FNSTPB503: Apply Legal Principles in Contract and Consumer Law – Law Assignment Scenario 1 Each year

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FNSTPB503: Apply Legal Principles in Contract and Consumer Law – Law Assignment

Scenario 1
Each year Ethical Trading Group enters into a number of lease contracts, involving serious financial commitments. In particular, Ethical Trading Group rents retail premises in each Australian state. The main system of land title, under which leases are granted, is the Torrens system.

Questions: Research and briefly outline the legal principles governing Torrens title and leases.
Please make sure that you have dealt with the following points:
(i) Four essential features of the Torrens system of land title
(ii) The distinction between a lease and a licence of premises
(iii) Five statutory requirements for retail leases

Scenario 2
When Sheldon and Penny were unsuccessful in obtaining business finance from several of their local banks they approached a city finance company. Although initially only seeking to borrow $50,000 the lending officer at the finance company produced projected figures’ and talked Sheldon and Penny into borrowing $150,000 secured over their Strata title home unit. This being their first business venture, Sheldon and Penny simply relied upon the figures prepared by the lending officer. Without receiving any further advice, they signed the loan contract and mortgage, and the mortgage was registered on the title to their home unit.

It soon became clear that the ‘projected figures’ were unrealistic and Sheldon and Penny are now struggling financially. Their new business is not making sufficient profit to cover even the interest on the loan and they are worried that the finance company will enforce the mortgage and take their home unit.

Questions: When you are preparing the advice, please make sure that you have dealt with the following points:
(i) The remedies available to a registered mortgagee, upon default by the borrower.
(ii) Whether the loan contract and the mortgage is voidable under common law on
the grounds of unconscionable conduct.
(iii) Whether the Australian Consumer Law may provide relief to Sheldon and Penny.

Scenario 3
A key part of the work of the Legal compliance team involves reviewing relevant legal sources and keeping up-to- date and current on changes to existing laws applying to the organization, or proposals for new laws.

Questions: Research and briefly outline four methods for updating legal knowledge and remaining current on Contract and Consumer Law, Corporations and Trust Law and Property Law.
When you are preparing your outline, please make sure that you have included at least one on-line method of keeping up to date and current, and one more personal method.

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