Demonstrate the operation of the australian legal system

Reference no: EM133702139

Business and Corporations Law

Assessment - Preparation of Slides for Presentation (Part A) and In-Class Presentation

Your Task
Create a slide deck to answer two Business and Corporations Law questions and present your answer in class.

Assessment Description
Presenting solutions to business law problems using a structured, analytical approach is a key managerial competency.

Learning Outcome 1: Demonstrate the operation of the Australian legal system and how it regulates law governing commercial transactions
Learning Outcome 2: Describe the key specific areas of law that regulate commerce in Australia
Learning Outcome 3: Determine the rights and duties of different parties to a commercial transaction based on analysis of case law and legislation
Learning Outcome 4: Understand the principles of business and corporations law and how they apply to you as business advisers and accountants
Learning Outcome 5: Understand the processes to follow in answering questions from clients about business and corporations law

Assessment Case Study

Amy, Brian and Charlie are the directors of Top Bicycle Pty Ltd, a company that imports bicycles from Europe for resale in Australia. Brian and Charlie authorise Amy to enter into contracts, on behalf of Top Bicycle Pty Ltd, with European bicycle suppliers. Amy signs a supply agreement with European bicycle supplier, Eurocycle Ltd. Top Bicycle Pty Ltd places an order with Eurocycle Ltd for the supply of 500 bicycles to meet anticipated demand in Australia during the upcoming summer months.

Eurocycle Ltd terminates the agreement and refuses to ship the bicycles. The directors of Top Bicycle Pty Ltd are all shocked and disappointed because the company has already spent over $10,000 in advertising to market the bicycles in Australia. They threaten to sue Eurocycle Ltd for breach of contract but are directed to a clause in the agreement that states:

This written agreement is not intended to be a formal or legal agreement, but an honourable pledge between Eurocycle Ltd and Top Bicycle Pty Ltd."

Brian and Charlie cannot believe Amy could be so careless as to sign an agreement containing a clause like this. They are also concerned that their reliance on Amy may also amount to carelessness on their part.

QUESTION 1
Use the IRAC method to advise Amy, Brian and Charlie if they have breached their directors duty to exercise their powers with care, skill, and diligence and if so, what defences may be available.

QUESTION 2
Use the IRAC method to advise Top Bicycle Pty Ltd if their agreement with Eurocycle Ltd is a legally enforceable contract.

Reference no: EM133702139

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