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Commercial Law vs Corporate Law - Assignment

   

Added on  2021-06-17

9 Pages1660 Words42 Views
Running head: COMMERCIAL AND CORPORATION LAWCommercial and Corporation LawName of the StudentName of the UniversityAuthor note
Commercial Law vs Corporate Law - Assignment_1
1COMMERCIAL AND CORPORATION LAWTable of ContentsIssue.................................................................................................................................................2Rules................................................................................................................................................2Application......................................................................................................................................4Conclusion.......................................................................................................................................6References........................................................................................................................................7
Commercial Law vs Corporate Law - Assignment_2
2COMMERCIAL AND CORPORATION LAWIssuea)Whether Peninsula Tours is entitled to make valid claim for compensation of $1200 dueto failure of Gareth to provide two out of five cars as per his promiseb)What are the remedies available to Gareth if Peninsula Tours accepted three cars after hespends significant amount of money to repair the car and hire driversRulesPart Payment of debt is inadequate considerationAs per the rules of contract law, any payment that has been made partly to satisfy the debtcannot be considered as an adequate consideration as was established in the landmark case ofPinnel’s case [1602] 5 Rep, 117. As per the scenario in Pinnel’s case, the plaintiff promised the defendant that he will notmake any claim with respect to the debts of £8 10 shillings provided the claimant has made fullpayment of £5 2 shillings and 2p as the full payment of the debt. After execution of the promiseby the defendant, the plaintiff made a claim with respect to the remaining amount that thedefendant owed to him (Solum 2017).In the Pinnel’s case the court held that the plaintiff is entitled to make claims for theremaining amount that defendant owes to the plaintiff even if the plaintiff had promised not tomake claims for the remaining amount from the defendant (Hannigan 2015). Further, the courthas explained the validity of part payment of debt and forgiving the remaining debt amount as anadequate consideration only when such payment has been made prior to the outstanding date
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