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ACTY 5320: Law of Business Obligations - Purpose of the Credit Contracts and Consumer Finance Act 2003 - Law Assignment Help

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Added on: 2020-03-24 12:01:57
Order Code: MAS27215
Question Task Id: 100852

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Assignment Task:

Question 1 
New Zealand Constitutional Framework – short essay 
Instructions: Describe each of the three branches of New Zealand Government, explain the relationship between the three branches (including how they are separate) and their importance to the New Zealand Constitution. 
Note: 
1. A word count must be included. Maximum word length is 500 words. Marks will be deducted for going over the word limit or not including a word count. 
2. You must use your own words and cite references in APA style. The Learning and Achievement staff can assist you with APA style referencing and writing style. 
3. The following are useful resources to start your research for Question 1, but you will need to extend your reading beyond these: 
• Miller, L. (2019). Understanding Commercial Law (9th ed.). Wellington: Lexis Nexis (Textbook) 
• Hubbard, J., Thomas, C., & Varnham, S. (2012). Principles of Law for New Zealand Business Students. (5th ed.). Auckland: Pearson 
• Ruru, J., Scott, P., & Webb, D. (2016). The New Zealand Legal System. LexisNexis 
Ask the librarians for assistance in searching for material if you have difficulties. 
4. Wikipedia may be a good place to get started for your research topic but is not an acceptable source to cite in academic research. 
5. When searching within a document, use control F and key words to assist you in finding information quickly. 

Question 2 
Legislation – Interpretation and Application 
Required: 
1. What is the main purpose of the Credit Contracts and Consumer Finance Act 2003? Refer to the relevant section of the Act in your answer and briefly summarise this in your own words. 
2. Research whether there are any proposed changes in Parliament to the Credit Contracts and Consumer Finance Act 2003. If there are, describe the purpose of the Bill. 
3. Where can you find resources and guidance on Credit Contracts and Consumer Finance Act 2003? Suggest some easy to access and understand sources of information. 
4. What section(s) of the Credit Contracts and Consumer Finance Act 2003 2003 provide: 
a. the meaning of a “consumer credit contract”; and 
b. and what information must initially be disclosed to a debtor (also known as a borrower) when entering into a consumer credit contract. 
With reference to the relevant section(s), explain how a failure to disclose certain information about a consumer credit contract affects the ability of a creditor (also known as a lender) to enforce a consumer credit contract. 

Question 3
Negligence – short essay 
Instructions: Describe in your own words: 
(a) The three elements required to establish a tort of negligence. Support each element with reference to the correspondence caselaw (refer to at least three different cases). 
(b) One form of remedy to any person who has suffered from another party’s negligence. 
Note: 
1. A word count must be included. The maximum word length is 500 words. Marks will be deducted for going over the word limit or not including a word count. 
2. You must use your own words and cite references in APA style. The Learning and Achievement staff can assist you with APA style referencing and writing style. 
3. The following is a useful resource to start your research for Question 3: 
• Miller, L. (2014). Understanding Commercial Law (8th ed.). Wellington: Lexis Nexis (Textbook) 
Ask the librarians for assistance in searching for material if you have difficulties. 
Again, you will need to extend your reading beyond the suggested sources. 
4. Wikipedia may be a good place to get started for your research topic but is not an acceptable source to cite in academic research. 
5. When searching within a document, use control F and key words to assist you in finding information quickly. 

Question 4
Negligence – application question (ILAC) 
Scenario 
Enara Foods Limited (EFL) wishes to buy a Palmerston North based organic food business so that it can both expand its operations into the lower North Island and enter into the organic foods business. EFL has reviewed due diligence documents relating to the organic food business and EFL has supplied these documents to its accountants, Knox & White Accountants (KWA). EFL has requested KWA assist with reviewing and interpreting the due diligence information so that EFL can decide whether or not to go ahead with the business purchase. Upon analysing the relevant documents, KWA provided a due diligence report that confirmed the organic food business had: 
(a) a net profit that had grown steadily;

(b) last year made a net profit exceeding $10 million. 
In its report, KWA predicted that the organic food business would continue to grow and expand for the next 4 years. Relying on KWA’s report, EFL went ahead with the purchase of the organic food business for $50 million. Soon after settling the purchase, 5 of the 6 key personnel in the newly acquired business departed and sales rapidly decreased. Upon further investigation and consulting with an alternative accounting firm, EFL learned that the due diligence documents clearly suggested decreasing sales in the last 12 months (as a new competitor had entered the market) and also included copies of the resignation notices of the 5 key personnel who had since left. 

Question 5 
Contract – short answers 
Scenario One Helen Young, a finance director in Enara Foods Limited (EFL), has been out for drinks and dinner with her friend, Daniel Blyth. Helen and Daniel have been friends for many years. Daniel tells Helen that he wants to sell his commercial van as he no longer needs it. As it is a diesel van, it has held its value well. Helen says that EFL would like to buy it because EFL needs a new van for its fleet of delivery vehicles. Daniel agrees to sell the van to EFL for $40,000.00. Daniel writes the terms of their agreement on the back of their menu card and adds the words “This agreement is binding only in honour”. They both sign the document (Helen doing so on behalf of EFL) and shake hands. A few days later, Daniel discovers that he can get at least $10,000.00 more for the van.
 
Required 
1. Advise Helen whether there is a binding contract. Cite relevant cases in your answer.  
Scenario Two John has recently left his electrician’s job and wants to start up his own business. John needs funds for the business and asks his father for $50,000.00 to help him set up. John’s father, Richard, is happy to help but has seen these kinds of situations go wrong before and is therefore a bit reluctant. In the end, Richard agrees to lend John the money conditional on John signing a formal loan agreement (prepared by Richard’s lawyer) to record the debt, which is repayable on demand, and subject to an interest rate of 5% p.a., payable monthly in arrears. 
A few years later, John’s business (which had previously been going well) starts to decline because John hurts his back while working. John hires some contractors to help the business keep going but after six months of that it becomes evident that the contractors are not able to sustain the quality and commitment to the business that was necessary for it to thrive. Richard wants to ask John to repay his loan. 
2. Advise Richard whether there is a binding contract. Cite relevant cases in your answer. 


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  • Posted on : March 24th, 2019
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