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08月28日

State the level of damages Az Ltd can claim for breach of contract

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Applying the foregoing to the contract between Az Ltd and Bob, it can be seen that Az Ltd managed to recoup all of the costs and potential profit it would have made on the contract with Bob, so is not...

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08月20日

Read the four statements below. Where the statement is expressed in layman's terms, rephrase it using 

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Situation (a) is an example of elastic demand; (b) is a case of inelasticity and should be appropriately worded; (c) is the same as (b); (d) is also an example of inelasticity....

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08月20日

The following circumstances may arise in relation to the launch of a new product: (i) Demand is rela

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If demand is inelastic or the product life cycle is short, a price skimming approach would be more appropriate....

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08月20日

A product has the following costs.                                             

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Breakeven point is when total contribution equals fixed costs. At breakeven point, $10,000 = 400 (price – $15) ∴ $25 = price – $15 ∴ $40 = price ∴ Profit mark up = (40 – 15) / 15 × 100...

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08月20日

Fill in the blanks. (a) One of the problems with relying on a full cost-plus approach to pricing is

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(a) profit-maximising combination of price and demand (b) working at normal capacity will cover all of its fixed costs and make a profit...

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08月20日

A business is classed as a consumer if it does not make the contract in the course of its business.

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True. Businesses are classed as consumers if it can prove the contract was not made in the ordinary course of its business....

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08月20日

Terms implied by custom cannot be overridden.

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False. Such terms can be overridden....

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08月20日

State the duty to mitigate losses

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The duty to mitigate losses ensures that the injured party is under a duty to take all reasonable steps to minimise their loss. As a result, the seller of goods, which are not accepted, has not only t...

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08月20日

Explain whether Andy can claim damages from Hazelwood Ltd in respect of: (i) The damage to his car 

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The Unfair Contract Terms Act 1977 applies to commercial contracts such as in this situation. It divides exclusion clauses into two types; those that are void and those that are valid only as far as t...

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08月20日

At which point in a contractual arrangement is a representation made?

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A representation is something that induces the formation of a contract but does not become a term of a contract. They are made during pre-contract negotiations....

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