Advise tom and edgar as to their legal position relevant law

Assignment Help Business Law and Ethics
Reference no: EM131211892

Question 1 -

Peter, Aidan and Adrian are partners in an accounting firm. There is a partnership agreement which states that each partner may enter into contracts worth up to $ 10 000, but that any contract in excess of that amount requires the prior agreement of all partners.

Peter and Aidan are away doing an audit when Adrian sees an advert for a set of accounting journals being sold by a local accountant, Tom, who is retiring. The set would cost in excess of $ 25 000 if all the back issues were bought from the publisher, so Adrian thinks that the asking price of $ 15 000 is very good, and he agrees to buy them for the firm.

He also decides that because he studied surveying before he studied accounting, the firm would make money if it branched out into surveying, and so she buys a set of surveying instruments for $ 8 000 on behalf of the firm from Edgar.

When Peter and Aidan return they are furious to find out what Adrian has done and refuse to accept delivery of the journals or the surveying equipment or to pay for them. Advise Tom and Edgar as to their legal position, citing relevant law.

Question 2 -

Richard was employed selling slimming products in Victoria for Nu-Slim Pty Ltd from 2008-13. A term of his contract was that if he should leave Nu-Slim, he could not sell slimming products' in Victoria for three years. In 2014 he registered a company called Fat-Away Ltd. Richard owns 99% of the shares. The other 1% is owned by his sister, Frances, whom he elected as Managing Director and CEO. Fat-Away Pty Ltd operates out of Melbourne and sells slimming powder throughout Victoria. All sales are signed by Frances on behalf of of Fat-Away Pty Ltd.

Frances also signs a contract on behalf of the company, taking out a loan of $ 500 000 from United Bank in 2014 as start-up capital. The company did well during 2014, 2015 and the first half of 2016, but in July 2016 was not able to repay a loan instalment of $ 40 000 owing to the bank.

Richard comes to you for advice after receiving two letters: One from Nu-Slim Pty Ltd requiring him to cease the operations of Fat-Away Pty Ltd in Victoria, the other from United Bank Ltd threatening to sue him for $ 40 000. Advise him, citing all relevant legal authority.  You should assume the validity of the terms of the contract entered into between Richard and Nu-Slim Pty Ltd.

Rationale - This assessment will allow you to demonstrate your ability to:

  • engage in legal research;
  • identify the legal issues arising out of novel factual situations, to analyse the applicable law and to differentiate between which rules are applicable and which are not and then apply the law to the problem;
  • to explain and summarise the applicable law in such a way as to create a report for a client which states what liabilities arise from novel factual situations

 And more specifically:

  • your knowledge of the law of partnership
  • your knowledge of the law and the law relating to the incorporation of companies and the separate legal identity of corporations
  • your ability to undertake an assessment task relevant to the workplace and professional practice.

2000 words

6 apa referemce.

Reference no: EM131211892

Differences between a void contract and a voidable contract

What are the differences between a void contract and a voidable contract? Provide examples. Which party or parties to a voidable contract have the right to disaffirm the contr

Impact of globalization on the us criminal justice system

Assess the impact of globalization on the U.S. criminal justice system. Compare and contrast international criminal justice systems (Civil Law, Common law, and Islamic Law an

What is the fair sentencing act

What is the Fair Sentencing Act of 2010(FSA) and why was the Act necessary? What did it accomplish? Did the new Sentencing Act go too far, or not far enough to correct pass se

Would the man be able to recover money from clara

A man with a towel and windshield fluid rushes up to her car window and washes it, before giving her a chance to comment. He then insists that she must pay him for his work

How important is first line supervisory training

Case Study - Supervision How important is First Line Supervisory Training? Do you agree with the manner in which Sergeant Rick handled this situation? How would you have handl

Discuss the role of the sec

Summarize the Sarbanes-Oxley of 2002 as it relates to U.S. business operations. Explain the governance principles of regulatory compliance requirements related to Sarbanes-Oxl

Making customized components for system

A few days later a truck from Cool It Airon arrives at Richard's factory. Richard phones up Siobah and says he never agreed to the installation. When Siobah tells him about

Provide your own definition of community-policing

Identify the skills and knowledge that are imparted to police trainees during their academy training and explain the importance of these skills in relation to real world app

Reviews

len1211892

9/19/2016 3:28:22 AM

You must answer the above two problem-type questions, using the ILAC (Issues, Law, Application, Conclusion) format, a worked example of which is in the Resources folder. And note that the word limit of 2 000 words is a total for both questions (i.e., it is not 2 000 words for each question). I would however expect that students should be able to answer both questions in far less than 2 000 words. Your bibliography is not included in the word limit. In this assignments are marked on-line, using an adapted MS Word programme. You therefore MUST submit your assignment in Word format, NOT as a PDF document. If you submit in PDF it will not be able to be marked. If you anticipate applying for an extension for this assignment, please read the rules on extensions in this Subject Outline before doing so.

Write a Review

 
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd