Recovery of Stolen Funds and Insurance Policies

The assignment discusses the scenario where Phi is unable to recover from an insurance alliance company but is able to recover the stolen amount from Fulton insurance. It also touches upon the period of contestability after three years and the premium payment for an insurance policy, as mentioned by Steven. The assignment includes references to various books, journals, and online sources related to accounting, law, and insurance.

ACCOUNTING – MAKE
DECISIONS IN A LEGAL
CONTEXT

TABLE OF CONTENTS
TASK 1............................................................................................................................................1
Question 1...............................................................................................................................1
Question 2...............................................................................................................................1
Question 3...............................................................................................................................1
Question 4...............................................................................................................................1
Question 5...............................................................................................................................1
Question 6...............................................................................................................................1
Question 7...............................................................................................................................2
Question 8...............................................................................................................................2
Question 9...............................................................................................................................2
Question 10.............................................................................................................................2
Question 11.............................................................................................................................3
Question 12.............................................................................................................................3
Question 13.............................................................................................................................3
Question 14.............................................................................................................................3
Question 15.............................................................................................................................3
TASK 2............................................................................................................................................3
Question 1...............................................................................................................................3
Question 2...............................................................................................................................3
Question 3...............................................................................................................................4
Question 4...............................................................................................................................4
Question 5...............................................................................................................................4
Question 6...............................................................................................................................4
Question 7...............................................................................................................................4
Question 8...............................................................................................................................4
Question 9...............................................................................................................................4
Question 10.............................................................................................................................5
Question 11.............................................................................................................................5
Question 12.............................................................................................................................5

Question 13.............................................................................................................................5
REFERENCES................................................................................................................................6

TASK 1
Question 1
At the time of taking judgement by judicial, judges sometimes obliged to consider the
previous decisions made by them and go for further procedure. Further, in order to use the
judicial decisions of previous rules and meetings the precedent is significant.
Question 2
The law of Australian Constitution drafted in the 1890s and passed in parliament in the
year 1990. Further, the Australian Constitution Act comes into effect on 1 January 1901.
Question 3
Role of civil law is in the legal context is to make solutions of those conflicts as well as
allow compensations by which one person injured from another. Further, in order to protect from
such kind of behaviour as well as give punishment to the liable person, the civil law playing
major role (Albu, Albu and Alexander, 2014).
Question 4
According to this case, the Steve has burden in order to prove the present matter in front
of the court. The reason is that, he is liable to take money of his work from Jake. Further, any
kind of contract is not between both parties that, if the Jake is unhappy with work then will not
pay.
Question 5
The highest court at the level of state is “ State Supreme Court”.
Question 6
Court Tribunal
Court is the highly and properly formal method
in order to resolve disputes.
Tribunal is the framework of dispute resolution
with less formal system.
It is more expensive because higher charges
taken by judges.
This is cheap or less costly in comparison to
court.
It is tradition system of resolving issues. It is modern framework for resolving issues.
Under this, disputes resolved slowly. Tribunal is supportive in order to make
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solutions of dispute in faster way (Olivia,
2011).
Question 7
a) At the matter of amount worth $20000 Miranda should commence her action at the local
courts. In case of $3000 the matter will be resolved through arbitrator in which court not comes
into consideration.
b) The Miranda can appeal in case of unsuccessful in the court of district level. Further, purpose
of the appeal procedure is to recover amount worth of $20000.
Question 8
For resolving issue of Steve the court which deals is “Debt Collection or Recovery
Procedures For Claims in The Magistrates Court of South Australia” (Hamilton, 2016).
Question 9
An offer can lapse in legal manner due to generally four reasons which are such as:
1. When offer later reached up to the date of expiration.
2. When period of the reason of offer later has been gone with not any particular date of
expiry.
3. When any one party among both offeror and offeree dies before the acceptance of offer
later (Lapse of Offer, 2017).
4. In case all the laws are not to be followed at the time of signing offer later by both the
parties.
Question 10
Illegal contract: The contract which is made between two parties with illegal purpose and
objective is known as illegal contract. Further, any type legal rules as well as legislations are not
to be followed by the both parties (Illegal Contract Law and Legal Definition, 2017).
Unenforceable contract: The contract which not enforceable by any laws and one party agreed
whereas another is not, identified as unenforceable contract.
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Question 11
According to the case of Max and Steve, there is any legal rule and protection is not
availability with the Steve. The reason is that, legal contract or any written document is not
between both parties.
Question 12
As per the law of exclusion clause, Jayson has not right to sue or claim on the Rex
Corp's. The reason is that, it is already mentioned on the sign that, for any damages the Rex Corp
is not liable.
Question 13
At this situation any kind of remedy is not available with the Kieren because he relies
about undervaluation after the deal finished. In case the Kirene is under the mental disability then
in this situation remedy is available with him.
Question 14
Rescission refers to the situation when among the parties contract is unmaking as well as
unwinding of the transaction. It is available with the parties when they want to come back at the
previous position i.e. situation when they signed contract (Ahn and et.al., 2014).
Question 15
There is any kind of remedy is not open with the Talia because any contract is not signed
between both Telesmart and Talia.
TASK 2
Question 1
The supplier make recommendations for Ardil that, it needs to make his own sign and use
that. Further, should avoid sign of Ike and consider his own in legal manner.
Question 2
Under the case, James can sue on Carmen because she unable to secure the bike used by
her. Further, James can sue upon QuikDel also, the reason is that, without taking driving taste of
Carmen he gives permission to use the bike.
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Question 3
Mean of the statement is that, in major of the instances if a person is indemnified and
goes against to his liabilities then liable for paying compensation to other party.
Question 4
As a limited partner Jordan is beneficial that he has to face only limited liabilities of the
company rather than whole. Along with this, is partnership firm bankrupt then he is liable for
that money which is invested by him. Further, Jordan is beneficial in terms of tax benefits when
he is limited partner (Limited Partnership (LP) Advantages and Disadvantages, 2017).
Limitation is that, if Jordan participates in day activities and transactions of the
partnership firm then can lose position of limited partner. Therefore, can involves in only making
larger business decisions other will turn into general partner.
Question 5
It can be recommended to Daina and Fran that, they need to do business of partnership
structure.
Question 6
In this case study, beneficiary is Emma for whom land is transferred to Susan by Martha.
Question 7
Pty Ltd. Company stands for the Proprietary Limited company in which shares of the
firm are not to be issued for the sale in public. When talking about the Limited company then it
can issue shares among public in order to sale (Adapa, Rindfleish and Sheridan, 2016.).
Question 8
i) As per the Cheques Act 1986, bank breached its duty which is related to the care of its
customer because the Harvey's pay this cheque by mistake which is not checked by bank.
ii) Axel Wade Entertainment is contributed under the negligence procedure by the bank.
Question 9
Statement of the present question is False which relies from the English Law and related
to the personal or private person rather than public.
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Question 10
Lamp is the product which needs to use very carefully by the purchaser and in case of
burning the buyer cannot sue. In the present case scenario, after purchasing lamp from Lim, the
process of burning comes into consideration with Carol (Preiato, Brown and Tarca, 2015).
Hence, Lim is not liable for negligence at the present scenario.
Question 11
Indemnity insurance: The aspect under which compensation is taken for any of damages as
well as losses of the insured object is known as indemnity insurance. For instance: one party
agree in order to compensate about the losses to other party is identified as insurance under the
indemnity.
Life insurance: The process which guards to the people or any object against those kinds of
losses which are uncertain in their nature. The insurance which pays sum of the money to the
insured people at the time of death or on maturity of premiums is known as life insurance (What
Is Life Insurance?, 2016).
Question 12
In case of stolen of the record collection, Phi is not able to recover from insurance
alliance company. Apart from this, she is able to recover the stolen amount from Fulton
insurance which is worth of $2000.
Question 13
If the insurance policy is under the period of contestability after the three years then
AustInsure Company has to pay amount of premium. When talking about sum of money then it
has to pay premium according to told year by Steven which is worth of $25 per month.
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REFERENCES
Books and Journals
Adapa, S., Rindfleish, J. and Sheridan, A., 2016. ‘Doing gender’in a regional context: Explaining
women's absence from senior roles in regional accounting firms in Australia. Critical
Perspectives on Accounting. 35. pp.100-110.
Ahn, P. D. and et.al., 2014. Beyond Self‐Evident: Recognising the Problematic Political Context
of Accrual Accounting Adoption in South Korea. Financial Accountability &
Management. 30(1). pp.25-48.
Albu, C. N., Albu, N. and Alexander, D., 2014. When global accounting standards meet the local
context—Insights from an emerging economy. Critical Perspectives on Accounting. 25(6).
pp.489-510.
Preiato, J., Brown, P. and Tarca, A., 2015. A comparison of between‐country measures of legal
setting and enforcement of accounting standards. Journal of Business Finance &
Accounting. 42(1-2). pp.1-50.
Online
Hamilton, M., 2016. DEBT COLLECTION / RECOVERY PROCEDURES FOR CLAIMS IN THE
MAGISTRATES COURT OF SOUTH AUSTRALIA. [Online]. Available through:
<http://www.gropehamilton.com.au/lib/pdf/Debtcollectionrecoveryprocedures.pdf>
[Accessed on 14th August 2017].
Illegal Contract Law and Legal Definition, 2017. [Online]. Available through:
<https://definitions.uslegal.com/i/illegal-contract/> [Accessed on 14th August 2017].
Lapse of Offer, 2017. [Online]. Available through: <https://gradestack.com/CA-CPT/Offer-and-
Acceptance/Lapse-of-Offer/22679-4562-55870-study-wtw> [Accessed on 14th August
2017].
Limited Partnership (LP) Advantages and Disadvantages, 2017. [Online]. Available through:
<https://www.rocketlawyer.com/article/limited-partnership-advantages-ps.rl> [Accessed
on 14th August 2017].
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Olivia, 2011. Difference Between Court and Tribunal. [Online]. Available through:
<http://www.differencebetween.com/difference-between-court-and-vs-tribunal/>
[Accessed on 14th August 2017].
What Is Life Insurance?, 2016. [Online]. Available through:
<https://www.iciciprulife.com/insurance-library/insurance-basics/what-is-life-
insurance.html> [Accessed on 14th August 2017].
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