In: Accounting
I need some assistance please 400 words and more thank you
Lisa is walking down the street in January when she notices a young man named Denny. Denny looks a little worse for wear, so Lisa offers to buy him lunch. As they are talking, Denny says to Lisa: “I’m in a pretty rough spot. I don’t have any money right now. But I promise to pay you $450 if you give me that coat you are carrying and some food (that sum represents the reasonable value of those items). Lisa responds: “How old are you?” Denny states that he is 20. However, this is a lie. Denny is actually 16. Lisa looks him over one more time, and she agrees to the exchange.
Before they leave, Denny says,"Actually, I will promise to give you another $50 if you let me borrow your bike."
Lisa writes down all of these promises into a contract. Both parties sign the contract, and they go to the bank and have it notarized.
A week later Denny trashes the bike, and he tells Lisa that he is not going to pay. Lisa sues Denny in court for breach of contract, and she learns that he is only 16.
What is likely to happen in the court case?
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When they signed the contract, both of them actually entered into a legal binding knowing the fact that there was an offer in place. Denny had offered to pay a decent sum of $500 for some belogings of Lisa, who agreed to rent them to Denny. Both of them had entered into an agreement where both parties ended signing the contract which ultimately declared the existence of the contract.
On the other hand taking into consideration of the situation from Denny's legal standing point, the contract shouldn't be in existence and is not legal nor binding in anyway due to the fact that Denny provided false information regarding his age which was basically a case of fraudulent misinterpretation whereby he claimed to be 20 years old where else in real senses he was only 16 years of age with no capacity to enter into contract with Lisa who seems to have the capacity in terms of age.
Conclusion:
Based on the two outcomes provided above and standing on the fact that the illegality of the contract was not on Lisa's side and that she had taken a step to confirm Denny's age before entering into the contract with him and that Denny himself was the wrong doer in the whole situation personally I would say the court case would favor Lisa irrespective of the fact that Denny was only 16 years and not 20 years as he had stated before entering into the contract with Lisa and that he had ultimately breached the contract where else Lisa had maintained the legality of the contract declaring her the innocent party based on contractual law.
Hence the verdict would be that Denny; irrespective of his age, would be charged with a case of fraud and falsity upon contracting and the eventual case should be:
Final Verdict:
Based on the above findings it would be held that Denny was found guilty on the stands of falsity and fraudent actions and was due entitled to some form of law enforcement for juvenile related incidents with Lisa given room to seek compensation for the damages incurred in the process of entering into the contract with Denny for breach of contract.