Hello everyone....really need help on my contract assignment....
Mary makes jewellery which is sold to tourists by street vendors. The street vendors
buy the jewellery from Mary at wholesale prices, and sell it (generally with a 50%
mark up) at retail prices.
Billy, John, Waldo, Nick and Tom are street vendors.
Billy has been selling Mary’s jewellery on the streets for more that 3 years. Billy is
seventeen years old. Generally Billy goes to Mary’s house each Friday and buys about
$30 worth of jewellery from her. Over the weekend he sells it for about $45. He uses
the $15 to live, and uses $30 to buy the next lot of jewellery.
On Friday 12th March Billy went to Mary’s house without money. He told Mary that
he had to give the $30 to his dad for medication.
Billy said to Mary:
“If you give me the jewellery I’ll give you the $30 on Monday.”
“You know I don’t give credit.”
“Generally yes, but I’ve been buying from you for so long that you should
know by now that I’m trustworthy.”
Mary gave Billy the jewellery and Billy promised to return the $30 on Monday. Billy
didn’t return on Monday, or at all.
John also buys jewellery from Mary. John is known for exaggerating to try to get
better prices from tourists. On Saturday 13th March Betty, an Australian tourist,
quizzed John about the jewellery.
“It is definitely silver. It comes from the silver mines on the northern islands.
They’re famous for good quality silver.”
“In that case I’ll buy these two necklaces.”
Betty gave John $50 in exchange for the 2 necklaces. In fact the necklaces are made
from cheap tin imported from China.
Waldo sells jewellery on a much larger scale. Waldo often buys up to $200 worth of
jewellery each week from Mary, and on-sells it for $300. On Monday 15th March
Aiko, a Japanese tourist, came to Waldo’s street stall to look at the jewellery. Aiko
chose a number of pieces. Waldo added up all the prices and told Aiko the full price
was $80. Aiko said:
“I love it, it all looks really elegant, really expensive. I’ll take it.”
Aiko did not have any cash with her, and asked Waldo to deliver the jewellery to her
hotel room on Friday.
“I don’t want to hold onto it unless I’m really sure you’re buying it. I’ll get
you to sign for it.” Waldo wrote on a piece of paper:
“Waldo sells and Aiko buys 6 pieces of jewellery. Aiko will pay $800 on delivery of
the jewellery to her hotel room on Friday.”
The paper is signed by both Waldo and Aiko.
Nick thinks that American tourists are easy to get money from. On Tuesday 16th
March when an American tourist, Pam, came to Nick’s street stall, Nick told her a big
sob story. He said:
“I need to make money to support all my younger brothers and sisters. My
parents died and now there is only me to look after them. I have to pay all
their school fees, and buy their food. The youngest ones don’t even have
Pam was very upset by Nick’s family’s poverty, and agreed to buy $100 worth of
jewellery. Pam said to Nick:
“I don’t really want this jewellery, but I’ll take it to help out your poor, poor
Pam only had $50 with her. She said to Nick:
“I’ll give you this $50 now, and I’ll go to the bank to get the other $50 for
Nick put the jewellery in a bag for her. On her way to the bank another street vendor,
Tom, offered Pam jewellery. Pam said:
“Sorry, I just bought a heap of jewellery from Nick.”
“I hope he didn’t tell you a sob story about his family. He’s one of the richest
guys in town.”
On Wednesday March 17th the local council passed a by-law, effective immediately,
which made it an offence to sell jewellery on the street.
Advise the parties on any possible vitiating factors arising from the above facts.
Need relevant ideas and responses into breaking this question up