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In: Accounting1. a) From the following, determine which would be contracts fornecessaries and which would not?...1. a) From the following, determine which would be contracts fornecessaries and which would not? Explain your answer. i) Car todrive to lecture theatre if staying in USP hostel? ii) Money for anaround the world air ticket? iii) A loan from an uncle for USP feesand then using it to buy a new laptop?2. Explain in your own words what you understand about commonmistake and how you can distinguish it from mutual mistake.3. If you wanted to buy a house and the landlord (seller) knewthat the tenant had not paid rent for the last 6 months, yet hestated that the tenant was the most desirable tenant, would you beable to successfully bring a claim for fraudulent misrepresentationor not? Explain your answer with reference to relevant cases.4. You are the Captain of a ship which sails from Port Vila toSuva, then to Nukualofa and back to Sydney within a week. You canonly afford to stay at the Ports for less than six hours whilst thecargo is offloaded. When you arrive at Suva wharf to offload cargo,the Stevedore operators at the wharf are on strike. They wantdouble salary. You are under pressure as you have to off-load thecargo and set sail. You agree to pay them because if you don’t thenyou will be liable in losses for failing to deliver on time, andsome of the cargo may be perishable. Can you set aside the contractafterwards on the ground of economic duress? Explain.5. Imagine that John asked his wife to sign a guarantee over thefamily home for debts of his business stating that it wouldincrease the business and profits, whilst knowing very well thatthe business was not doing well. Can John’s wife later claim undueinfluence, unfairness or unconscionability and get the contract setaside? Refer to relevant cases to assist you in your answer.
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