Contracts and Company Law

This essay will discuss obligatory elements in implementing the breach of Section 184 of the Corporations Act 2001 by Mr Clive Palmer. Corporation law is a wide concept of law which comprise of all the legal issues related to Business organisations. With the help of reference to relevant case law this essay will argue that Mr Palmer breached section 184 of the Corporation Act 2001 by not acting in good faith, improper use of position and information and intentional bad business judgements. This essay will provide sufficient evidence that Mr Palmer should be examined by ASIC, hence agreeing with the voluntary administrator.

“The mere existence of the core elements of offer, acceptance, and consideration will not guarantee a legally enforceable contract”. Discuss.

A contract is an agreement between two or more parties, which can be legally enforceable. A contract maybe written or oral, although an oral agreement can be difficult to prove in court. In order for a contract to exist it must include four elements, that being offer, acceptance, intention and consideration. (Sweeney & O’Reilly 2007 pg 160). A contract only exists when an offer has been accepted, an offer has the intention to be legally binding and the willingness to contract on certain conditions (Butt 2004 pg306). Accepting an offer means agreeing to the contract and in essences agreeing to the terms of that contract, an offer can’t be withdrawn or rejected and only the offeree is able to accept the offer, this acceptance must be

Contracts are in every aspect of life. From buying a car to being employed, contracts govern all areas of life. By definition, a contract is “an agreement creating obligations enforceable by law” (Cornell University Law School). “A contract in its most basic definition is nothing more than a legally enforceable promise” (National Paralegal College). That means that any contract that is made legally, which will be discussed later, will hold up in a court of law. The two different parties that join together to form an agreement have to do their part of the contract as it is stated within. Contract law is in place to assure that this happens in the time frame agreed upon while making the contract. “Contracts that were mutually entered into between parties with the capacity to contract are binding obligations and may not be set aside due to the caprice of one party or the other unless a statute provides to the contrary” (Burton).

Bernie a resident of Richmond, Virginia decides to sale his 2006 Ford Fusion for $13,000.00 and places an ad in his local newspaper on February 1st. After several weeks without any inquiries, Vivian contacts Bernie on March 1st stating she will pay him $12,000.00 for the car. Bernie arranges to meet with Vivian on March 5th to complete the deal. Vivian comes to Bernie’s house on March 10th and says she will give Bernie $12,500.00 for the car; but she needs three additional weeks to come up with the money. Bernie agrees but only if Vivian puts down a deposit. Vivian agrees and Bernie drafts an agreement stated the sale will must take place no later than March 31st. Vivian reads and signs the agreement and

Learning Objective 1.2 ~ discuss the different types of companies which may be formed under the Corporations Act 2001

In order for a law (“bill”) to receive royal accent (approved by the governor general), the bill must pass through the House of Representatives and the Senate. This article will talk about how a law is passed through both houses and become law under difference circumstances, when the government of the day have a majority in both houses, in the House of Representatives and in a minority government.

Independent sales representatives work to put together profitable sales deals for manufacturers who often don’t have the time or desire to develop relationships for the sale of their products. Sales and manufacturing are often two different mindsets. Manufacturers often rely on independent sales representatives for this part of the process. Paying the sales commission is part of doing business until the manufacturer decides to lower his cost by selling directly to the customer. Once the relationship is built, the money that was paying the sales commission can be saved or invested elsewhere. “A bad economy only increases the cost cutting measures by manufacturers. However, when cost cutting measures involve breaching a prior agreement

SM Project Developments seek liquidation in February 2013, which require series of steps to be taken including the appointment of liquidator, the meeting of secured and unsecured creditors, the withdraw of director qualification and the deregister of the company number by ASIC. The steps, guidance and policies for insolvent company is part of corporation law. (ASIC 2014)

The Corporations Act[1] neither codifies nor excludes rulings at common law in relation to a company’s dealings with outsiders.[2] This means that in advising TV Treats of their contractual obligations, consideration need be paid to both common law and statutory positions. While there is some overlap between the two, inconsistencies between sources of law can result, leaving legislation to take precedence.

This rent agreement is dated March 8, 2016, and is between Danny Dreadnought of 88 Dusty Road Toowoomba and Hyacinth Smith of 34 Sunrise Street Brisbane, regarding the property at 88 Old Dusty Road, Toowoomba.

For the purposes of this assignment the relevant law is the Corporations Act 2001 (Cth) (either as the “Act” of the “CA”). From now on I will refer to it as the Act (Hinchy, McDermott 2008).

The concept of a company being a separate legal entity is the most striking illustration in separating the company from its owners. A paramount principle of corporate law is that no shareholder or member of a company is made liable for the obligations incurred by such incorporations A company is different from its members in the eyes of law. In continuations to this the opposite also holds true in the sense that neither can the company be held liable for the acts of its members. It is a fundamental distinction that a company is distinct from its members.

The companies 2013 is an act of the Parliament which regulates incorporation of a company, directors, responsibilities of a company and dissolution of a company. These exemptions and relaxations are applicable only to the private companies which are not subsidiaries of the public company. Where as the existing compliance requirements and restrictions will apply like before to a public company and a private company which is a subsidiary of a public company.

Introduction: In this assignment I will go over a few legal terms in relation to contract law. I will also talk about a few precedents that help explain the law.