Advise Gonzo of any duties that he may have breached as a director of U R Saved

Advise Gonzo of any duties that he may have breached as a director of U R Saved and of any civil or criminal penalties that may result.

ASSESSMENT GUIDE
LEGL601 Commercial and Corporations Law
Semester 2, 2022
Assessment number 2
Assessment Artefact: Open Book Exam
Weighting [30%]
Marks [30]
Why this assessment?
Skill Type
Developed critical and analytical thinking
☐Yes
Developed ability to solve complex problems
☐Yes
Developed ability to work effectively with others
☐No
Developed confidence to learn independently
☐Yes
Developed written communication skills
☐Yes
Developed spoken communication skills
☐No
Developed knowledge in the field study
☐Yes
Developed work-related knowledge and skills
☐Yes
What are the types of employability skills that I will acquire upon completion of
this assessment?
Assessment Overview:
Due date:
Monday, 11 October 2022
Weighting:
30%
Length and/or format:
Structure is provided below.
Learning outcomes assessed
LO2 and LO3
Graduate attributes assessed
GA5 and GA6
How to submit:
Open Book Exam
Return of assignment:
Open Book Exam
Assessment criteria:
See outcome focused rubrics in Appendix 1.
Context
Question 1 (20 marks)
Gonzo is a recently appointed director of U R Saved Pty Ltd‘, a corporation formed for the purposes of
assisting businesses which have IT problems. He is one of 10 directors of that corporation. Upon his
appointment as a director, Gonzo became concerned about the future financial profitability of the
company. He decided that he should explore new opportunities for the company, in order to ensure its
financial future. Gonzo approached several businesses which his company had already been dealing
with in offering their IT services over the past few years.
One of the companies Gonzo approached was Travel Services R Us Pty Ltd‘. This was a very profitable
company which offered internet travel sales. U R Saved had previously provided IT services to Travel
Services R Us. It appeared that Travel Services R Us was looking for new investors in order to expand
the range of products it had been offering. After some consideration, Gonzo decided that this was a
very risky and speculative venture and not suitable for U R Saved. He convened a meeting of all
directors where made his concerns known to the Board. An independent review of the investment was
also made by an accounting practice who confirmed their advice in a separate letter to the Bard and
Gonzo.
But he did believe that this was an opportunity that he would like to take up, so he would invested his
own money in the project. Gonzo advised the Board in writing of his intention but he did not receive any
reply.
Gonzo invested $100,000 and within six months of his investment he has made a profit of $1.5 million
for himself.
Advise Gonzo of any duties that he may have breached as a director of U R Saved and of any
civil
or
criminal
penalties
that
may
result.
Question 2 (10 marks)
There are certain assumptions that exist that play a role in assisting a third party who deals with a
company? Discuss the significance of these assumptions and their function in modern commercial
practice. You answer should refer to both common law and statute.
Instructions
Word Limit
1000-1250 words
Referencing
Not applicable
Students are required to follow all instructions given by the Examination Supervisors.
a. All answers must be written in the separate answer booklet.
b. Write your name and student ID in the top section provided.
c. Pages are not to be separated and no part of the exam paper is to be removed from the
examination room.
d. Hard copies of dictionaries and programmable calculators are not permitted.
e. This is an open book exam
f. Mobile phones and unauthorized personal electronic devices must be switched off and kept
away from physical contact.
Some Helpful Websites and Resources
www.austlii.edu.au
Referencing
All referencing should be in APA 7 style referencing.
Please ensure your assignment makes use of in-text citations and a reference list. Missing citations or
references is equivalent to plagiarism.
Criteria
The full criteria is compiled in a rubric, which can be found on the following page/s.
Appendix 1: Rubric for Open Book Exam 30%
Relevant
LO/GAs
GA5 LO2
TL3 LS=I
40%
GA6 LO4 TL3
LS=D
60%
Criterion
(related to
a
single
GA from
the related
LO – one
GA
per
criterion
Identify
relevant
background
facts and
legal
principles
and set out
the
argument/the
me, key
issues and
the structure
that follows.
Apply relevant
legal
principles and
analysis from
different
perspectives
to the facts of
the problem
Does not
meet
expectatio
ns
NN
Meets expectations
Exceeds expectations
PA
DI
HD
Sophisticated
and insightful
critical
analysis.
Coherent flow
of argument
(integrates
counter
arguments in
a
sophisticated
way) following
structure set
out in
introduction
and proving
stated thesis.
Exceptional
skills in in
finding and
making
reference to
the relevant
statutory and
case law
CR
Inadequate or
insufficient
analysis.
Provides few
or no
identifiable
arguments.
Adequate but
limited
assessment.
Attempts to
develop
argument but
may be
poorly
expressed
and
structured,
which
hampers its
clear
articulation.
Clear
analysis.
Evidences a
reasonable
flow of
argument.
Well
developed
and objective
critical
analysis.
Follows a
coherent flow
of argument
(including
addressing
of counter
arguments)
Limited or
insufficient
reference to
the relevant
statutory and
case law.
Satisfactory
skills in
finding and
making
reference to
the relevant
statutory and
case law
Competent
skills in
finding and
making
reference to
the relevant
statutory and
case law
Highly
accomplishe
d skills in
finding and
making
reference to
the relevant
statutory and
case law
GA – Graduate Attribute; LO – Learning outcome; TL – Bloom’s Taxonomy Level (or level of complexity); Learning Stage
– Introduced (I), Developed (D), Assured (A)
References:
Australian Corporations Legislation, (latest edition), Butterworths.
Ciro, T; Goldwasser, V and Verma, R, (latest edition), Law and Business, latest edition, Oxford
University Press. Corones, S. (latest edition), The Australian Consumer Law, Lawbook Co.
Cusumano, S; Wiseman, L; Christensen, S, (latest edition), Butterworths Tutorial
Series – Contracts, LexisNexis Butterworths.
Hanrahan, P; Ramsay, I; Stapledon, G, (latest edition), Commercial Applications of Company
Law, 11th edition, CCH.
Harris, B, (latest edition) Constitutional Law Guidebook, The Federation Press. Lipton, P;
Herzberg, A, (latest edition), Understanding Company Law, Law Book Co.
Radan, P; Gooley J; (latest edition) Principles of Australian Contract Law, latest edition,
LexisNexis. Terry, A; Giugni, D, (latest edition), Business and the Law, latest edition, Cengage
Learning.
Paterson, J; Robertson, A and Duke A, (latest edition), Principles of Contract Law, latest
edition, Thomson Reuters.
Turner, C; (latest edition), Australian Commercial Law, latest edition, Thomson Reuter