Great Deal! Get Instant $10 FREE in Account on First Order + 10% Cashback on Every Order Order Now

Answer all 4 questions. 1.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...

1 answer below »

Answer all 4 questions.

1.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.

2.Richard, an impoverished university student, and his millionaire father enter into an arrangement where Richard agrees that he will keep the front- and backyards of the family property mowed, and he will ‘do a bit’ to keep the gardens looking tidy. In return, his father agrees to pay him a weekly allowance of $200. His father had previously used a garden contractor to do the job and paid him $350. They live on a one-hectare property, and the mowing alone takes half a day a week. After four weeks, Richard’s father tells him that he can’t afford to pay $200 a week. He says that Richard should be doing the work for nothing, as it is the responsibility of the whole family to look after the property; besides, he says, Richard is getting free board and lodging. Advise Richard.

3.Jenny received a circular from Beauty and the Beast Hair Salon advertising massages and manicures for $10. Realising that this was an exceptionally good deal, but not surprised because she knew that they had only just opened and were running a number of good opening specials, she rang and made a booking. When Jenny arrived at the salon she was told that there had been a mistake on the circular and it should have said $100. The manager of the salon explained that this was still a good price because normally a massage and manicure would have cost $150. Jenny was furious, as it had taken her 30 minutes to get to the shop by car and if she had known it would cost $100, she would never have made the booking. Advise Jenny. Would your advice have been any different if Jenny had the massage and manicure before being told that the cost was $100? Would she have to pay the full price?

4.Bruce, while he was so drunk that he didn’t know what he was doing, bid successfully at an auction for the purchase of a house. It was clear to the auctioneer that Bruce didn’t know what he was doing. However, after Bruce sobered up he confirmed the contract with the auctioneer. He then subsequently refused to complete the contract. Is Bruce bound?

Answered Same Day Dec 29, 2021

Solution

Robert answered on Dec 29 2021
104 Votes
Answer all 4 questions. 1. 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 subu
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
etire. Emily, her youngest daughter and aged 16, would work in the shop as long as was needed and in
eturn, 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 2A@Za nbvthe proceeds.
Advise Emily.
Answer: The entire case revolves around Margaret who is the owner of an antique store which deals
in sale of rare porcelain dolls. She established the business in 1989 in an eastern subu
of
Melbourne. As the business started to take a pick, the owner started taking some interest and
wanted to explore it. She undertook some advertisement campaigns as well as e- advertising to
increase its sales. The result of these promotion skills was positive and she got a heavy response from
her customers and her business became one of the leading businesses in whole of Melbourne and
nea
y areas by 2006. It means that she took approximately 17 yrs to
ing her business in a stable
stage. She started earning huge profits. After a long run of business Margaret decided to end up her
usiness in a couple of years and wanted to take retirement from it. But one proposal came up at
their kitchen table in July 2006 that Margaret should keep her business as a going concern and her
youngest daughter Emily would support her in her business transactions. They framed a deal that
Emily would support her in the business but in return she should get the unsold dolls at the time of
the retirement of her mother. Everything got finalized and Emily began to work with her mother.
After a passage of 3 years Margaret decided to take retirement from her work at December 2009. She
decided to wind up her ongoing business and give the entire unsold stock of dolls to a charity which
could be auctioned by them and some amount needs to be remitted to her.
It is seen that there was an agreement between Emily and her mother Margaret regarding the
disposal of unsold stock of dolls but her mother decided it the other way which was against the rules
of their agreement. Emily in this case can’t say anything because the time when it was said, Emily was
a minor and any agreement with a minor is not considered as valid. So she can’t sue her mother for
her decisions taken which were against the agreement. But now when she is major and can take her
own decisions which is valid as well as legal I would like to advise her that she could tell her mother
that she wants to continue the business if she is interested in the same. If her mother wants to sell the
usiness she could opt to purchase the same or could restart it as a partnership. They can frame an
agreement regarding the share of their profits and loss. This time Emily would have to work as a
partner and should devote more time to the business just like a partner. Now she would be in the
position to take her own decisions regarding the business. Everything should be done legally so that
no confusions create in the future period without affecting their personal relations. Further, she could
also advise her mother to wind up the same if it is not the business of her interest and ask her to start
another business for her where she could show her dedication and earn profits and income for her
family. She could also give new ideas as to how she can explore and promote her business .This would
help her mother feel that her daughter is matured enough to handle any business situation and would
inspire the mother to start a new business for her without any confusions in mind.
2. Richard, an impoverished university student, and his millionaire father enter into...
SOLUTION.PDF

Answer To This Question Is Available To Download