Answered: 1. Advise Kasim on his right under…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Farah owned an antique store that specialists in rare porcelain bowl. When she opened the business in 2000, it was at a shop in an eastern suburb of Melbourne. In 2010 she started to advertise on the Internet and by 2017 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 Mei 2017, it was agreed that Farah would probably keep the business going for another couple of years and then retire. Kasim, her youngest son and aged 20, would work in the shop as long as was needed and in return, he would receive any unsold bowl. When Margaret retired at the end of 2020, she decided that she would give the unsold stock to charity and they could auction it and keep the proceeds. During the Auction session, Tony 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 Tony didn’t know what he was doing. However, after Tony sobered up he confirmed the contract with the auctioneer. He then subsequently refused to complete the contract. 1. Advise Kasim on his right under Contract Act 1950 2. Advise Tony about the validity of Contract. Please prepare a Introduction for this contract.

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