Essay HI6027 : Business and Corporate Law Report – Business Assignment Help

Assignment Task:

Task:

Purpose of the assessment (with ULO Mapping)

The purpose of the Group Assignment is to provide students with an opportunity to work in a collaborative environment in solving two case problems by citing the relevant legal rules and cases and applying these to the facts of the case. In this Group Assignments, students are required to:

– Understand the basic principles of Contract Law and the Law of Tort and apply them in business circumstances. (ULO 2)

– Analyse the legal environment in which business structures operate and evaluate their use in a commercial context. (ULO 3)

– Apply correct legal methodology, specifically to apply the IRAC (Issues, Rules Argument, Conclusion) framework to solve legal problems. (ULO 5)

Purpose: 

The Group Assignment aims to provide students with an opportunity to work in a collaborative  environment in solving two case problems by citing the relevant legal rules and cases and applying  these to the facts of the case. 

Students are to form groups, with a minimum of 2 and a maximum of 4 students per group. The  assignment consists of a 2,000-word written report. 

Part A: Contracts Law Question  
• Read the Contracts Law question below. 
• In 1,000 words (+/- 10% is allowed), answer your chosen question using the IRAC method. 
• Your answer must be supported by relevant principles of Australian law and cases decided by  Australian courts (preferably the High Court) and/or scholarly articles. A minimum of 3 genuine  and relevant references are required for this part of the report. 
• The full citations for all sources cited in your answer must be listed in a Reference list at the end  of the Part A question. 
• In addition, any online sources cited in your answer and listed in your Reference List must include  a valid hyperlink that allows access to the full text of the source. 
Wilona was married to Wilbur for 40 years. She was devastated when he passed away. She  had been very reliant on him and left all their business matters to him. She had always been  a religious person and turned to her faith for solace. 
She was visited by her local priest, Father Devout. She talked about her situation with him  and concluded that she should sell her matrimonial home and move into a small unit. Father  Devout was himself looking for a new home after the church had informed him that it would  be selling the bungalow adjacent to the church building in which he currently lived as a cost 
cutting exercise. He mentioned this fact in passing and Wilona insisted that she sell her house  to him. When he asked how much she would want for the property, she said she had no idea  of its worth. However, she had heard a neighbour say that a house in the street had sold for  about $200,000, but, because she knew that her house would go to someone deserving, she  would sell it to him for $100,000. This was in fact half its true value. She wouldn’t take no for  an answer and Father Devout knew her to be someone who would obstinately insist on  something once her mind was made up. 
Wilona needed a bridging loan to purchase her unit. She does not trust banks and instead  approached Sly, a fellow parishioner. Sly was a wealthy businessman, who told her he would  give her the necessary funds if she signed a receipt for it so he ‘would have something to  show the taxman’. In fact, the “receipt” was a basically-worded loan document, which  provided that she was liable for interest at twice the rate that she could have obtained from a  bank. Wilona signed the document without reading it because she thought Sly, as a fellow  churchgoer, was “a good man”. 
Wilona’s son and daughter have just flown in from their respective homes overseas and  discovered what Wilona has been doing. They seek your advice on whether she can undo  what she has done. 
 
Part B: Business Structures question  
• Read the questions below on Business Structures. 
• In 1,000 words (+/- 10% is allowed), answer the chosen given question. 
• A minimum of 3 genuine and relevant Australian legal references are required for this part of the  report. Examples of relevant references for this question include the Corporations Act 2001 (Cth);  the Australian and Securities and Investment Commission’s (ASIC) website (www.asic.gov.au),  the website of the Australian Business Register’s (ABR) website (www.abr.gov.au). 
• The full citations for all sources cited in your answer must be listed in a Reference list at the end  of the Part B question. 
• In addition, any online sources cited in your answer and listed in your Reference List must include  a valid hyperlink that allows access to the full text of the source. 
Congratulations! You have secured a graduate position with a large firm of corporate  advisers. Jessica, a partner in the practice, asks you to attend an 8 am meeting on Monday  with herself and Julian Harris, a longstanding client of the firm. You will be required to take  notes and prepare answers to Julian’s queries. 
Julian Harris is married to Samantha Patel. They have one child, Pauline, who attends a local  private school. Julian is very entrepreneurial and has been running a second-hand and  vintage clothing business in Dandenong, Victoria, by himself as a sole trader for the past five  years under the business name of Retrofit. A lot of Julian’s customers are other businesses,  both local and overseas. Turnover was $285 000 in the first year and has now grown to over  $3 million per annum. 
The business operates from rented premises, but Julian would prefer to buy a building.  Currently, Retrofit employs eight staff. Julian has plans to expand the business further. He also wants to diversify into food and catering in the near to medium term. 
Julian’s mother, Bev, is a retired accountant and he regularly asks her for advice. Bev  suggested recently that Julian should structure his business as a company. Julian is unsure about this. He makes an appointment to see Jessica. 
Prior to the meeting, you review Julian’s file and note that he and Samantha have the  following assets. 
• A family home in Hawthorn with a market value of $1.25 million. There is a mortgage  on the property of $561,000. The house is owned by Samantha. The house was  previously owned by Julian and Samantha, but when Julian started up his business, it  was decided to transfer the house solely to Samantha for asset protection reasons. 
• A share portfolio. Julian and Samantha jointly own 1000 Telstra shares, which cost  them $3.30 per share, and 500 Commonwealth Bank shares, which they bought when  they first married. The Commonwealth Bank shares cost them $10.90 per share. The  Telstra shares are currently worth $3.09 per share and the Commonwealth Bank  shares are worth $61.00 per share. The shares are intended as an investment for