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James is the sole proprietor of Bucky Collectables – a toy collectibles business: business law Assignment, NTU, Singapore
University Nanyang Technological University (NTU)
Subject business law Assignment
Posted on: 1st Feb 2024

James is the sole proprietor of Bucky Collectables – a toy collectibles business: business law Assignment, NTU, Singapore

Questions for Group 1 / Presentation 1

1. James is the sole proprietor of Bucky Collectables – a toy collectibles business. James had served in the military and had fought in the Infinity War where he lost his left arm. After an honorable discharge due to his injury, he started a successful business selling toy collectibles. By January 202X, Bucky Collectables had expanded to two [2] retail shops – one at Winter Road, and the other at Soldier Road.

2. At 11am on 20 January 202X, Shang Chi walked into Bucky Collectables at Winter Road. At that time, Sam – James’ friend and fellow military veteran – was discussing with James about the design of Nightwing – a toy falcon. James had never seen Shang Chi before.

3. Shang Chi approached James and enquired about the availability and price for the Ten Rings – a set of toy bracelets with LED lights that glowed with either with a blue or yellow light. In the middle of their discussion, Yelena rushed into James’ shop and said, “James, we need to talk. Now. And privately!” With a slightly apologetic look, James said to Shang Chi, “Sorry, but I have an urgent matter to attend to. Sam here [gesturing to Sam] will address your clarifications and sort out whatever you need. He will take care of you.” James then walked towards Yelena, and the two of them left the shop together.

4. After some negotiations between Sam and Shang Chi, Shang Chi decided to buy the Ten Rings for a price of $200. Bucky Collectibles had only one [1] set of Ten Rings left and it was stored at the Soldier Road branch of Bucky Collectables. Sam took out a blank copy of Bucky Collectables’ Sales and Purchase Agreement and filled in all the relevant details for a new toy Ten Rings. The Agreement included a clause that stated that the Agreement would become binding on Bucky Collectables after James has signed on the Agreement. The delivery date for the Ten Rings was stated in the Agreement as 27 January 202X. Shang Chi signed on the Agreement and handed it back to Sam.

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5. In the meantime, James and Yelena had reached the Stars and Stripes – a nearby coffee shop. After ordering their coffee-flavored milk drinks, they sat down and started a serious discussion that included the following:

Yelena: Do you remember the Iron Man figurine that I had bought from
you a while ago… the one that was 35cm in height?

James: Yes, indeed. You had paid $350 for it. It was good deal…and
you loved it.

Yelena: Yes, but that was then. Recently, I managed to buy a 35cm War
Machine figurine for just $300. Now, that was a great deal.
Anyway, with the War Machine figurine, I no longer wanted the
Iron Man figurine. So… yesterday, on 19 January 202X, I posted a message on my Facebook account with a picture of the Iron Man
figurine together with the message “Anyone interested in an Iron
Man figurine for about $500?” And then, this morning, at about
8am, I got a message from Rhodey who posted a message stating
that he was interested. What do you think I should do? You
know Rhodey better than I know him…he used to serve in the
military as well. He stays in the same condominium block as me.

James: $500… that seems low. The Iron Man figurines are made by
Stark Toys, and now that Tony – the ex-CEO of Stark Toys – has
passed away, the price for Iron Man figurines has shot up the roof.
And you do know Rhodey – I remember you had lent him your
old, 2nd hand toy Batons some time ago. Has he returned your
toy Batons back to you?

Yelena: You think $500 is too low? Ok… I will have to update my
Facebook quickly. [Yelena then took out her laptop, logged into
her Facebook account, and posted the words “WITHDRAWN” (in large, bold fonts) immediately below Rhodey’s “I am interested” message]. Glad I spoke to you. And no, Rhodey had not yet returned my old toy Batons to me. I had lent them to him until the end of January 202X. Thanks for the milk drink. See you.

6. On 22 January 202X, Shang Chi decided to buy a toy nunchaku instead of the Ten Rings. Shang Chi then called Sam and informed him of his (Shang Chi’s) decision to not buy the Ten Rings.

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7. On 23 January 202X, Rhodey ran into Yelena at the lift lobby of their condominium block. Whilst riding up the lift together, Rhodey and Yelena had the following conversation:

Rhodey: I was just about to look for you. I accept your offer to sell me
the Iron Man figurine for $500. Can I Pay you to make the
payment?

Yelena: What? Didn’t you read my Facebook post? I had already
withdrawn what I had earlier posted regarding the 35cm Iron Man
figurine.

Rhodey: That’s not fair! Why didn’t you just call me to tell me? We live
in the same condominium block. We are neighbors!

Yelena: [Feeling a bit embarrassed]…Tell you what – since you are so
keen to buy the 35cm Iron Man figurine, I offer to sell you the
35cm Iron Man figurine for $700. And do you remember my old toy Batons that I had lent you some time back? You can keep the old toy Batons as part of the deal for the 35cm Iron Man figurine. If I do not hear anything from you by 1 February 202X,\ I will take it that you have agreed.

8. At that moment, several aunties squeezed into the lift and started talking loudly about what they had for lunch and what they had bought at the nearly supermarket. The aunties interrupted the conversation between Rhodey and Yelena. Yelena got off the lift without continuing her conversation with Rhodey.

9. On 24 January 202X, Ava – a notorious thief – broke into the Soldier Road branch of Bucky Collectables. In her rush to escape with the stolen toys, Ava accidentally stepped on the remaining Ten Rings toy bracelets and slightly damaged it (one of the rings was slightly scratched, with the remaining 9 rings un-damaged).

10. On 25 January 202X, Rhodey was contemplating about the 35cm Iron Man figurine. He got angrier and angrier as he thought about it. Rhodey said to himself, “Why should I pay $700 for the 35cm Iron Man figurine instead of $500? Yelena is being greedy, and I have decided to not return the old toy Batons to that greedy woman.”

11. On 26 January 202X, James signed on the Sales and Purchase Agreement between Bucky Collectables and Shang Chi. On 27 January 202X, James delivered the Ten Rings to Shang Chi, with a cover letter stating, “Since one of the rings has a slight scratch, you only need to pay me $195.”

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