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Law of Business Association: Assignment

   

Added on  2021-01-03

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Law of business association

Table of ContentsINTRODUCTION...........................................................................................................................1QUESTION 1...................................................................................................................................1QUESTION 2...................................................................................................................................2CONCLUSION................................................................................................................................3REFRENCES...................................................................................................................................5.........................................................................................................................................................5

INTRODUCTIONBusiness entities are structured in a variety of legal forms, including corporations,partnerships and limited liability companies within others (Heffron And et.al., 2018). Moreover,Business associations are formed as well as governed largely under state law and this guidetherefore focuses primarily on state law resources. This report is based on two case study ofMichelle and tim as well as another one is Gerard and Sylvia. Both will going to discuss aboutCorporate act 2001 as well as their will also resolve on the basis of respective act. QUESTION 1Issue -Given case study is of Michelle and Tim who are passionate towards motorbikes.They owned an organisation named as Motorbikes Pvt Ltd. In this Michelle is the director andTim is company secretary (Swanson and Frederick, 2016). They purchase and sell motorbikes aswell as repair them. John is the person who want to sell bike so he approach Tim and he agree topurchase for $5,000. thus, Michelle and Tim both sign contract for buying motorbike but twodays later, Michelle think they are paying much amount to John and want to come out of thecontract. Although, in this case major issue is related to breaching of contract because Michellefeel that they are paying high amount for motorbike. Thus, by implementing Corporate act 2001contract case between John, Michelle and Tim will be solve. Rule -Corporate Act 2001 is an act of the commonwealth of Australia that set out lawsand regulation for business entities. Respective act mainly deals with companies but also withother entities like partnerships as well as other managed investment schemes. The act is primarybasis of Australian corporations law. Apart from this there are some general duties of directorgiven under Corporate Act 2001 in relation to business judgement (General Duties of Directors -Corporations Act 2001 (Cth), 2019). Are as follows:Have to take decision in good faith as well as for proper purpose.Should not involve personal material in the subject matter of decision process. Rationally accept that the judgement is in the best interests of the corporation(Gottschalk, 2018).Inform themselves about the subject matter of the judgement to the extent theyreasonably believe to be appropriate. 1

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