QUESTION 1Latif, an art expert, has been acting on behalf of Datuk Zainal in buying and sellingartwork for him. Recently, Datuk Zainal instructed Latif to sell some of his art collectionas he needed cash to finance his business. Among the items that Datuk Zainal wantedLatif to sell for him were a painting by a French artist, Le Cartier, worth RM1millionand a sculpture by Cardoza worth RM500,000. Latif obtained an offer of RM1.2millionfrom a buyer, Datuk Chew, for the painting and advised Datuk Zainal to sell. BeforeDatuk Zainal sold it to Datuk Chew, another interested buyer made an offer ofRM1.5million. Latif did not inform Datuk Zainal of the second offer because DatukZainal has already agreed to sell the painting to Datuk Chew. As Latif did not havetime to look for a buyer for the sculpture, he asked his nephew, Rosli, to sell thesculpture. Rosli, who has no experience in selling artwork, sold the sculpture to a buyerat a very low price. Datuk Zainal was upset when he discovered that Latif did not informhim of the higher offer on the painting and that Latif assigned his task to sell thesculpture to an inexperienced person. Datuk Zainal intends to sue Latif for his losses.Advise Datuk Zainal on the above situation by applying the Contracts Act 1950 andrelevant cases.

In the given scenario, Actual Worth of the painting (in Malaysian Ringgit) = RM 1 Million The actual…

Answered: Advise Datuk Zainal on the above…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

See similar textbooks

Similar questions

Live The Dream Ltd provides a limousine and driver hire service. All of the company’s clients sign the company’s standard contract. The contract includes a clause, within the standard terms and conditions, that states: ‘Live The Dream Ltd accepts no liability whatsoever for any financial loss, property damage or personal injury incurred during the hire period’. Leona hired a limousine and driver for her 40th birthday night out. She signed the standard contract which included the standard terms and conditions and paid £500, the full cost of the hire, in advance. When Leona was getting into the limousine at the start of her night out, the vehicle was nudged from behind by a passing car. As a result, the limousine rolled forward and ran over Leona’s foot. Leona’s foot was badly bruised and Leona was in too much pain to continue with her birthday night out. The other vehicle involved drove off, and all subsequent attempts to identify the vehicle and the driver failed. Live The Dream Ltd…
16. Why are restrictive covenant clauses controversial? They are controversial because they allow people to create contract terms that restrict their future right to alter those same contracts They are controversial because they allow people to create contract terms below the otherwise legislated minimum standards of work They are controversial because they seem to pit two legitimate interest against each other: the right of trade against the right of contract
what is the functionalist view on zero hour contracts?
James is looking to enter into a listing contract with Mary to sell her house. The two are trying to come to an agreement on what type of listing contract to use. What type of listing contract will offer James the least amount of protection? O An open listing agreement since it is a unilateral contract. O An exclusive Right to Sell agreement since it is a bilateral contract. O An Exclusive Agency agreement since the owner can still find a buyer themselves O An Exclusive Agency agreement since it is a unilateral contract.
A unilateral mistake occurs when a. both contracting parties share the same mistake. b. one party enters a contract under a mistaken assumption. c. one party makes a factually incorrect statement. d. one party makes false statementsto induce the other party to contract while knowing the words are false or being uncertain that they are true.
Contracting Officers must provide a Responsibility Determination. Define Responsibility Determination and what tools are available to assist the Contracting Officer with this requirement.
Amazing Food Berhad awarded Hardware Express Sdn. Bhd. an RM350,000 contract for developing and testing of two boilers in one of its plants. Hardware Express Sdn. Bhd. had spent the better part of the last two years developing proprietary boiler technology under its own R&D activities. This new contract would give Hardware Express Sdn. Bhd. the opportunity to showcase into the boiler technology leagues. The contract was negotiated at a fixed price. The original bid was priced out at RM380,000 by the Hardware Express Sdn. Bhd. biding division. With a consideration to get the company chipped into the new marketplace, Hardware Express Sdn. Bhd. management decided that they would buy in at RM350,000 so that they could win this one. The original estimate of RM380,000 was very "rough" because of Hardware Express Sdn. Bhd. did not have any good man-hour standards in boiler technology, in which to base their man-hour projections. Corporate management was willing to spend up to RM30,000 of…
Analyze how each side interprets the meaning of this contract clause. Whose position is more persuasive? Why? In 1947, Congress passed the Portal-to-Portal Act (a “portal is a doorway). This law said that an employer is not liable to pay workers for the time they spend traveling to work (e.g. an hour-long commute). It also excludes from compensable time, “activities which are preliminary to or postliminary to the principle activity or activities that an employee is employed to perform, which occur either prior to the time on any particular workday at which such employee commences, or subsequent to the time on any particular workday at which he ceases, such principle activity or activities.
Partnership agreements can be modified: (A) Only with prior approval from the IRS. (B) At any time if agreed to by all partners, for both formal written agreements or informal agreements. (C) Only in writing, regardless of whether the partnership agreement is formal or informal. (D) If more than 75% of the partners agree to the modifications to the agreement
Explain the meaning of Article 121(1A) of the Malaysian Federal Constitution.
explain the following terms in your own words and understanding and give specific examples. - Obligations - Contracts - Law - Quasi-Contracts - Quasi-Delicts
A broker enters into a listing contract with a seller. The broker markets the property for several weeks and receives four offers. The seller selects the highest bid and ultimately closes on the property. However, the seller refuses to pay the broker their commission. What happens next? The broker can negotiate a smaller commission with the seller. О The broker can take legal action against the seller to obtain the commission owed to them since they successfully found a buyer for the property. О The broker can force the buyer to pay the commission. The broker cannot do anything as a commission in this case is only optional.

SEE MORE QUESTIONS

Recommended textbooks for you

Principles Of Marketing

Marketing

ISBN:

9780134492513

Author:

Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:

Pearson Higher Education,

Marketing

ISBN:

9781259924040

Author:

Roger A. Kerin, Steven W. Hartley

Publisher:

McGraw-Hill Education

Foundations of Business (MindTap Course List)

Marketing

ISBN:

9781337386920

Author:

William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:

Cengage Learning

Principles Of Marketing

Marketing

ISBN:

9780134492513

Author:

Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:

Pearson Higher Education,

Marketing

ISBN:

9781259924040

Author:

Roger A. Kerin, Steven W. Hartley

Publisher:

McGraw-Hill Education

Foundations of Business (MindTap Course List)

Marketing

ISBN:

9781337386920

Author:

William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:

Cengage Learning

Marketing: An Introduction (13th Edition)

Marketing

ISBN:

9780134149530

Author:

Gary Armstrong, Philip Kotler

Publisher:

PEARSON

MKTG 12:STUDENT ED.-TEXT

Marketing

ISBN:

9781337407595

Author:

Lamb

Publisher:

Cengage

Contemporary Marketing

Marketing

ISBN:

9780357033777

Author:

Louis E. Boone, David L. Kurtz

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

Advise Datuk Zainal on the above situation by applying the Contracts Act 1950 and relevant cases.