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When goods that have been purchased and delivered to the buyer are not in conformity with the descriptions in the contract, to the extent that the goods cannot be used or resold with reasonable efforts, then such case would amount to a fundamental breach of the contract.
is this true or false?
is this true or false?
What is the basic purpose of the U.S. legal system?
do you think criminal trials are as fascinating In reality as they are portrayed on television? Why or why not?
Law
The recent collapse of some banks and financial institutions and the merger of others in ghana is proof that the financial system which consists of institutional units and markets that interact, typically in a complex manner, for the purpose of mobilizing funds for investment and providing facilities, including payment systems, for the financing of commercial activity remains unprotected in spite of the the presence of the Regulator and a solid legal system backing it. From the discussion in class and available literature, examine some of the difficulties associated with the financial system and how these challenges have been addressed by the Banks and Specialised Deposit Taking Institutions Act 2016 (Act 930).
Law
Enrique is a merchant-buyer in Miami. He contracts over the phone to purchase $6,000 worth of recording equipment from Elton, a merchant-seller in Los Angeles. Two days later, Elton emails a signed confirmation detailing the terms of the oral contract, and Enrique subsequently receives it. Twenty days later, Enrique notifies Elton in writing that he objects to the contents of the confirmation.
Is there a contract?
Why or why not?
Please state the legal theory you are relying on.
Is there a contract?
Why or why not?
Please state the legal theory you are relying on.
Law
Jack and Jill are two individuals who have passed out from engineering college in Mumbai. Jack and Jill both have attained 18 years of age. Now both want to start a start-up for robotic services. Can you advise them: a. What are (i) the different form of business, (ii) their pros and cons and (iii) what is best suited form of business which will be applicable to their start-up?
b. Assuming that Jill lost both her parents when she was 5 years old and a court appointed a guardian for her. Then would there be any challenge in opening a start-up?
b. Assuming that Jill lost both her parents when she was 5 years old and a court appointed a guardian for her. Then would there be any challenge in opening a start-up?
Law
Briefly explain why ‘illegal contract’ is a contradiction in terms
Due to COVID‐19 impact, HI Co becomes insolvent and placed into voluntary liquidation by its
directors. Dissolve liquidators have been appointed as the company liquidators. On the winding up
of the HI Co, Dissolve liquidators have started distributions and Paul as ex‐shareholder of HI Co
received $7,200 from the liquidators, which was inclusive of $3,000 unfranked dividend pursuant to
the provision of Income Tax Assessment Act 1963, section 47(1). This distribution to Paul was from
his $4,000 investment in the shares of HI Co on 2nd February 2019.
Required:
With reference to relevant provisions of ITAA 97 and ITAA 36, critically analyze the tax consequences
of the above scenario for Paul. (10 marks, maximum 300 words).
directors. Dissolve liquidators have been appointed as the company liquidators. On the winding up
of the HI Co, Dissolve liquidators have started distributions and Paul as ex‐shareholder of HI Co
received $7,200 from the liquidators, which was inclusive of $3,000 unfranked dividend pursuant to
the provision of Income Tax Assessment Act 1963, section 47(1). This distribution to Paul was from
his $4,000 investment in the shares of HI Co on 2nd February 2019.
Required:
With reference to relevant provisions of ITAA 97 and ITAA 36, critically analyze the tax consequences
of the above scenario for Paul. (10 marks, maximum 300 words).
Bowens Pty Ltd is a building materials supplier in Victoria. Bowens Pty Ltd has an annual turnover of
$24 million, and works under the accrual method of accounting. Bowens Pty Ltd purchases concrete
mixer for $660 each from Builder’s Choice Pty Ltd, a company in Geelong with an annual turnover of
around $21 million, and works under the accrual method of accounting. Bowens Pty Ltd plans to sell
the concrete mixers at a 200% mark‐up to its customers. In October last year it purchased 110
concrete mixers but in December they discovered that 12 of the concrete mixers were faulty and
subsequently returned these faulty concrete mixers to the manufacturer, obtaining a full refund.
Assume both apply the accrual method of accounting.
Required:
With reference to relevant laws, discuss the GST consequences of this arrangement for both Bowens
Pty Ltd and Builder’s Choice Pty Ltd. (10 marks, maximum 400 words).
$24 million, and works under the accrual method of accounting. Bowens Pty Ltd purchases concrete
mixer for $660 each from Builder’s Choice Pty Ltd, a company in Geelong with an annual turnover of
around $21 million, and works under the accrual method of accounting. Bowens Pty Ltd plans to sell
the concrete mixers at a 200% mark‐up to its customers. In October last year it purchased 110
concrete mixers but in December they discovered that 12 of the concrete mixers were faulty and
subsequently returned these faulty concrete mixers to the manufacturer, obtaining a full refund.
Assume both apply the accrual method of accounting.
Required:
With reference to relevant laws, discuss the GST consequences of this arrangement for both Bowens
Pty Ltd and Builder’s Choice Pty Ltd. (10 marks, maximum 400 words).
Alex is a carpenter who purchased a vacant block of land in Sydney on 1 October 1980. On 1
September 1986, Alex built a house on the land. At the time, the land was valued at $110,000 and
the cost of construction was $100,000. Immediately, after the construction finished, the property
has been rented out. On 1 March 2019, Alex sold the property at auction for $1,400,000.
Required:
With reference to relevant legislation/case law, determine:
a) Alex’s net capital gain or net capital loss for the year ended 30 June 2019 using both Discount
method and Indexation method. (8 marks)
b) How would your answer to a) differ if the owner of the property was a company instead of Alex?
(2 marks, maximum 100 words)
September 1986, Alex built a house on the land. At the time, the land was valued at $110,000 and
the cost of construction was $100,000. Immediately, after the construction finished, the property
has been rented out. On 1 March 2019, Alex sold the property at auction for $1,400,000.
Required:
With reference to relevant legislation/case law, determine:
a) Alex’s net capital gain or net capital loss for the year ended 30 June 2019 using both Discount
method and Indexation method. (8 marks)
b) How would your answer to a) differ if the owner of the property was a company instead of Alex?
(2 marks, maximum 100 words)
