QUESTION 1Kofi Kwakye is a 17-year old final year Senior High student from a wealthy home. His academic life had beenquite eventful, as he had been part of the top 10 students in his class and had dropped to be part of the last 10students during the past school term. On 28th May 2022, in the heat of the preparation towards the finalexamination, Kofi Kwakye took exeat from school to acquire some "provisions" to enable him cope during thefinal exam period, which was three months ahead. He entered a shop in Accra and, instead of focusing on the"provisions", he purchasee the following items: Microsoft Xbox, the latest iPhone, and a three-piece suit byPierre Cardin.Kofi Kwakye did not have enough money to pay for all the items at once. He, therefore, agreed with the shopowner, Mr. Ametepe, to pay the outstanding amount owed in five instalments. However, after paying the firstinstalment, Kofi Kwakye fell into arrears. The two parties then entered into another arrangement under whichKofi Kwakye was to work for Mr. Ametepe for three months without any salary for Kofi Kwakye's debt to beforgiven.Kofi Kwakye has started working, but the work is affecting his preparation towards the final exams. The parentsof Kofi Kwakye have just got to know about these issues and are worried about the transactions. They haveapproached you as a renowned expert in Legal Aspects of Business to assist them.Advise them accordingly.1 I also owns the biggest

Kofi Kwakye, a 17-year-old senior in high school, belongs to a wealthy clan. He had quite exciting…

Answered: Kofi Kwakye forgiven. Kofi Kwakye has…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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