Business law assignment

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Assignment
Marcus Karkharoff inherited an international shipping business from his father, Igor Kharkaroff, in 2010.
However, recently, Marcus has found himself short of funds, due to a downturn in the world economy, his love of expensive cars, cigars and champagne. To get some extra cash, Marcus decided to sell two ships: the Moskva and the Leningrad.
On October 1, Marcus signed a contract with a company called Luiggi’s Shipping for the sale of the Moskva for $15 million, which was transferred to Marcus’ account that day. However, unbeknown to all involved, the Moskva had caught fire a few days earlier and suffered irreparable damage before sinking.
On October 2, Markus signed a contact with Imelda Chow, a wealthy Asian industrialist, for the purchase of the Leningrad, for $20 million.
Chow believed the Leningrad to be a red-hulled vessel she saw in Perth, and on that basis thought she was getting a good buy. Chow paid the $20 million. In actual fact, the Leningrad was a blue-hulled vessel moored beside the one Chow had seen.
A week later advised was advised by an insurance assessor that the Leningrad was in a much deteriorated condition and was worth only $10 million.
Advise Marcus of any issues arising from either contract.

Your assignment must be written in the third person, in the form of a legal essay. The maximum length of your essay is 1500 words, +/- 10%. Referencing must be in accordance with the AGLC3, which can be found on the library website. Penalties may be imposed if you incorrectly reference. The assignment must also contain a bibliography.

Plagiarism is not acceptable and will be reported. Assignments are to be submitted through URKUND for checking before final submissions through Moodle. The assignment is an individual piece of assessment, not group work.