Peter Smythe vs Vincent Thomas Case Study Example | Topics and Well Written Essays - 1000 words

Peter Smythe vs Vincent Thomas - Case Study Example The fall of the hammer in a traditional auction is complete when the auctioneer announces its completion by the fall of the hammer or in another customary manner—and until any such announcement is made any bidder may retract his or her bid. The equivalent of the fall of the hammer in an eBay auction is the automatic close of bidding at a fixed time and the generation of an eBay advice headed â€Å"won† appear to have been accepted by the parties to an eBay auction. An order for specific performance of the contract was appropriate because of two reasons: 1) the Wirraway was not at the time in flying condition, and 2) the plane was in a hangar owned by a third party. It was ruled that a binding contract was formed between the plaintiff3 and the defendant4 and that it should be specifically enforced.5 Further, the two parties would be given a chance to reach agreement on the precise nature of the agreement. McMuffins Ltd is a fast food company. Yesterday, before work had started, an argument arose between three kitchen hands: Tom, Dick, and Harry. Over the weekend, Tom had offered to sell his motorbike to Dick for $5000. Dick said this was far too much but he would pay $4000. Tom refused. Before Tom left for work this morning Dick phoned to say he would buy the motorbike for $5000 but Tom said he had already sold it to Harry for $4,500. It was not a good day for Dick: he was one of the six employees of McMuffins Ltd that buy a weekly lottery ticket, each contributing an equal amount of money. Every week the money is collected by Lotty, the office junior, who also buys the lottery ticket. The group has always agreed to share any winnings equally. Lotty discovered this morning that the lottery ticket has won $1,000,000, and tells the other members of the group that she intends to claim the money for herself and leave McMuffins Ltd. According to Tom, he has already sold the bike. If there is a bill of sale6 made out to Harry, the bike has technically already been sold.