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Direction: Analyze the following questions and present your insights. Question: The case involved the...

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Accounting

Direction: Analyze the following questions and present your insights.

Question:

The case involved the sale of a farm by MR (K) to MR. (M). At the time the contract was entered, MR. (K) was suffering from prolonged and excessive alcoholism. MR. (M) knew this but went ahead with the contract. MR. (K) tried to call off the sale but MR. (M) took him to court, seeking specific performance (an order from the court to carry out the contract).

1. Based on the case above define the elements of sales contract (Each element 1 mark).

2. Identify the people who are incapable to enter into a contract.

3. Do you think MR (K) should get any kind of remedies from damages that he has suffered (3 marks for answer and 2 marks for justification)? (Total: 10 marks).

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