Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chew is a horse racing fan and tells Lim, the manager of his construction company, to attend an auction and bid on his behalf for

Chew is a horse racing fan and tells Lim, the manager of his construction company, to attend an auction and bid on his behalf for the horse, Hannibal. He told him to spend 'not a cent more than $100,000' on the horse. Lim bids $100,000 but with the auctioneer's commission and GST he receives an invoice for $120,000. Lim is himself very knowledgeable about horse breeding and he thinks that Hannibal could be sold for $150,000. In anticipation of Chew's rejection of the horse, Lim starts negotiations with a buyer willing to pay him $150,000 for Hannibal.

Advise Lim as to his legal rights and duties and how he should deal with the matter.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Legal Environment Of Business Online Commerce Ethics And Global Issues

Authors: Henry R. Cheeseman

8th Edition

013397331X, 978-0133973310

More Books

Students also viewed these Law questions

Question

Online brands must mirror offline brands in order to be successful

Answered: 1 week ago

Question

28. Define the term critical path.

Answered: 1 week ago

Question

Mortality rate

Answered: 1 week ago

Question

Armed conflicts.

Answered: 1 week ago