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TLAW401: Jinxio Case Study Business Law Assessment Answer
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Subject Code: TLAW401
Internal Code: 1AGGCE
Jinxio Case Study Business Law Assessment Answer
TASK QUESTION 1 Jinxio, an international student, is a very hard working student who studied at TOP Educational Institute. Jinxio topped her class in all her exams and won prizes for her outstanding academic results. With her excellent knowledge in accounting and law, she is very keen to set up her own business as a tax consultant. Jinxio has graduated and got her permanency residency visa for Australia. Jinxio, however, has limited personal finances to cover all the start-up expenses for her new tax consultancy business. She knows that property in Sydney is very expensive to buy and also expensive to rent. She also knows that she will require some financial assistance to fulfil her career plan. Jinxio lives in Sydney with her uncle, Mr Shao. Fortunately, her uncle is wealthy and says he is very happy to support his niece in whatever way he can. Mr Shao owns a shop in Chinatown, Haymarket that has been vacant for a long time. He agrees to lease this shop to Jinxio for 3 years at a cheap rent that is below the market rate. Jinxio is happy and accepts the offer. Jinxio visited the shop at Haymarket and found that it was previously used as a Chinese restaurant specialising in Hunan cuisine. The shop has restaurant equipment fixed to the walls, like a large industrial stove and large stove extractor to get rid of the cooking smells. Anybody who saw the shop would know that it could only be used for one purpose, to run a restaurant, unless many alterations are made to convert the shop for use for other business purposes. Jinxio quickly realised that it will still be cheaper for her to renovate the rental shop and lease it than to seek another rental shop elsewhere. Jinxio asked her uncle for a copy of the lease document so that she could sign it and secure the rental shop for her use before she spent money on altering the premises. Meanwhile, Jinxio gathered a few quotations from builders to find the cost to renovate the interior of the shop so that it can be used to conduct a tax consultancy business. The average quote for the alterations received by Jinxio was in the amount of $30, 000. Luckily, she has just enough personal savings to pay for this large renovation expense. Jinxio reminded her uncle to give her a copy of the lease document to sign. Mr Shao said to Jinxio “You are my favourite relative. Go ahead and do what you have to do, my lawyer will email you the lease document for signature shortly. I trust you.” Jinxio thereafter decided to select the cheapest quote for the alternations and then went ahead and paid the builder $25, 000 after the alteration work at the rental shop was completed. Three weeks later, after her conversation with her uncle and the completion of the alteration work, Jinxio has still not received the lease document for her signature. After further enquiry, Mr Shao told Jinxio “there is no signed lease document by me, therefore there is no contract. I am going to offer this rental shop to another tenant who is prepared to pay me double the rent. Please hand back the keys of the shop right now. See you later and have a good day.” Jinxio is very upset at this news, at the loss of her business opportunity and at the fact that she had just spent $25,000 of her own money to renovate the rental shop. With reference to relevant principles of contract law and relevant precedents studied in this course, advise Jinxio of her legal rights.This Case Study Assessment has been solved by our Case Study experts at onlineassignmentbank. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.