLEMS)



SOLVING THE QUESTIONS (PROBLEMS)

Q1. Contracts are vital in today's economy. The principal reason for enforcing agreements is economic necessity, if they are not enforceable trade as we know it would be virtually impossible. Do you agree?

Resource-based economies

In a large number of low or middle income economies, industrial production or exports, and often both, are heavily biased towards natural resources. For example a majority of African, Latin American, and CIS countries are highly dependent on natural resource exports. Whether natural resources are an inevitable curse or whether they can be exploited to the benefit of the country and its citizens (and how) is thus a highly relevant question for a significant share of the world's population.

Resource-based economies are often - although somewhat arbitrarily - defined as economies where natural resources account for more than 10 per cent of GDP and 40 per cent of exports. As commodity prices are often particularly volatile, a situation in which export revenues depend significantly on commodity price developments implies that resource-based economies are particularly vulnerable to external shocks.

Q2 Wendy sees a dress for sale in the window of her favorite shop. It is marked $99.95. Upon entering the store, she is delighted to find the exact same dress on a sale rack for $39.95. She quickly takes the dress to the counter and hands over $50.00 to the shop assistant. The shop assistant refuses to sell Wendy the dress. Advise Wendy.

Wendy should file a case against shopkeeper for not selling the item that has been on display. Moreover, that item was on wreck as well on sale with discounted price. There was no reason for shopkeeper to deny the sell of the product.

Q3. Barry promised his youngest child, Sam, that if she did not smoke cigarettes or use illegal drugs before she was 25 years of age, Barry would buy her acre to the value of $8,000.00. Sam is now 25 years of age and has never smoked or used illegal drugs, but her father now refuses to buy her the car. His argument is that his daughter is how healthier than she otherwise would have been and that is payment enough? Advise Sam.

Some critics of the tobacco settlement are appalled at the amount of time, energy, and expense that has been invested in battling an industry that manufactures a legal product. Many of these critics contend that the health dangers of smoking have actually been exaggerated in order to advance the antitobacco agenda. Retired scientist Rosalind B. Marimont maintains that “by vastly overrating the dangers of tobacco [antismoking groups] have gravely distorted the proper priorities for our resources.”

Q4 Two businessmen agree on the sale of a mountain bike at an office End of Year Party. Do they have a contract?

The case for a breach of contract in this situation relates to the Sale of Goods Act 1979 which applies to the concept of sales made in the course of a business and ...