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NATIONAL ECONOMICS UNIVERSITY

MODULE TITLE:

LEGAL AND REGULATORY ENVIRONMENT OF BUSINESS

TITLE OF ASSESSMENT :
COURSE(S):

ADVANCED PROGRAM IN FINANCE, TCTT 55B

SUBMISSION DATE:
TIME:

See below

23rd December 2014

No later than 16:30

SUBMISSION LOCATION:

Assignment Question:
Carson, a banker, wishes to start a modern art collection. While passing Derby’s gallery,
Carson sees a notice prominently displayed in the window stating ‘Member of the
Association of Modern Art Dealers’. A friend in the art trade has advised Carson that he
should only buy from an Association member as the Association imposes a strict code of
conduct on its members as regards sales to the public.
An hour later, Carson agrees to buy from Derby a painting by an up-and-coming young artist,
Fred Smith, at a price of $700,000. Carson is very pleased with his purchase.
One year later, however, Fred Smith’s paintings are no longer fashionable. At the same time,
Carson discovers by chance that Derby was not a member of the Association of Modern Art
Dealers at the time that Carson purchased the painting. Derby had forgotten to pay his annual
subscription and his membership had expired the previous month.
While the price of $700,000 which Carson paid reflected the painting’s market value at that
time, the painting is now worth just $100,000. Carson wants to return the painting to Derby
and get his money back.
Required:

reports.  The number of words must be declared on the front sheet and at the end of the submitted script. OSCOLA.ac. Discuss misrepresentation as a defense in contract formation 2.  Any websites referred to must be properly referenced (i.e. journals.ox. Assignments not submitted in accordance with the above requirements will not be marked. Failure to comply WILL result in a maximum mark of 40%. Any part of your assignment which exceeds 2000 words will not be marked. This means that you be deemed to have failed this assessment.  Footnotes will not be included in the word count and should be reasonable and you may exclude words in the bibliography. the URL alone is not sufficient – cf. using OSCOLA http://denning.  You must complete an assignment front cover sheet and attach it to your work. Failure to do so WILL result in a maximum mark of 40%. Any part of your assignment which exceeds 2000 words will not be marked The text of your assignment must be displayed using 12-point (or larger) and 1.pdf.uk/published/oscola_2006. . Advise Carson. provided they have been properly referenced in the text or in footnotes.23)  There is no permitted excess.5 spaced. should be included in the bibliography.1. There is no permitted excess.  The maximum number of words permitted is 2000.  Attention is drawn to the rules on plagiarism (including un-attributed citations from textbooks etc).  Your assignment must be word-processed.law.  Books. Instructions for completion and submission of assignment You must submit your assignment in accordance with the following requirements:  The maximum number of each group is 3.  You need not include cases or legislation in the bibliography. etc. p.