Xavier Entered into a Contract of Pledge or Pawn with Zach Pawnbroker Case Study - Management Assignment Help

Assignment Task:

Task:

Xavier entered into a contract of Pledge or Pawn with Zach Pawnbroker Sdn Bhd by pledging his old oil painting “Rafflesia Flower” and took the loan of RM5000. He presented the false valuation report which was given by Yazmin, sole proprietor of Yazmin Art Appraisal firm, a licensed appraiser and valuer of artistic personal property. Xavier and Yazmin were good friends, Xavier requested Yazmin to give the valuation report of RM5000 in place of actual value of RM2000. Zach Pawnbroker Sdn Bhd believed on the words of Xavier and report submitted to him. He acted on the acts done by Xavier and he committed Fraud with him. He was induced by Xavier’s statements stated and those statements were false and misleading.

After 6 months, Xavier was unable to pay out the loan amount and Zach Pawnbroker Sdn Bhd think about to auction that oil painting and recover his money. But the Auctioneer told him that the Painting was wrongly valued and the actual value was RM2000. Zach Pawnbroker Sdn Bhd sold the painting to recover the part amount of loan. Zach Pawnbroker Sdn Bhd can bring the suit or case for remaining consideration and sue for recovering the damages occurred due to this transaction.

Zach Pawnbroker Sdn Bhd can also sue to Yazmin to give the false valuation report and he is legally capable to claim for the damages caused to him because of wrong valuation report and he can file the criminal case for cheating and forgery under the Australian penal code.
Yazmin was in the capacity of an independent valuer. But I gave wrong and misleading valuation report to help in committing fraud with Zach Pawnbroker Sdn Bhd.

Zach Pawnbroker Sdn Bhd acted upon the statements given by Xavier and he did not further evaluate the value of painitng as he believed on the report of Yazmin and gave the loan of RM50000. He can sue Yazmin to give the damages caused to him and Xavier and Yazmin both are liable to pay the amount of RM2500 and damages.

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