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Assignments over the word limit may incur a marking penalty.
Assignments submitted after the due date in the absence of an extension will incur a marking penalty. An extension must be applied for in writing before the due date. Extension applications must be accompanied by appropriate supporting documentation. In particular, where an extension is sought on the ground of illness, a medical certificate must be supplied. Extensions will not be granted simply on the basis of a clash of commitments. The assignment is distributed well in advance of the due date and you are expected to plan your activities so that the deadline is met.
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Answers must be typed. Illegible assignments will not be marked.
If you consider that insufficient information has been given in a question you should say so. You should also state what further information is required and give reasons. It will not do to simply assert that the information provided is not adequate.
The assignment is intended to develop your legal research and writing skills, and to encourage use of a wide range of sources. These include cases, statutes, textbooks etc. It is not sufficient to merely spot the issue/s. You should use reasoned argument supported by evidence. You must cite all your sources. It is recommended that you use the 3rd edition of the Australian Guide to Legal Citation
Question 1
Mary and Tom are best friends. They decide to run a flower shop together. They agree that Mary will be responsible for leasing suitable premises to run the business from, while Tom will be responsible for buying the equipment that they need to run the flower shop. Both parties are very excited about the project. Tom finds pots that he likes and he believes those pots will be great for the business. He orders one hundred of them from Jane. Jane then sends the invoice and the pots to Mary, who takes delivery of the pots. However, before any other transaction takes place, Mary and Tom have an argument and are no longer speaking to one another. Any plans for running the business together have now been completely dropped. Jane has not been paid for the pots she supplied.
Advise Jane as to whether a partnership exists between Mary and Tom. Why do you think Jane wants to prove that there is a partnership between Mary and Tom? You must refer to the relevant section(s) of the Partnership Act and also the appropriate cases to support your answer.
(20 marks)
Question 2
Mr and Mrs Smith are running a very successful and popular clothing shop. However, they are concerned about their unlimited liability as the business may generate some losses due to the financial crisis. They come to you for advice in relation to creating a trust. They do not wish to have unlimited liability and they want their family to share in the profits so as to minimize the income tax payable. They are hoping that by establishing a trust they will be able to be in control of the business and to allocate the profits of the business to their children Alice and George, and grandchildren, Eric (2), John (16), and Henry (20).
Advice Mr and Mrs Smith on the following:
the best type of trust that will suit their needs. (3 marks)
who the trustee should be – an individual or a company? Why? (3 marks)
what are the potential liabilities of the beneficiaries and the controllers of the trust when it is up and running? (14 marks)
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