Mulenga Bought a Salon Business Case Study - Management Assignment Help

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Mulenga bought a salon business and the premises at which the business was carried on in January 2020. To assist with the process of transferring the shop to Mulenga, Mulenga retained Kalundu Chambers at a fixed fee of ZMW 10,000 payable at completion. Before starting operations, the shop refitted by Chelo, Mulenga's husband at the cost of ZMW 100,000. Mulenga agreed to repay the cost of refitting within a period of one year. The salon business proved very successful and in December2020, Mulenga decided to expand her business. She approached a local bank for a loan of ZMW 200,000 to finance the purchase and redecoration of the adjoining shop. Upon being informed that the refitting of her saloon was financed by a loan from Chelo which was yet to be paid and that Mulenga has no title to shop, Kuda the bank manager was concerned that Mulenga may not meet the bank's lending rules. Mulenga explained this situation to Chelo and as she was very keen on expanding her business, she offered Chelo ZMW 40,000 as full and final settlement of the outstanding debt. Chelo agreed to this and reduced the agreement in writing which was signed by both of them. Further, as Mulenga needed the title deed for the shop to be used as collateral for the loan, Mulenga offered Kalundu Chambers an additional ZMW 10,000 for them to ensure that the title deed for the shop is obtained quickly. Kalundu Chambers managed to obtain the title deed and Mulenga's loan was approved after she submitted the signed note to the bank and the title deed for the shop. For ensuring that the loan was approved on time, Mulenga promised to Kuda a reward of ZMW 5,000. In January 2021, Mulenga and Chelo had irreconcilable differences and Mulenga declared her wish to end her marriage with Chelo. Chelo is outraged at Mulenga's declaration and his first response has been to sue her for the ZMW 100,000 that he claims is outstanding. During the same period, Kuda is also claiming for the sum of ZMW 5,000 promised to him, while Kalundu Chambers are demanding for the full payment of ZMW 20,000.

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