ACTY 5320 | Law of Business Obligations | Law

ACTY 5320 | Law of Business Obligations | Law

 Question 1 (Learning Outcome One)            10 Marks

New Zealand Constitutional Framework – short essay

Instructions: Describe in your own words what is “common law” and give an example (using a case) of how the common law system works

Question 2 (Learning Outcome One)   10 Marks

Legislation - Interpretation, and Application

Instructions: Locate the Contract and Commercial Law Act 2017 on New Zealand

Required:

1.  
1. What is the purpose of the Contract and Commercial Law Act 2017? Refer to the relevant section of the Act in your answer and briefly summarise this in your own words. [2 marks]

2. Research when the bill was introduced for the Contract and Commercial Law Act 2017 and when it obtained Royal Assent. [2 marks]

3. Where can you find resources and guidance on Contract and Commercial Law Act 2017? Suggest some easy to access and reliable sources of information. [2 marks]

4. Identify four legislations that were re-enacted by the Contract and Commercial Law Act 2017[4 marks]

Question 3 (Learning Outcome Two) 10 Marks

Negligence – short essay

Instructions: Describe in your own words the three elements required to establish a tort of negligence. Support each element with reference to the corresponding casela

Question 4 (Learning Outcome Two)                                   12 Marks

Negligence – application question (ILAC)

Scenario

Apex Developments Ltd (ADL) wishes to be listed on the New Zealand Exchange Main Board. As part of the process, it is required to appoint professional advisers to assist with the preparation of the prospectus (offer document), participate in the due diligence process for the Initial Public Offer (IPO), price the offering, market the offering to investors and be available to the company for other advice, where necessary, throughout the IPO process.

Ace Consulting & Accounting has been appointed to prepare the prospectus and conduct due diligence on ADL’s financial statement.

The prospectus states that :

ADL is seeking up to $100 million to develop its business as a finance company. The company has delivered strong profit results for a number of years, including an audited net surplus of $14.97 million for the year ended 30 June 2015, an increase of 47% on the previous year’s results. In addition, ADL’s receivables book is both growings and expanding into diverse business sectors.

Prudent Investment relying on the statements in the prospectus, which indicates that ADL was financially sound, bought a block of ADL’s shares.

Twelve months later ADL went into liquidation with losses of $10 million. On examination of ADL’s accounts, it was clear that the company had been in financial trouble since 2014 and the position was even worse when the report was written.

Prudent Investment is now attempting to recover their investment from Ace Consulting & Accounting.

Required

Advise Prudent Investment whether they are likely to succeed in a claim against Ace Consulting & Accounting. Cite relevant case law in your in your answer.

Question 5 (Learning Outcome Three) 10 Marks

Contract – short answers

Scenario

Jose has recently left his plumbing job and wants to start up his own business.

Jose is in need of funds for the business and asks his father for $30,000 to help him set up. Jose’s father is happy to help but has seen these kinds of situations go wrong before and therefore a bit reluctant. In the end, Jose’s father agrees to lend Jose the money, conditional on Jose signing a loan slip to record the debt, which is repayable on demand.

Jose uses the $30,000 and sets up his business. His business prospers and soon he decided to his business the sale of tools and appliances. He searches in the Yellow Pages and finds a supplier, Mandy. Mandy agrees to supply the goods to Jose and asks him to enter into an agreement. Jose was nervous about signing an agreement with someone he didn’t know and insisted on putting a clause that “this agreement is not a formal legal agreement and shall not be enforceable in the Courts”. Mandy reluctantly agreed and signed.

Jose’s business was doing great until he sprained his back and was unable to continue with works. He kept the business going through hiring a contractor in the meantime. Six months down the track Jose’s back was still not fully healed and business had been going downhill. Jose’s father was aware of the situation and Mandy’s monthly invoices have been unpaid for some time.

Required

1. Advise Jose whether his father will be successful in an action against him. Cite relevant case law in your answer. [4 marks]

2. Advise Jose whether Mandy will be successful in an action against him. Cite relevant case law in your answer. [4 marks]

Question One - Essay Grading Rubric below

As you research and write the essay, please use this grading rubric as a guide towards satisfying the criteria.

A

B

C

D/F

Mark

Organization:

Well planned and

Good overall

There is a sense of

No sense of

Overall

thought.

organization,

organization, although

organization

1%

Exceptionally well

includes introduction,

some of the

structured, includes

main body and

organizational

introduction, main

conclusion.

structures used are

body and the conclusion.

weak or missing

1 mark

0.5 marks

0.25 marks

0 mark

Content –

Exceptional

Correct identification

Presentation of the

Content is not

Law

identification of

of the relevant law,

relevant law but not

sound

4%

relevant law, well

well-presented and

particularly supported;

presented, supported

supported with

some evidence, but

with evidence and

specific referencing

usually of a

details, with specific

of legislative

generalized nature.

referencing of

provisions and case

legislative provisions

the law as required.

and case law as

required.

4 marks

3 marks

2 marks

0 mark

Research &

Sources are

Sources are well

Sources support some

The paper does

Citation

exceptionally

integrated and

claims made in the

not use adequate

3%

well-integrated and

support the paper’s

paper, but might not be

research or if it

they support claims

. There may be

integrated well within

does, the sources

argued in the paper

occasional errors, but

the paper’s argument.

are not integrated

very effectively.

the sources and

Law and facts are

well. They are not

Conforms APA

conforms APA

mostly read verbatim

cited correctly nor

referencing.

referencing.

from article or source

listed correctly.

and not put into the

presenters own words

or adequately

connected to the

question.

3 marks

2 marks

1 marks

0 mark

Analysis/Disc

Exceptional analysis

Good analysis or

Moderate analysis

No personal

fusion

or thoughtful

discussion on the

with some factual

reaction to the

1%

discussion expressed

topic expressed with

substantiation based

subject matter

well with

factual substantiation

on article and course or

given. Lack of

substantiation based

based on facts in

other materials/

analysis without

on facts in article &

article and other

sources, or discussion

factual

other sources.

sources.

the question posed but

substantiation or

with little exploration

no discussion

question posed.

1 mark

0.5 marks

0.25 marks

0 mark

Grammar &

Excellent grammar,

A few errors in

Shows a pattern of

Continuous errors

Mechanics

spelling, syntax and

grammar, spelling,

errors in spelling,

1%

punctuation.

syntax and

grammar, syntax

punctuation, but not

and/or punctuation.

many.

Could also be a sign of

lack of proof-reading.

1 marks

0.5 marks

0.25 mark

0 mark

Total

Question Three - Essay Grading Rubric below

A

B

C

D/F

Mark

Organization:

Well planned and

Good overall

There is a sense of

No sense of

Overall

thought.

organization,

organization, although

organization

1%

Exceptionally well

includes introduction,

some of the

structured, includes

main body and

organizational

introduction, main

conclusion.

structures used are

body and the conclusion.

weak or missing

1 mark

0.5 marks

0.25 marks

0 mark

Content –

Exceptional

Correct identification

Presentation of the

Content is not

Law

identification of

of the relevant law,

relevant law but not

sound

4%

relevant law, well

well-presented and

particularly supported;

presented, supported

supported with

some evidence, but

with evidence and

specific referencing

usually of a

details, with specific

of legislative

generalized nature.

referencing of

provisions and case

legislative provisions

the law as required.

and case law as

required.

4 marks

3 marks

2 marks

0 mark

Research &

Sources are

Sources are well

Sources support some

The paper does

Citation

exceptionally

integrated and

claims made in the

not use adequate

3%

well-integrated and

support the paper’s

paper, but might not be

research or if it

they support claims

. There may be

integrated well within

does, the sources

argued in the paper

occasional errors, but

the paper’s argument.

are not integrated

very effectively.

the sources and

Law and facts are

well. They are not

Conforms APA

conforms APA

mostly read verbatim

cited correctly nor

referencing.

referencing.

from article or source

listed correctly.

and not put into the

presenters own words

or adequately

connected to the

question.

3 marks

2 marks

1 marks

0 mark

Analysis/Disc

Exceptional analysis

Good analysis or

Moderate analysis

No personal

Russian

or thoughtful

discussion on the

with some factual

reaction to the

1%

discussion expressed

topic expressed with

substantiation based

subject matter

well with

factual substantiation

on article and course or

given. Lack of

substantiation based

based on facts in

other materials/

analysis without

on facts in article &

article and other

sources, or discussion

factual

other sources.

sources.

the question posed but

substantiation or

with little exploration

no discussion

the question posed.

1 mark

0.5 marks

0.25 marks

0 mark

Grammar &

Excellent grammar,

A few errors in

Shows a pattern of

Continuous errors

Mechanics

spelling, syntax and

grammar, spelling,

errors in spelling,

1%

punctuation.

syntax and

grammar, syntax

punctuation, but not

and/or punctuation.

many.

Could also be a sign of

lack of proof-reading.

1 marks

0.5 marks

0.25 mark

0 mark

Total

Assignment One Semester Two 2016							Marking Schedule
Question			Marking Schedule						Marks & Comments
Q1			Marks awarded out of 10 (see rubric)
									/10
Q2(1)			Marks awarded for identifying purpose (1 mark) and						/2
			section (1 mark)
Q2(2)			Marks awarded out of 2 for identifying the introduction of
			the Bill (1 mark) and when Royal Assent was obtained (1						/2
			mark)
Q2(3)			Marks awarded out of 2 for identifying/suggesting the
			resources and guidance on Contract and Commercial						/2
			Law Act 2017
Q2(4)			Marks awarded out of 4 for identifying the relevant
			legislation (1 mark for each correct legislation identified).						/4
Q3			Marks awarded out of 10 (see rubric)
									/10
Q4			ILAC Question – Negligence
			Issue: Correct statements of the Issue (2 marks)
			Law: Correct principles of law clearly set out and explained
			well, with reference to relevant case law and/or legislation
			(4 marks)
			Application: Principles of law systematically applied to the
			fact situation. Good explanation of application in clear and
			simple language (4 marks)
			Conclusion : Correct statement of conclusion (2 marks)						/12
Q5(1)			Short  Answer  Questions  -  Intention  to  Create  Legal
			Relations
			Marks awarded out of 4 for the clear, concise explanation of
			the  law  and  citing  relevant  cases  (2  marks)  and				its		/4
			application to the situation (2 marks)
Q5(2)			Marks awarded out of 4 for the clear, concise explanation of
			the  law  and  citing  relevant  cases  (2  marks)  and				its		/4
			application to the situation (2 marks)
General Comments
									/50

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