Parkview Queensland Pty Ltd v Commonwealth Bank of Australia [2013] NSWCA 422 FACTS The appellant, Parkview Queensland Pty Ltd (“Parkview”), is a building contractor who commenced construction of a residential property development under a standard form building contract with Fortia funds Management Ltd (“Fortia”), the developer. Fortia financed the construction under a loan facility with the Bank of Western Australia Ltd (“BankWest”). The building contract provided for progressive payments to
Law and Equity Essay (a) Outline the development of common law and equity. There was no system of law in England and Wales before 1066, as it was mainly based on customs which were just rules of behaviour and the other used to be the decisions of judges. The law in England and Wales built over the centuries. There were various methods of creating laws which were called “sources of law”. However, in the 18th Century Parliament became more powerful which lead the Acts of Parliament (statues) to
contract is all about the concepts relevant to the development, implementation and violation of the agreement. On the other hand, equity law is a set of rules exercised if there is no appeasement based on the common law of contract. Here, the court is given the right and freedom to use their own discretion in giving just and appropriate decisions. So, the principle of equity is applied when the common law of contract is not sufficient to give objective and fair judgement. But when would one say it’s
Wolsey also had a substantial effect on the justice system, reinventing the equity court based on fairness, meaning on a sense of conscience instead of a formal legal process). He was responsible for the re-establishment of the Star Chamber, Court of Chancery, dealing with simple and inexpensive cases and the Court of Requests, which made justice available to those who were unable to afford the fees usually needed for a court case. In theory this was an excellent idea and was supported by the commons
The first being that compensation was to be calculated on the basis of “determining the gross amounts charged by [the employee company, in breach] in the invoices it sent to the wrongly diverted customers and applying to those figures the profit margins that [the plaintiff company] would have realised had it carried out the work, less tax.” Alternatively, Digital was entitled to elect an account of profits against the three defendants jointly and severally. Those profits were to be calculated
For sole name cases, there are two distinctive stages where claimant have to establish a beneficial interest under constructive trust before quantifying the beneficial interest whereas in joint name cases, it is assumed that there is joint equitable ownership (i.e. 50:50 split) where the court only has to quantify the beneficial interest. For single name cases like Lloyds, claimant should acquire beneficial interest before it can be quantified. There are two types of common intention constructive
Objective National Bank of Canada ("NBC" or "the Bank") is tasked with the decision to review Dawson Lumber Company Limited's ("Dawson") request for an increase in its line of credit up to the amount of $10.8mm. Dawson intends to finance inventory and receivables with the line of credit. NBC must remain cognizant of the competitive landscape of the lumber industry and assess whether a focus on the retail segment is beneficial to Dawson's strategic plan. Given that Dawson is one of the region's
Discharge of contract can be defined as the termination of a contractual relationship between the parties. A contract may be discharged by agreement, frustration, performance or breach. 2.0.1 Discharge by agreement A contract may be discharge by agreement, where, both party agreed to discharge the contract or end the contract without any unsatisfying feeling. Under section 64 of the Contracts Act 1950 (Act 136), it is stated that every promisee may dispense with or cancel, wholly or in part
the Reporting Entity Scope Exception for an Entity Deemed to Be a Business — Determining Whether Financing Is Subordinated Additional Financial Support — Put and Call Options Business Scope Exception — Determining Whether More Than Half the Total of Equity, Debt, and Other Subordinated Financial Support Has Been Provided Lessee’s Determination of Whether a Capital Lease With an Entity Should Be Assessed Under the VIE Model in ASC 810-10 Consideration of Leasing Activities in Which the Legal Entity Is
Again he had the mo-tivation of creating a business out of a new idea but this time Addante made sure that there is a market for his products. With reference to Frank Addante’s motivation of holding equity it can be said that he decided to keep himself motivated with an adequate stake of the venture’s equity. Firstly, Addante did not want to run his “Strong Mail” venture as the CEO because he wanted to concentrate on the holding company he had created before he founded “Strong Mail”. But after Frank