commercial law

hey there
just wondering if any one could help me with ANY of the following questions pleeease??? i am so confused, am about ready to destroy my law book!! AND its due within 24 hours :(
any help at all would be GREATLY appreciated!
Thanks heaps in advance!

7. Mr & Mrs Patel, elderly migrants with poor business and English skills, granted a bank a mortgage over their house to secure a bank advance to their son, Ramesh. Mr & Mrs Patel wrongly believed that Ramesh’s business was sound and that he would be able to keep up the mortgage repayments. However, the bank, which had seen the accounts for Ramesh’s business knew the business was in trouble at the time the mortgage document was signed.

The bank is now about to sell Mr & Mrs Patel’s house by mortgagee auction. What is Mr & Mrs Patel’s position with respect to their contract with the bank?

(6 marks)

8. Mr & Mrs Green, newly arrived in Christchurch from Auckland, contacted Shady Sells, a local real estate agent to arrange to view a property Shady had advertised in the Realtor. The property, belonging to Mr & Mrs Sleek is advertised as “situated in the BurnsideHigh School zone.” Mr & Mrs Green want to enrol their teenage sons at Burnside High. In the course of negotiations Mr & Mrs Green ask Shady to confirm that the property is in the Burnside High zone and Shady confirms it is.

Mr & Mrs Green instruct Shady to present Mr & Mrs Sleek with their offer to purchase the property and their offer is accepted. The offer is conditional only upon Mr & Mrs Green arranging satisfactory finance and this is duly arranged. Mr & Mrs Green’s solicitors advise Mr & Mrs Sleek’s solicitors the contract is unconditional and a deposit is duly paid.

However, before Mr & Mrs Green settle the purchase (pay the full purchase price) and take possession of the property they learn that there has been a recent zoning change for Burnside High and the property is no longer in the zone. Mr & Mrs Green no longer wish to proceed with the purchase.

<!--[if !supportLists]-->a) <!--[endif]-->Advise Mr & Mrs Green of their rights and remedies. (6 marks)

Mr & Mrs Sleek were unaware that Shady Sells had informed Mr & Mrs Green that the property was situated in the Burnside High zone. They knew of the recent zoning change but failed to communicate this information to Shady, who has taken his commission from the deposit paid by Mr & Mrs Green.

b) Advise Mr & Mrs Sleek of their rights and remedies with regard to their contract with Mr & Mrs Green and their listing contract with Shady. (Mr & Mrs Sleek had signed a listing contract with Shady, agreeing to pay his $12,000.00 commission on the sale of their property).

(6 marks)

c) Would Shady be able to claim a commission if, in his eagerness to sell the property, he omitted to get Mr & Mrs Sleek to sign a listing agreement?

(2 marks)

9. Peter Douglas entered into a contract to buy Craig Wood’s accountancy practice. Woods had grossly exaggerated the turnover of the business. Douglas had been given the opportunity to examine the annual accounts but he chose not to. Can Douglas cancel the contract?

(5 marks)

10. Tony Trent, a financial whiz kid, started dealing in shares at 12 years of age and by 14, had acquired a substantial share portfolio. Lewis and Carlton, sharebrokers, have allowed Tony to buy shares on credit and now, with a downturn in the sharemarket, Tony at aged 15 has massed a debt of $10,000.00 to Lewis and Carlton.

Is the contract between Tony Trent and Lewis and Carlton enforceable?

(5 marks)

11. Jean lives in Christchurch. Her daughter Mary lived and worked in Australia. Jean wanted Mary to come to Christchurch to study at VisionCollege and told her daughter that if she gave up her job to study she “would make it worth her while.” When Mary arrived Jean let her stay in a house she owns rent free. However, Mary and Jean quarrelled and Jean is now seeking possession of her house.

Advise Mary whether a Court is likely to make her leave the house.

(5 marks)

12. Bowers, a construction engineer, entered into a contract with a local authority to construct a bridge. The local authority knew that Bowers intended to work 16 hours per day 7 days per week in order to complete the project on time. However, the residents living near the construction site obtained an injunction stopping Bowers and his employees working at nights and weekends. Bowers lost money on the project and now wished to claim from the local authority. Is he likely to succeed?

(5 marks)

13. Smith and Jones entered into a contract on 10th August 2007. Smith is to build a kitchen unit for Jones and install it in his house. The contract price is $3,500.00 and the kitchen is to be installed by 1st November 2007. Payment is due on that date.

On the 10th October 2007 Smith tells Jones that the kitchen will cost an extra $500.00 because of the cost of materials has increased. Jones tells Smith that he will pay the additional $500.00 provided he is assured that Smith will only use real timber and not artificial veneer on the cupboard doors.

On 29th October 2007 Jones tells Smith that he has $3,000.00 in cash which Smith can take in full payment and if he does not agree to this he (Jones) will not pay at all as he has no more money. He further states that is is likely to be adjudged bankrupt very soon. Smith agrees at the time to take the $3,000.00 in full payment but later seeks your advice with respect to his right to enforce payment for the remaining $1,000.00. Advise him.

(8 marks)

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