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Assignment Task:

Task:

INTRODUCTION TO BUSINESS LAW - PROBLEM-SOLVING ASSIGNMENT

The lecture and workshop materials and the textbook content on Tort Law provide sufficient information to answer the Hypothetical ILAC Question. There is NO need to undertake any additional research for this assignment. You do not need to look up or use any additional sections or cases and marks will not be provided for such.
Your assessment will be marked via the rubric below. A reminder that for the ILAC question, you must apply the law listed under the “Law” heading in the “Application” to be awarded marks in the “Law” portion of the rubric.

Referencing:
There is NO need for Harvard or APA etc., referencing or footnotes. However, referencing will be required if directly quoting from the facts of the question, the lecture or workshop slides, or the textbook. Please use double quotation marks and put (“Facts”), (“Slides”) or (“Text”) in brackets after the quote and add the page number. Failure to do so will result in penalties for plagiarism.
When referencing cases, the name of the case should be in italics. For example: Partridge v Crittenden. The year, volume number, name of the law report and page number do not need to be included.
When referencing legislation, set it out as follows: Section 9(2)(a)(b)(c) of the Civil Liability Act 2003 (Qld) (“CLA”). This can then be abbreviated to “s9(2)(a)(b)(c) CLA” for the remainder of the “Law” and “Application”
A reference list or bibliography is not required.
 

Formatting Instructions:
You will need to complete an electronic coversheet on Learning@Griffith before submitting your assignment. DO NOT include a cover page or title page in your assignment.
You must use a header or footer, include your name, student ID, tutor’s name and workshop day and time, on all pages of your submission (eg. Student’s Name, s1002030, Tutor’s Name, Monday 2pm).
Your answer must be typed in 12 point font with margins of 1cm or greater on all sides. Answers should use the correct ILAC structure (format) as discussed in class.
Acceptable fonts are Arial, Century Gothic or Times New Roman.
Submission Instructions:
When submitting to SafeAssign please ensure your submission filename includes: Your name, student number and the words “Assignment Final”. For example, Student’s Name_1002003_AssignmentFinal.

  • Please only submit Microsoft Word documents.
  • DO NOT include a direct copy of these instructions, the ILAC scenario or rubric in your submissions. If you do, your paper will be very closely scrutinised for plagiarism.
  • Please submit your final assignment to be marked into the “FINAL - Assignment Submission Point”, NOT the DRAFT folder. Staff will only check and mark the copy of your assignment submitted into the “FINAL - Assignment Submission Point”.
  • 02105AFE - INTRODUCTION TO BUSINESS LAW - PROBLEM SOLVING ASSIGNMENT
  • Weight:This assessment is worth 25% of the total marks for this course.
  • Due Date:This assessment must be submitted online via SafeAssign by 11.59pm on Wednesday 22nd Sep, 2021. Normal Griffith University penalties apply for late submission.
  • Word Limit:Your answer to the Hypothetical ILAC Question must be no longer than 2000 words. There is a 10% allowance to account for any misunderstandings so penalties will begin at 2201 words. Write clearly and concisely. Penalties apply to any answer which exceeds the maximum word limit and/or does not follow any of the instructions below.
  • Assessable Content:
  • The lecture and workshop content covering Tort Law (Parts 1 and 2), in addition to the textbook and this document are the only sources of information required for this assignment.
  • The lecture and workshop materials and the textbook content on Tort Law provide sufficient information to answer the Hypothetical ILAC Question. There is NO need to undertake any additional research for this assignment. You do not need to look up or use any additional sections or cases and marks will not be provided for such.
  • Your assessment will be marked via the rubric below. A reminder that for the ILAC question, you must apply the law listed under the “Law” heading in the “Application” to be awarded marks in the “Law” portion of the rubric.
  • Referencing:
  • There is NO need for Harvard or APA etc., referencing or footnotes. However, referencing will be required if directly quoting from the facts of the question, the lecture or workshop slides, or the textbook. Please use double quotation marks and put (“Facts”), (“Slides”) or (“Text”) in brackets after the quote and add the page number. Failure to do so will result in penalties for plagiarism.
  • When referencing cases, the name of the case should be in italics. For example: Partridge v Crittenden. The year, volume number, name of the law report and page number do not need to be included.
  • When referencing legislation, set it out as follows: Section 9(2)(a)(b)(c) of the Civil Liability Act 2003 (Qld) (“CLA”). This can then be abbreviated to “s9(2)(a)(b)(c) CLA” for the remainder of the “Law” and “Application”
  • A reference list or bibliography is not required.
  • Formatting Instructions:
  • You will need to complete an electronic coversheet on Learning@Griffith before submitting your assignment. DO NOT include a cover page or title page in your assignment.
  • You must use a header or footer, include your name, student ID, tutor’s name and workshop day and time, on all pages of your submission (eg. Student’s Name, s1002030, Tutor’s Name, Monday 2pm).
  • Your answer must be typed in 12 point font with margins of 1cm or greater on all sides. Answers should use the correct ILAC structure (format) as discussed in class.
  • Acceptable fonts are Arial, Century Gothic or Times New Roman.
  • Submission Instructions:
  • When submitting to SafeAssign please ensure your submission filename includes: Your name, student number and the words “Assignment Final”. For example, Student’s Name_1002003_AssignmentFinal.
  • Please only submit Microsoft Word documents.
  • DO NOT include a direct copy of these instructions, the ILAC scenario or rubric in your submissions. If you do, your paper will be very closely scrutinised for plagiarism.
  • Please submit your final assignment to be marked into the “FINAL - Assignment Submission Point”, NOT the DRAFT folder. Staff will only check and mark the copy of your assignment submitted into the “FINAL - Assignment Submission Point”.




HYPOTHETICAL ILAC QUESTION: (25 marks)
Suzie is a high-net-worth entrepreneur who owns several successful businesses selling high end makeup and fashion products. She has a long-standing professional relationship with Bill, her accountant, whose firm manages the tax affairs of her businesses. The physical toll of running several businesses has meant that she is looking for passive investments to grow her wealth, but not add to her gruelling management duties. In short, she is looking to invest profits from her business portfolio into other investments but take no part in management. She proposes several ideas to Bill, but Bill declines to give her any advice other than to ‘proceed carefully’. As a member of CPA, Bill is required to decline providing investment advice, which in this case would require a financial planning degree or similar certification. Noting Suzie’s disappointment, Bill agrees to undertake some research so he can find someone with the appropriate skills. Several days pass and Bill contacts Suzie via phone to let her know that he has a couple of names of appropriate investment advisers. He notes that, whilst he was unable to perform full background research, the names provided claim to provide all of the services she would require, and he has heard ‘positive things’ about the firm involved. However, he mentions that given the importance and size of the investments she was about to make, she should ‘make a few more inquiries of her own’ in relation to the firm.
Suzie is thrilled, and quickly contacts one of the names provided. She trusts Bill’s judgement and therefore does not conduct any further inquiries. She contacts Bert’s Brainiac Accountants, one of the recommendations by Bill, and is relieved to hear she will be assigned the managing partner, Bert Brain. Bert looks over the documentation and financial accounts that she provides and discusses at length some possible investment options. Bert is well connected with several friends at venture capital firms and therefore has several promising start-up businesses on his books. Cat Bowtie Emporium Pty Ltd (CBE) is a particularly promising option having recently had articles featured in several national newspapers. Bert mentions CBE’s financials are sound, and it is ‘ready to explode’. Suzie believes there is a natural link with her other businesses, as her clients would want their cats to be as well dressed as they are. She says she would be interested to invest and instructs Bert to set up a meeting and complete further research on the company.
Suzie meets with the founders of CBE and having received a positive report from Bert, she quickly agrees to invest. Whilst sales are initially quite promising, CBE is losing money rapidly. The profit margins on the bowties are quite low and given the niche/ specific nature of the goods, the marketing budget is quite high to maintain sales. Suzie is put in a position where she must invest further funds in the business, or the company will fail. Despite several cash injections from Suzie, the company inevitably fails, and Suzie loses her entire investment (approximately $10,000,000). In a further blow to Suzie, she has widely advertised her involvement in CBE and given the spectacular failure of CBE, her reputation has greatly diminished. This has affected other investment opportunities as she is now seen as someone who was ‘lucky’ with her initial success, rather than someone possessing genuine business expertise. This loss of reputation has caused Suzie to start taking anti-depressants, which have helped, but have also exacerbated other health issues.
Suzie is angry, especially with the advice she received. She has since learned Bert does not possess the relevant certification/ education to provide investing advice of the kind he provided to her. It would seem that Bert has so far managed to avoid poor outcomes due to his connections in the industry. Aside from Bert’s lack of education, the report on CBE was incomplete and did not adequately account for sales slowing down after the initial marketing campaign. However, it did mention concerns about the high operational costs of the business relative to other start-up businesses with similar revenue. Suzie skimmed over the report, but missed this warning in Bert’s report as it was contained in the appendices far away from the more comprehensive business and financial analysis.
Suzie is now coming to you for advice on whether she has a claim in negligence against Bert. Please restrict your answer to discussion of the Civil Liability Act 2003 (Qld)and the supporting common law that was discussed in the Week 5 and 6 (Torts Law Parts 1 and 2) lectures and associated workshops.

 

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  • Posted on : September 20th, 2019
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