1. Mr. Koiki, a Nigerian while on his way from Malaysia to Nigeria lost his Lenovo laptop on transit. All his efforts to locate the lost Laptop proved abortive. He later reported the matter to security personnel at the Muritala Muhammed International Airport, Lagos but all efforts by the officers to recover the laptop was to no avail. Because of some important document in the Laptop, Mr Koiki placed adverts in Nigeria newspaper that “whoever finds the lost Laptop shall be rewarded with the sum of #200,000.00. Mall. Kasali who had read one of the newspapers later found the lost laptop and returned same to Mr. Koiki who refused to pay Mall. Kasali.
a. Advise the parties on the form of contract, acceptance, and consideration involved
b. Clearly examine the position of the law assuming Mall. Kasali has returned the lost Laptop before he became aware of the reward and Mr. Koiki refused to pay
2. Past consideration as been dubbed bad consideration because of its failure to fulfill the essential requirement of a valid consideration. The question, however, remains whether there are instances when bad consideration can be made good. Explain the concept of past consideration and discuss whether it could be made good under any circumstance
3. Aisha is the owner of a bicycle, she offers to sell the bicycle which, according to her, “is in a very good condition” to Johnson for fifteen thousand, Johnson “accepted” to buy the bicycle but for fourteen thousand. Aisha ignored Johnson after receiving the letter and sold the bicycle to Dele for fifteen thousand. Johnson later becomes aware of the sale to sale. He now intends to sue Aisha for breach of contract. Citing relevant case(s) does he have a good case?
In (a) above, will your answer be different if Aisha had written Johnson that she would collect fourteen thousand and later went on to sell the bicycle to Dele refers to case law to support your answer.
