Business Law

$21.00

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Description

Business Law

In this scenario, James Chung, a 17 year old accounting student at Sydney La Trobe University buys a secondhand car and later, a stereo sound system from Car Hi-Fi. He signs an agreement with Car Hi-Fi to pay for the stereo in three monthly installments of $500 each, but only pays the first two installments.

In this case, Chung may be held accountable for failing to perform his contractual obligations. This is as long as the Common Law is being exercised in a jurisdictionwhereby the age of legal responsibility is either 17 or lower than 17. This is because Chung himself is 17, at the time the contract is entered between him and Car Hi-Fi. Conversely, if the jurisdiction requires that the age of legal responsibility is 18, then the contract between Chung and Car Hi-Fi will not be binding or valid. Car Hi-Fi will therefore lose the case in this instance. Another factor that may insulate Chung from being issued with a default notice is the fact that default notices are usually served after 3-6 missed payments. Chung haddefaultedonly the third and ultimate payment.