Financial transaction reports , Financial Accounting

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Answer both parts in this task. Part (i) is worth a maximum of 10 Marks, while part (ii) is worth a maximum of 5 Marks.

(i) Minnie owes Micky Mouse $500 and hands him a cheque payable 'M Mouse or bearer'. Micky immediately crosses the cheque with two parallel lines and places it in his wallet. The next day Micky's wallet is stolen and Minnie instructs the Bank to stop payment on the cheque. The wallet was stolen by Melanie Moose, who takes the cheque to 'Food Hall' and persuades the manager to give her $100 cash and

© State of New South Wales, Department of Education and Training 2005 Version 1 July 2007 provide her with $400 of groceries in exchange for the cheque. When the cheque is presented by 'Food Hall', the Bank refuses to pay.

a) Discuss what rights 'Food Hall' has against Minnie or Micky.

b) Would the situation have been different if the cheque had been crossed 'Not Negotiable'?

(ii) Outline the purpose of the Financial Transaction Reports Act 1988 (Cth) and briefly explain how it operates.

This task requires you to provide an outline of the facts and legal principles in each of the following cases. Each part is worth a maximum of 2½ marks.

a) Mabo v Queensland (No.2) (1992) 175 CLR 1

b) Donoghue v Stevenson (1932) AC 562; (1932) All ER 1

c) Shaddock & Associates v Parramatta City Council (1981) 150 CLR 225

d) Panarama Developments v Fidelis Furnishing Fabrics (1971) 3 WLR 440


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