Need solution for HI6027 Business law exam?
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Explain why an understanding of different legal systems around the world might be useful in business. (6 marks)
Explain why and how contract law and tort law are relevant to business. What level of proof must the plaintiff provide to succeed in contract law and tort law cases?
Under an agreement between Mockingbird Events and Laura, two events spaces were to be leased to Laura. She, in turn, was to lease an office space in the building she owned back to Mockingbird. In the lease agreement, it was agreed that Mockingbird would have the entire office at their disposal. However, Laura occupied the office for some months, and refused to move out even though she was repeatedly asked to do so by Mockingbird. Eventually she left the premises but her the room remains filled with personal items.
Can Mockingbird bring an action against Laura for specific performance of the agreement and have her remove these items?
Question 3 (7 marks)
Peter is a sole trader which sells second-hand mobile phones with a business name of Allphones. The revenue of the business has increased from $200,000 p.a. in the first year to $3m in the second year. He now approaches you to get your advice in relation to the legal structure of his business. He wants to retain control of his business and is considering setting up a company to further expand his business.
Advice Peter about the best legal structure for his business. Is sole trader or a company an appropriate business structure in his circumstances?
Question 4 (7 marks)
David has decided to incorporate his Mexican Restaurant business which he has run previously as sole trader. After careful consideration with you, he has set up a limited liability company called Mexican Cantina Ltd in which he is the sole shareholder with 10,000 fully paid-up shares at $1 per share. He is also joint director of Mexican Cantina Ltd with his wife Claire.
- What is the maximum liability which Julian is personally liable as a shareholder of Mexican Cantina Ltd? (2 marks)
- Explain the legal principle which limits the personal liability of Julian as a shareholder of Mexican Cantina Ltd. Which legal case established this legal principle? (5 marks)
Question 5 (7 marks)
Freddy has received a gift from his family on his eighteenth birthday of 10,000 shares in Ace Pharmaceuticals Ltd. 5,000 of these shares are ordinary shares and the other 5,000 shares are 10% preference shares.
This is Freddy’s first time that he owns shares in a company and he wants some advice about the two types of shares in Ace Pharmaceuticals Ltd.
Explain to Freddy:
- What are Ordinary Shares and Preferences Shares? (3 marks)
- The payment of dividends to a shareholder who owns Ordinary Shares and Preference Shares (4 marks)
Question 6 (7 marks)
The purpose of a voidable transaction provision is to prevent a depletion of assets in the company as it approaches insolvency and is entered into within a specified limited time prior to the commencement of winding up.
Identify and explain the seven (7) types of Voidable Transactions together with their relevant sections from the Corporations Act (Cth) 2001.
NOTE: Each correct type of Voidable Transaction and their explanation equates to one mark each.