TLAW101: Business Law - Common Law & Equity Principles Operating in Australia - Assignment Help

Internal Code: 3EJJ

Business Law - Common Law & Equity Principles

Task: the relevant common law and equity principles operating in Australia concerning contracts plus related and other transactions. Do not consider the effects of legislation potentially applicable other than that specifically identified. Students may make whatever additional factual and/or legal assumptions are necessary or convenient. Question 1 Frank, wishing to sell his car, put a sign in its window and parked it on the street outside his house. The sign said: Car for Sale - $2,000; Enquire at 3 Wood Street, Pad-stowing Bill walks by at 8:30 am and immediately calls Frank and offers him $1,600 for the car. a. Frank tells Bill he will think about it and let him know soon. b. Mark drove by around 9:00 am and took a picture of the car and sign so he could show it to his daughter. That afternoon he posted a cheque for $1,950 with a note saying he would pick up the car on Friday at 6:00 pm. c. John was walking his dog at around 10:00 am and saw the car and the sign. Using his mobile phone, he searches for Frank's contact details and then emails him: “I accept your offer of $2,000. I’ll bring cash Thursday evening and pick up the car”. John’s email was sent at 10:23 am. d. Meanwhile at work, Tom, a work colleague, offers Frank $1,700 for the car. Frank promises him he’ll accept it if he doesn’t get any better offers by the weekend. On Thursday whilst Frank was working from home, he received the letter and cheque from Mark and went to the bank and deposited the cheque. He then emailed Tom to say that he got a better offer. While sending the email, Frank noticed John’s email and read it. He wants to sell the car to John as he was the only person who met his price. With whom, if any, does Frank have an agreement? Explain your answer in relation to each party involved.