Financial Planning Business & Competition And Consumer Act 2010 - Sofia & Mia Case Study - Business Law Assignment Help

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Question

Jasper was at an industry trade fair where he met a  financial planner, Leon, who was looking for a buyer to purchase his business. An offer was made by Leon and  Jasper agreed to purchase the financial planning business. Leon was not aware that Jasper was suffering from a  mental illness at the time, as he had not been taking the medication which kept it under control. When Jasper resumed his medication shortly thereafter and regained his sanity, he decided that he still wanted to purchase the property and he affirmed the contract with Leon. The next day, he changed his mind and wanted to rescind the contract on the basis that he was suffering from a mental illness at the time of entering into the contract. Advise  Leon, providing case law as an authority.

Question

Packaway Limited and Containall Limited are both suppliers of cardboard packaging and containers in  Australia. For many months, the two competitors have been engaged in a price-cutting war, which means that they each reduced their prices below the other’s prices to gain more customers. The chief executives of both companies attended an international environmental conference aimed at reducing hard waste and landfill, and they had a meeting at which they decided to stop the price war and charge the same prices to their customers,  using a price formula by which the amount of the prices could be calculated. Two directors of Packaway Limited,  Robert and Samuel, arrived late at the meeting after the chief executives had already reached their decision to stop the price war and charge the same prices to their customers. State whether Packaway Limited and  Containall Limited have breached the Competition and Consumer Act 2010 (Cwlth), giving reasons for your answer, supported by legislation and case law. In addition,  state whether Robert and Samuel can be held liable for breaching the Act.

Question

Surinder and Ramanjeet are partners in a business that manufactures jewelry. They have heard that it might be more beneficial to trade as a company instead. Compare the advantages and disadvantages of a company as opposed to a partnership, referring to both a company and a partnership in your answer.

Question 

Case Study: Sofia and Mia are developing a block of land which they bought jointly and intend to build townhouses on the land and sell them. They approach Universal Bank Ltd for a loan for their project. They attend the local branch office of the bank and negotiate with Ngoc who is acting in the role of the senior branch manager, Karl Jurgen, while Karl is absent due to illness. Senior management executives, who themselves have actual authority to approve loans, are aware that  Ngoc is acting in the role of senior branch manager and dealing with clients, and allow him to continue to do so although they have not yet given formal approval for him to do so.  

Ngoc tells Sofia and Mia that he will notify them by email regarding the outcome of their application for finance for the project. A week later Ngoc sends an email to Sofia and Mia approving their application and offering them the credit of $2 million. Sofia and Mia accept the offer on the same day as they receive the email. Several days later, senior management of the bank decided not to continue to finance the project, arguing that Ngoc does not have actual or apparent authority to approve the finance. Advise Sofia and Mia.

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