Law and Legal Norms - PDF

LAW

TABLE OF CONTENTS
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................1
QUESTION 1: WA Gold Exploration LTD....................................................................................1
Issues......................................................................................................................................1
Law:........................................................................................................................................1
Application:............................................................................................................................3
Conclusion..............................................................................................................................3
QUESTION 2: Computer solution Ltd............................................................................................3
Issues......................................................................................................................................3
Law.........................................................................................................................................3
Application.............................................................................................................................4
Conclusion..............................................................................................................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Corporate law is the primary body that consists of law governing rights and conduct of an
individual, business and any other firm. It is a legal practice which is basically associated with
shareholder’s rights, public listing and de-listing of an organisation. The main aim is to direct the
entire corporate world towards corrective direction through emending essential rules, policies
and procedure. This project aimed at indicating two critical situations, one is related with the
breach of contract and another is based on partnership clauses. Apart from this, legal
circumstance is going to be examine in both the cases through taking necessary facts and figures.
At last, legitimate recommendation would be further illustrated in this report in accordance to the
two situations.
QUESTION 1: WA Gold Exploration LTD
Issues
Under the given case scenario, a major problem with breaching of contract is seen with the
Steve which is an illegal in the book of law. Steve Jones who hold 90% of shares on behalf of
WA Gold Exploration Ltd signed a contract with Thor Mining Machinery Ltd from purchase of
drilling machine worth $ 125000. This particular agreement says that the drill would be delivered
on 30 July with the amount paid after their supply. But after few times, broad member form sub-
committee can examine technical need of an organisation and decided to buy drilling machine
from United Mining Machinery Ltd which would cost only for $ 100,000.
Whereas, in another case, on 14th July board member of WA Gold Exploration Ltd has
come into a contract with another company with Volvo Trucks Ltd for a fleet of five ore trucks
which would cost of $500,000 and date of delivering the products is on 30th September. But, in
the mid period of September, Gold would not have sufficient amount of funds as expected.
Because of this, they have only $ 400,000 in terms of assets and $2 million as debts. This is basic
issues found in this particular case situations of Steve.
Law:
Contract law: A contract is an agreement that is enforceable by a law governing bodies such as
court or parliament. If one party fails to executed as promised, the another party can use the court
system to impose the contract and collect damages. It is having their origin in Laissez- faire
philosophy that conveys every individual party is free to contract with everyone. It would be
based on written or expressed for delivering any services or products to another. According to
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