Business Law

| February 25, 2015

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Question 1:
David, a well-respected member of the partnership, ‘Lost Cause Investors’, decides to resign with effect from 30th November 2011. Despite his early notice, the firm fails to notify clients of his departure because of its focus on the forthcoming festive season. Early in January 2012, a new staff-member (excited about being given responsibility for a new investment project) decides to send clients information about the investment opportunity via a circular. Unbeknown to the staff-person (and also David, who left six weeks earlier), the circular was not updated and carries David’s name as a partner. Elizabeth, a long-standing client, is encouraged by seeing David’s name on the circular (having heard informally that he was considering retirement) and sends $250,000 to the firm for investment in the recommended project. Subsequently, the project is abandoned and all invested monies are lost. In due course, the firm is held liable in relation to its clients.
Discuss fully the applicable law and David’s position regarding personal liability for any part of Elizabeth’s $250,000. Use case authority and sections from the Partnership Act where relevant.
Partnership law (overlaps with agency law).
Question 2:
On 1st April, Ryan posts an offer to supply a quantity of 25 special motor parts (adapted to suit Cars R Us’s specifications) to Cars R Us for a price of $500 each. This offer reaches Cars R Us on the 4th April. On the 5th April, Cars R Us sends a letter to Ryan stating: “Please advise if price quoted in your offer includes machining costs”. In response the next day, Ryan posts a letter to Cars R Us stating: “The motor parts are $500 each including machining costs.” This letter reaches Cars R Us on 8th April. On the 10th April at 2pm, Cars R Us sends a letter to Ryan stating: “We accept your offer for 25 special motor parts at $500 each including machining costs.” This letter reaches Ryan at 3pm on the 11th April. However, on the 9th April, there is a change of plans by Ryan. As a result, Ryan sends a letter to Cars R Us at 1pm on the 9th April seeking to cancel the earlier offer and stating that the price of the motor parts is now $600 each not including the cost of machining. This letter is received by Cars R Us at 4pm on the 10th April. Is there a valid simple contract between Ryan and Cars R Us for the supply of special motor parts? If so, what is it for? Justify your answer fully, citing case authority wherever relevant.
Contract Law: Offer and Acceptance
Each question to be approximately 700 words and have 6 references.
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