What legal case has simon got to maximise his pay-out

Assignment Help Business Law and Ethics

Reference no: EM132660989

Requirements for this assignment:

• Research1: please provide comprehensive footnotes
• Research 2: please provide a bibliography of all research and related sources and resources
• Research 3: ensure your work complies with the AGLC Australian Guide to Legal Citation
• Your work is broadly within the format of a Memorandum of Advice: for basic guidance on memoranda, please see the table below:

Scenario

You are a trainee solicitor in Delaney Williams, Lawyers and Consultants. You work for Jo Delaney, Lawyer.

Prepare two memos as per the instructions on Files 1 and 2 below

Client File #1
Vishnu, Simon, Dee, and Madigan have lived on the south coast of NSW. They met at University in Canberra on the agriculture degree. They set up a 2 hectare commercial seaweed farm on Dee's family property for the purpose of carbon sequestration. The farm in its first 12 months of commercial production now produces $1.2 million dollars per hectare per year of carbon sequestration which they can sell to local businesses. Vishnu and Simon constructed portable buildings and accommodation on site and they paid for the materials out of their own funds which was $60,000.
The four friends have lived communally and have not paid themselves a wage.
For personal reason Simon has returned to Victoria. He is seeking to be paid out of the business and is seeking a maximum payout.
Dee has emailed Simon to say the arrangement is a joint venture. The land and all constructions thereon are hers. She is prepared however to pay Simon ‘purely as a goodwill gesture' the full and final sum of $100,000.
Simon comes to see your firm for legal advice. He wants to know:
• Was there a joint venture or other type of business relationship and what is the relevant law?
• What legal case has Simon got to maximise his pay-out?

Client File # 2

Tom and Ramona, prospectors and geologists, have discovered a lithium deposit in western Victoria. The find site abuts land controlled by the Western Region Indigenous Corporation (WRIC) and access to the site will require negotiation with WRIC.
Tom and Ramona want to set up a specialist mining company.
In the meantime, they can purchase three portable cabins for $20,000 in the next 48 hours from Cabins Direct. The cabins have a usual commercial value of at least $75,000.
Tom and Ramona seek legal advice. They want to know:
• What is involved (steps and procedures) to set up the proposed specialist mining company?
• What are the legal risks in purchasing the portable cabins before the company is registered?
• What is involved in negotiating with WRIC?

Required
Please provide two memorandaof preliminary advice on the two client files referred to above.
Each memorandum is written by you in your capacity as a legal trainee addressed to your supervisor Jo Delaney, lawyer.
The memoranda shouldcontain comprehensive advice on the legal and related matters pertinent to the issues referred to above.

Attachment:- Corporations Law Assignment.rar

Reference no: EM132660989

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