FNSTPB504 Apply Legal Principles In Corporations And Trust Law
FNSTPB503 Apply Legal Principles In Contract And Consumer Law
FNSTPB505 Apply Legal Principles In Property Law
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Part A - Written Report
Scenario 1: Your task: 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
Answer: i. On analyzing the legal principles governing Torrents Title and lease, it can be noticed that there are four prime principles associated with it. These four principles form the edifice of features that forms Torrents systems of land title which are as follows:
• Transfer facility- Under this feature title owners gain the authority of transferring ownership to other individuals in a less complicated way in spite of the presence of various categories of ownership (Butt, 2010).
• Conclusive evidence of ownership- It can be considered as the principle of indefeasibility. The reason being government has information and data of land titles and has the responsibility of preserving it that helps in ensuring that the purchase made by buyers are aligned the description of the title.
• Compulsory title's registration- Under this feature, it is obligatory to register all the titles in the land registry system of the government. This helps in ensuring preservation of information associated land ownership transactions (Isc.ca, 2019).
• Assurance fund- It occurs rarely that an owner suffers financial crises because of system error. However, in such cases, there exists assurance fund for compensating losses of the owner.
(ii) The distinction between a lease and a licence of premises
Answer: ii. On analyzing the concept of a lease and a licence of premises, it can be noticed that there exists certain differences between the two concepts. In case of licence of premises the possession and ownership of the property resides with the licensor. On the other hand, in lease of premises tenant usually has exclusive possession in regards to the property.
In licence of premises, licensee does not have the authority of providing the property to any third party. However in case of leasing of premises, the tenant has the authority to sub-let the property (moneycontrol.com, 2019).
Another prominent difference between both the concepts is, agreement associated with licensing a property is terminable on the contrary, and lease agreements are usually not.
(iii) Five statutory requirements for retail leases
Answer: iii. There are certain statutory requirements that are needed to be considered while entering a retail lease. Under Retail Lease Regulations 2013, it has been stated that occupancy cost's amount is needed to be outlined, in order to exclude certain retail premises. It is also required to provide necessary information regarding outgoings payable on the part of a tenant. The form of Disclosure Statement of the landlord is required to be outlined (vsbc.vic.gov.au, 2019). It is also required to accurately calculate the tenanted area and determine present market rent with the help of relevant tribunal or licensed valuation. Apart from that, under Retail lease Act 1994 it is also required on the part of landlords or agents to have a copy of retail lease which has been proposed (meridianlawyers.com.au, 2019). The reason being, prospective tenants would be able to view the terms of the lease initially. In case of lack of abidance to the term, it is considered as an offence under the act.
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Scenario 2: 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.
Answer: i. The remedy that is available to Sheldon and Penny in this situation is Right of equity of redemption. To elaborate it further, under power of sale, when the lender gain possession order, the lender can take possession of the property. It is determined by the court when the order would be enforceable (Turner, 2013). Usually, the borrower vacant the property before possession dates. However, even after the possession has occurred, Sheldon and Penny, being the borrower, has the right of the equity of redemption. Under this right, Sheldon and Penny as the borrower have the right to transfer their mortgage at any point of time until the point-to-sale, in other words, exchange of contracts. Thus, it is with the help of the remedy that would help in preventing sale of the property.
(ii) Whether the loan contract and the mortgage is voidable under common law on the grounds of unconscionable conduct.
Answer: ii. Under Australian Consumer law, there are various remedies available in case of occurrence of unconscionable conduct in a contract or agreement. Declaring a contract void in part or whole is one of the mentionable remedy. Hence, mortgage and loan contract is voidable under common law having the ground of unconscionable conduct (Higgins, 2014).
(iii) Whether the Australian Consumer Law may provide relief to Sheldon and Penny.
Answer: iii. In case of Sheldon and Penny, Australian Consumer Law may contribute to providing relief in this case. To elaborate it further, the figures presented by lending officer were not accurate and unrealistic. It is on relying on these figures, they signed the loan contract, which resulted in their financial loss. Such a behaviour can be consider as unconscionable as the lending officer was the stronger party in the case, having more knowledge about the statistics, wherein, he misused his position and used unfair tactics (accc.gov.au, 2019). In such case, under Australian Consumer Law, Sheldon and Penny may be provided relief. The reason being, on determining unconscionable conduct, the court may order various remedies like:
• Financial penalties to the lending officer
• Compensation for the damage or loss
• Declaring the contract as void in part or whole
• Having the agreement or contract varied
• A performance or refund of specified services (accc.gov.au, 2019).
Thus with the help of these remedies, Australian Consumer Law may provide relief to Sheldon and Penny.
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Scenario 3: Your task: 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.
Answer: It is essential for lawyers to remain up-to-dated on existing laws, any kind of changes and amendments in it. Four mentionable way of remaining updated on Trust Law, Corporations and Property Law, Contract and Consumer Law are:
• Using online technology-, this source of information provides with best sources of legal updates on various arenas of law that can be customised as per individual needs. Individuals can access to expert's practice notes, podcast (Boer and Van Engers, 2010).
• Subscription to industry newsletters- This source provides with in-depth information about legal developments, major amendments in policy that may have direct impact on the client.
• Attending events associated with industry networking-This helps in gaining industry information and develop individual's professional profile, gain knowledge about competitors and share the experience with colleagues and clients (Leeke, 2015).
• Referring government websites- This source is of personal preference. These government websites provides with updates information about these laws in a precise manner and helps in remaining updated about these developments.
Conclusion: Based on the above made discussion, it can be observed that Torrens title and leases plays an essential role in Australian legal system. Australian Consumer Law is also essential in dealing with issues of consumers and buyers residing in the country. Other than that, the report also reflected that it is essential for lawyers to be up dated about current changes in the legal system of the nation.
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Part B - Presentation
1. Summarise the main issues from Scenario 2 (Advise Sheldon and Penny). This summary will be documented in the slides. Use headings and bullet points to format and present your summary of the main issues.
2. Answer the questions asked by your ‘Legal Manager' and a ‘Junior Legal Assistant' (see Appendix A). These questions can be asked at the end of your Presentation.
Answer: Introduction: • In the case of Sheldon and Penny, it can be noticed that they were looking for business finances.
• On approaching a city finance company, they were initially provided with $50,000 loan.
• However, based on the projected figures, they borrowed $150,000 keeping their Strata title home unite as mortgage.
Issue: • Evaluation of the provided scenario reflects Sheldon and Penny were not able to collect the required profit from their business.
• As a result, they were failing to pay for the mortgage.
Analysis: • An in-depth analysis of the case reflects the fact that, under Australian Consumer Law, the lending officer can be considered the individual behind this issue (Corones, 2011).
• The reason is, he provided with unrealistic figures based on which, Sheldon and Penny has borrowed $150,000 keeping their property as mortgage.
Remedy: • Under Australian Consumer Law, the lending officer's conduct can be considered unconscionable.
• Thus, they can consider the contract to be void (Webb, 2016).
Conclusion: Thus, in case of Sheldon and Penny, though they were not being able to pay for the loan they that taken, under Australian Consumer Law, they can seek remedy.
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