Ruby Ann Songahid, BSA 2 Sep.

28, 2021

BUSINESS LAW AND REGULATIONS QUIZ :

2nd Video Lecture

A. Mary Mooksie, a loan applicant was denied a loan by a finance company, which
advised her to have another family member apply for her. Mary asked her sister
Angela, (a minor with a very adult look), who represented herself to the finance
company as being 18 years of age (the age of contract majority). Angela did not
produce any evidence of her age and the finance company relied on her mature
appearance. The loan was made, but Mary stopped making payments. Angela did not
receive any of the proceeds of the loan. The finance company has sued Angela. Please
advise Angela on her legal position.

B. Jason M’ngohead attended an auction held by the Trinidad and Tobago Bureau of
Road Repairs with a view to purchasing a multimedia projector that was advertised as
being part of the auction proceedings. When Jason arrived at the auction site, he
visited the auction room and examined the multimedia projector. He was quite
familiar with the particular model and observed that the notes of the auctioneer
indicated that it was five years old. Jason was fairly certain that this information was
incorrect and that the projector was just under two years old. The auction started and
Jason successfully bid $15,000.00 for the projector which was in line with the price
for a five year old projector. If the projector was just under two years old, it would
have been worth around $45,000.00. Jason was overjoyed and he took possession of
the projector and went home. Two days later, Jason received a letter from the Trinidad
and Tobago Bureau of Road Repairs demanding that he returned the projector as it
was sold to him by error and that they were willing to give him the five year old
projector at the same price that he paid at the auction. Jason is reluctant to comply
with the letter and is seeking your advice.

C.5 Catalogue retailer Argos was swamped with online orders after a software
blunder led to Sony TV sets being mistakenly priced at £3 each. The 21 inch
television sets should have been priced at £299.99 - but were offered at the bargain
price after that figure was rounded up to £300 and the two noughts left off by mistake.
Word spread quickly with many customers placing multiple orders. By the time Argos
discovered the mistake there were reported to have been hundreds of orders worth
more than £1m. One person was reported to have ordered 1,700 sets. Argos has
announced it will not honour any of the orders and several consumers have formed a
group to pursue an action against Argos. The group has approached you for advice.
D. A company sees an advertisement for a used dredge priced at $50,000 and sends
one of its employees, an expert on marine engines, to examine the dredge. The expert
is pleased with the engines and recommends the purchase. The buyer signs a contract
and the dredge is delivered upon payment of the purchase price. Only then does the
buyer discover that the dredge will not perform shallow dredging operations and is,
therefore, useless to the buyer who wants to cancel the deal. Please advise the Buyer.