LAW6000 - Business and Corporate Law - IRAC Legal Problem Solving Process - Law Assignment Help

Assignment Task :

 a) Critically analyse and interpret the essential elements required to create, manage and discharge a contract and assess the remedies available for breach of a contract. 

b) Examine legal principles related to creation and operation of various forms of business organisations and critically evaluate their effectiveness across a range of business scenarios. 

c) Explain the processes for incorporating, managing and winding up of a company, including key director duties, the importance of the Corporations Act 2001 and the role of regulatory bodies. 

d) Evaluate the role of agency in contract formation for different business vehicles and identify the associated risks such as vicarious liability for negligent acts. 

e) Employ legal skills (statute law and case law), critical reasoning and make informed judgements as to likely legal outcomes of a range of business scenarios.

Question 1 

Jeff owns a business which makes and sells a well-known brand of peach brandy (“the Business”). Jeff holds a business name, and a trademark for a logo, associated with the Business’s brand of peach brandy. The Business sources fruit from local producers. The Business is operated on land which is also owned by Jeff. 

Jeff decides it is time to sell the Business and is introduced to Tina who is interested in buying the Business. Jeff and Tina enter into negotiations and agree on a deal. Both Jeff and Tina sign the following document which Jeff prepared. 

Heads of Agreement between Jeff and Tina 

1. Jeff agrees to sell, and Tina agrees to buy, Jeff’s peach brandy business and the land it is on. 

2. Purchase Price: $2.5 million. 

3. All existing supplier agreements to be transferred to Tina. 

4. All fixtures and fittings, as inspected and agreed, are included in sale. 

5. All employees to be transferred as per solicitor prepared agreement. 

6. Parties to negotiate transfer of trademark and business name at a future date for a separately determined amount. 

7. This agreement is subject to the preparation of a formal contract of sale based on these terms acceptable to the duly appointed solicitors for Jeff and Tina.

Part A 

You are Tina’s solicitor. Using the IRAC legal problem solving process give your conclusion on whether Tina is legally bound to buy the Business as a result of signing the Heads of Agreement. 

Part B

What would be your conclusion if Tina had included in the Heads of Agreement a term stating: 

Question 2 

Savalot Shopping Centre Ltd (“SSC”) recently opened a new store in your city. SSC is a membership warehouse club: - this means customers must become a member before they can shop at SSC. As a new business in the area, SSC was keen to attract as many new members as possible so it started an advertising campaign. 

The advertising campaign included a catalogue with the following wording at the top of the front page in large bold font: 

Question 3 

Phil is managing director of LightsBright Pty Ltd. Phil has accepted a large order for electrical fittings from CheepCheep Pty Ltd on behalf of LightsBright. 

The order has been delivered to CheepCheep as per the agreed terms, however CheepCheep have not paid their $75 000 invoice. 

CheepCheep is in serious financial difficulty and this was well known or suspected across the industry. Consequently, at the time the order was made, CheepCheep was known generally as a bad credit risk in the industry. Phil was aware of this, however he is a good friend of Robert, the managing director of CheepCheep. Phil decided to provide the order in any event. 

CheepCheep has now been placed into liquidation and has still not paid the debt owed to LightsBright Pty Ltd. 

Required 

Using the IRAC legal problem solving process give your conclusion on whether: 

(a) Phil, the managing director of LightsBright Pty Ltd be held personally liable for the unpaid debt, and if so why? 

(b) Could Robert, the managing director of CheepCheep Pty Ltd be held personally liable for the unpaid debt, and if so why?

(c) Will the ‘business judgment rule’ be relevant to either Phil or Robert in these circumstances? 

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