MGT611 - Business & Labor Law (Last Date 28/10/11)

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Semester “Fall 2011”
“Business & Labor Law (MGT 611)”
Assignment No. 01
Marks: 15
“Kinds of Contract”

Mr. Munir Ahmad, a famous author of literature, has written many books including one book titled
“Tales of Change and Desperation”. Originally, though, this book was published in 1990 with
the title “Thirteen Tales”. This book was containing only twelve stories as one story were missed
by mistake but the title of the book was remain the same and written as “Thirteen Tales”, Later
on the title was changed as “Tales of Change and Desperation” and the entire first edition were
withdrawn from the market. However still two copies of the same title (“Thirteen Tales”) were
exist in the market which were already been delivered to the customers and could not be
withdrawn. As the time goes on, these two copies of the old edition (“Thirteen Tales”) gained the
immense value. Mr. Shehzad, one of a famous book dealer, happens to find one of these copies in
a small bookshop which is owned by Mr. Imran. Mr. Imran was totally unaware about the history
of the book and its real value; he sells the book to Mr. Shehzad at Rs. 100.

Additional Information:
1. One week later, Mr. Imran comes to know the true value of that book.
2. Mr. Shehzad had provided information to Mr. Imran that he does not resell these books to other
book sellers because he is only acquiring these books for his personal interest as he introduced
himself as a university professor while buying the book.

Question:
1. Identify the kind of contract from the given scenario. Justify your answer by providing
logical reasons.
2. After knowing the true value of the book, what options does Mr. Imran have?