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Australian Business Law - Essay Example

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AUSTRALIAN BUSINESS LAW (Insert Name Here) (Course Name here) (Professor Name here) (Month, Day Year) PART A: CASE STUDY Peter has just completed his high school final year and did very well in University entrance examination. He has been offered a place in Bachelor of commerce degree…
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Download file to see previous pages Peter has $5,000 in his savings and intends to use this to purchase a state of the art bicycle and textbooks. Peter searches the internet for online bicycle stores as he had heard that you can have a good deal of second hand bicycles online. Peter finds a good selection on (Tour bikes). The bicycle he finds is described as follows. “This is one of the most sought after bicycles we currently have in stock. It is the same model that was used by Cadel Evans when he won tour de france, a cadel evans “GF”. This model is in short supply in the second hand market and presents a rare opportunity for purchasers. This bicycle has been completely restored and refurbished. There are new tyres and new chain. The seat is extremely comfortable and comes in a dashing green colour. This bike is joy to ride. $6,000. Payment is due upon delivery” Peter really wants to purchase this bicycle but doesn’t have sufficient amount of money for the same and his textbooks. Peter wants to know a little more about the bicycle, so he telephones the owner and sole proprietor of tourbikes, sally. Peter asks what it means in the advert that it has been “restored and refurbished”. Sally responds that: “That means that we have ensured that the frame of the bicycle is sound and has been repainted. It also includes replacement of gears and replacement of any damaged spokes.” Peter thanks sally and immediately email tour bikes the following information. “I would like to purchase the Cadell Evans GF that is advertised for sale on your website. I believe that a second hand is only worth $4,000 at best. Please advice if you are willing to sell to me the bicycle for this amount via email by close of business tomorrow. I would also like you to arrange for immediate delivery.” Immediately, Burt a middle aged cycling enthusiast has also seen the bike advertised for sale at tour bikes website. He is a Cadell Evans fan and also emails tour bikes at the same time that Peter does. “ I want to buy the Cadell Evans GF that has been listed. I will pay you $5,000” Sally reads the emails as soon as they enter the inbox and replies to Burt’s only. “Thank you for your interest in our product, the Cadell Evans restored bicycle. I cannot sell that amazing bicycle for that little. However, I will accept $5,500” Burt does not respond until 4pm the following day “Thank you for your response but I don’t think the bike is worth that much. I am no longer interested.” Sally really needs to sell the bike. She has an outstanding account with her creditors and needs to make a payment of $4,000 within the next few days otherwise she runs the risk of the bank foreclosing on her mortgage. Sally checks the time and it is 4:30pm and notes that she still has 30mins before close of business. She emails peter. “Thank you for your interest in our product. The Cadell Evans restored bicycle. I will sell the bike to you at $4,000. I have organized immediate delivery. Payment of $4,000 is due upon delivery as specified.” The email enters Peter’s inbox at 4:45pm, (15 minutes to Closure of Business). Meanwhile, Peter is on orientation camp at the University and does not have access to his email for a period of three days. When peter returns home and checks his email, he sees an email from Sally. Peter emails Sally saying that he is sorry and he is no longer interested in buying the bicycle. He no longer wants to buy such a good bicycle for his courier job as he has just heard ...Download file to see next pagesRead More
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