1. Art is an international trader in rare Persian rugs. In June 2012 he received a delivery of an exceptional rug and wrote

to his three most frequent international clients, Bon, Con, and Dan saying that he was offering to sell the rug for

$100,000.

Bon immediately responded that he accepted the offer of the rug but was only willing to pay $75,000.

Con also replied immediately, stating that he accepted Art's offer but that he would not be able to pay the full amount

before September.

Dan replied that he would pay the offered price, but only if Art could supply an additional four rugs of equal quality.

Before receiving any of these replies, Art actually sold the rug to Ek, a local client, for $105,000.

Required:

In the context of the rules governing the creation of contracts under the UN Convention on Contracts for the

International Sale of Goods, advise:

(a) as to the precise legal nature of Art's original letter;

(b) whether Bon has any right of action against Art;

(c) whether Con has any right of action against Art;

(d) whether Dan has any right of action against Art

2, Hoang Yen had 900 million dong invested in a deposit account and decided to invest this money in company shares and bonds. She decided to invest 400 million dong in partly-paid shares issued by Company A. The nominal value of these shares was 800 million dong. A further 200 million dong was invested in shares issued by Company B. This company was experiencing financial difficulties and issued the shares at a discount to their nominal value of 400 million dong. The remaining 200 million dong was invested in shares issued by Company C. These shares had a total nominal value of 100 million dong.

Hoang Yen also invested 100 million dong in bonds issued by Company C. Company A and Company B were subsequently liquidated. Disappointed with her investments in these companies, Hoang Yen sought to recover the premium she had paid for the shares in Company C.

Required: With reference to the Vietnamese enterprise law:

(a) Discuss the consequences for Hoang Yen arising from her investments in shares in Company A and Company B.

(b) Explain whether Hoang Yen can recover the premium she paid for the shares in Company C.

3, Hoang Hai JSC was formed in 2010 as a shareholding company, and quickly established itself as a successful detail operator in the coffee shop market. The company sells high quality, highly priced coffees, teas, fruit juices and snacks from several location in Hanoi, and has plan to expand to several other towns and cities in the future.

The board of management has identified a new opportunity to diversify the business and intends to open three fitness centres equipped with gymnasia, swimming,pools and relaxations areas. Each fitness centre will also have its own coffee shop.

Three buildings suitable for conversion into fitness centres were found and the board of management has decided to acquire these and purchase the fittings and equipment necessary for the fitness centres. The board of management has also sanctioned a high-profile marketing campaign with a view to giving the new centres extensive publicity before the opening dates.

The fitness centres initiative has not been universally welcomed by the shareholders of the company. Despite announcing increased profits, the board of management has not increased the dividend this year, citing the need for reinvestment as a justification for this. Several shareholders have pointed out that the Charter of the company refers to its lines of business as a food and drink retailer, with no mention of fitness centres. These shareholders believe that the board of management has acted outside its authority, and that the new venture is highly risky, as most premium grade hotels already have well-established fitness centres that are open to the public.

Discuss the extent to which the board of management of Thai Hoang JSC will be able to meet Hai's demands with the respect to the rules under Vietnamese law.

4, Thomas is a brand-new car dealer. He has several new Toyota Camry 2.4 cars. He places an advertisement in the Saturday edition of his local newspaper stating: "New Toyota Camry 2.4: 20,000 cash." When Ben sees the adverts he immediately posts a letter of acceptance of Thomas's offer. Carol also sees the advert and after inspecting the car, offers Thomas a cheque for 20.000, but he refuses to accept the cheque and tells her she cannot have the car. Later in the day Dave asks Thomas if he will keep the offer open until he can get to his bank to arrange a loan. Thomas agrees but later in the day when Eric says that he will pay 20.000 in cash for the car he agrees to sell car to Eric. On Monday morning Ben's letter arrives, and Dave returns to complete his purchase of the car. In the afternoon Eric phones Thomas to say that he has had second thoughts and no longer wishes to buy car.

Required: Consider the above situation with the respect to the rules governing the elements of contracts under the UK common law:

1. Whether Ben has entered into a binding contract with Thomas.

2. Whether Carol has entered into a binding contract with Thomas.

3. Whether Dave has entered into a binding contract with Thomas.

4. Whether Thomas has any right of action against Eric. Explain your answer carefully and refer to any relevant cases in your materials.