What are Buyer’s potential claims against seller? What are seller’s potential defenses? Who is likely to prevail should this case goes to court?

Issue of Fundamental of law

        There a lot of issues are there in the case about the buying andselling onan agreement between the buyer and the seller. In this case it can be seen that at first the seller agreed to sell the van to the buyer if he send him the cheque of the $5000. It can be seen that in this case the seller is making an oral agreement or commitment with the buyer.  The other issue in this case is that the buyer make a deal with the investor about his business and projected the profit of around $50,000 and in respond to the offer of the buyer the investor agreed to invest around $20,000 in the startup. Now the situation of the buyer has become very critical because he is not getting the van from the selling and the second offer that seller give him was also unrealistic.  The other issue is that the buyer further makes the agreement with the investorto invest in his startup that cannot be started without the van (Chambers, 2008).

Rule of Fundamental of law

        An oral agreement is a lawfully compulsory spoken contract among two parties that is not formally written down but it still has a legal worth in case of any issue. Even though it can be problematic to demonstrate the presence and conditions of oral agreements, oral agreements are normallylawfully enforceable and if one of the party breaches an oral agreement can be accountable (Businessinsider. com, 2014). In this case there are two legal oral contract, one is between the buyer and seller about the van and the other is among the buyer and the investor to invest in the new startup of his business and the investor also make the oral contract to invest $20,000 in the startup (Massmediator. wordpress. com, 2014).So in this case the buyer has the right to sue the selling to not keeping his commitment and the contract between them and as a proof, he can show the court his payment of the $5000 cheque to the seller account (Businessinsider. com, 2014).

Application of Fundamental of law

        The contract ceases due to enforcement of law and revoking requires intended communication. The agreement was developed under the lawful consideration (Ma-law. org. pk, 2019). The section 17 is also applicable to the ordinary diligence. In case of fraud and misrepresentation of the contract it causes false issues in the people bound with the contract.The rule selected to deal with the issue is under section 294 A and it is known as Agreements collateral to wagering agreements void (Ma-law. org. pk, 2019).

Conclusion on Fundamental of law

        Summing up the discussion about the buying and selling contract in this case, it can besaid that the It can be seen that in this case the seller is making an oral agreement or commitment with the buyer.  The situation of the buyer has become very critical because he is not getting the van from the selling and the second offer that seller give him was also unrealistic. In this case the oral agreement is a lawfully compulsory spoken contract among two parties that is not formally written down but it still has a legal worth in case of any issue. In this case there are two legal oral contract, one is between the buyer and seller about the van and the other is among the buyer and the investor to invest in the new startup of his business. The buyer has the right to sue the selling to not keeping his commitment and the contract between them

 Issue of Fundamental of law

        If the buyer has the more solid evidences against the seller for not keeping the agreement between them but still, there are a lot of issue for him as he cannot to get the van to fulfill his oral contract with the investor about the investment in his startup. Now in this case there is a need to provide the buyer with the properremedy that can recover his lose to some extent and also make him in the position to keep his oral contract with the investor about the startup that he is going to start (Casebriefs.com, 2000).

Rule of Fundamental of law

        Consider the case in which seller have significant proof for not keeping the promise then there are number of methods and legal steps. In the present situation it appears to form a complete nature and intention for the parties of contract to perform their individual promises. The promisor is legally bound to perform according to the agreement. The limitation of law is for the consideration if the agreement is not in the written form while in the present situation agreement is registered and legal actions can be taken by the buyer (DUNCAN, 2018). The law for the agreement is section 294 A of the penal code that deals with the agreements for the money recovery, void of agreements, and commission consideration (Ma-law. org. pk, 2019). The rule is related to Agreements collateral to wagering agreements void. The other condition is effect of not keeping agreement and misrepresentation of the fraud by the seller (Reilly, 2014).

Application of Fundamental of law

        Consider the situation, in which buyer and seller prepared proposal and accepted individually. After acceptance the proposal becomes agreement and promise of two parties (Ma-law. org. pk, 2019). Every agreement is basically a set of promises that forms consideration of agreement. In case of promises there are some reciprocal promises that agreement cannot be enforceable by law and it cannot be avoided by any party (Ma-law. org. pk, 2019).

Conclusion on Fundamental of law

        Summing up the discussion about the buyer evidences against the seller and the potential remedy of the court, it can be said that the seller have to pay his cheque back with the recover amount of $5000 or in other case the seller have get the remaining $20,000 from the buyer and get him the van without any other interest and installment. In this way the seller have to sell a new van to the buyer in the same price that he commitment to the buyer for the first time when they make the contract with each other.

     Chattel Mortgage: Chattel Mortgage is actually an arrangement of loan in which an item of the movable property serves as a security for the loan. The chattel or movable property guarantees loans and an interest is held by the lender in it. This is different from conventional mortgage in which the lien on stationary of real property serves to secure the loan. In some areas of the country, security arrangements as a term are used for referring to chattel mortgages. Manufactured homes, farm equipment, boats, airplanes, and vehicles are all examples of the assets which are only financed using the chattel mortgages. Chattel mortgage is governed by the Chattel Mortgage Law and Act number 1508 (Massmediator. wordpress. com, 2014).

    Perfection: Perfection actually refers to the validation of security interest against several other creditors. Usually, this is carried out by filing a statement with some specific public office or by taking collateral’s possession. In bankruptcy context, perfection refers to the process of making a lien of creditor senior to the other lien. A secure creditor here takes some specific steps for perfecting his or her lien. For instance, recording mortgages with the recorder of county makes such a mortgage perfect and it will be senior to all other mortgages (Businessinsider. com, 2014).

    Fixture: A fixture is actually a personal chattel that is affixed substantially to the land but which afterwards might be removed lawfully there from by the part that affixes it, or his representative, in the absence of the consent of the freehold’s owner. This term has obtained the unique meaning of a chattel which is annexed to freehold but which can be removed at the will of the individual who is responsible for annexing it. Fixtures don’t import things which are affixed to the freehold and it is a modern term. Generally, it is recognized for comprehending an article (Legal. thomsonreuters. com. au, 2018).

    Torrens: Torrens title is used for referring to a system of the registration of real estate and the sale of real estate is facilitated by the title by the elimination of the need to evaluate the previous titles from seller. This title acts like an evidence that seller is the true owner of what is being sold. This transferring is completed when the name of buyer is transcribed by the registrar in Torrens. It is also utilized as a register for the details which impact the land such as changes, mortgages, and easements in ownership. Its law explains just what has been described above.

    Leasehold: Basically, leasehold is a term of accounting for an asset that is being leased. Typically, the asset is a property such as a space or a building. The Lessor is contracted by the lessee for the right of using the property in exchange for a set of scheduled payments over the lease time. After the finalization of a lease agreement, the tenant starts to create space for its objective to the extent which is allowed by the contract. Cabinets, plumbing fixtures, lighting fixtures, floor spaces, and ceilings represent the improvements of leasehold which are recorded as the fixed assets (Legal. thomsonreuters. com. au, 2018).

 References of Fundamental of law

Businessinsider. com. (2014, 10 08). Red Bull Will Pay $10 To Customers Disappointed The Drink Didn’t Actually Give Them 'Wings'. Retrieved from www.businessinsider.com: https://www.businessinsider.com/red-bull-settles-false-advertising-lawsuit-for-13-million-2014-10

Casebriefs.com. (2000). Leonard v. Pepsico. Retrieved from https://www.casebriefs.com/blog/law/contracts/contracts-keyed-to-murphy/the-bargain-relationship/leonard-v-pepsico/

Chambers, R. (2008). An Introduction to Property Law in Australia. Auatralia: Lawbook Company.

DUNCAN, A. (2018, May 21). The Battle Between Papa John's and Pizza Hut . Retrieved from https://www.thebalancecareers.com/the-battle-between-papa-john-s-and-pizza-hut-38841

Legal. thomsonreuters. com. au. (2018, 12 19). An Introduction to Property Law in Australia 4e. Retrieved from legal.thomsonreuters.com.au: http://legal.thomsonreuters.com.au/an-introduction-to-property-law-in-australia-3rd-edition/productdetail/120307

Ma-law. org. pk. (2019). Contract act. Retrieved from www.ma-law.org.pk: https://www.ma-law.org.pk/pdflaw/Contract%20Act,%201872.pdf

Massmediator. wordpress. com. (2014, 10 26). Red Bull Gives You Puffery, Not Wings. Retrieved from massmediator.wordpress.com: https://massmediator.wordpress.com/2014/10/26/how-much-is-too-much-puffery/

Reilly, L. O. (2014, October 8). Red Bull Will Pay $10 To Customers Disappointed The Drink Didn’t Actually Give Them 'Wings' . Retrieved from https://www.businessinsider.com/red-bull-settles-false-advertising-lawsuit-for-13-million-2014-10