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Master's Degree in Accounting - Stats

   

Added on  2020-03-16

11 Pages2244 Words298 Views
Masters of Accounting -StatsAssignments(Student Details: )

ASSESSMENTS2Table of ContentsAssessment 2...................................................................................................................................3Part 1............................................................................................................................................3Part 2............................................................................................................................................4Part 3............................................................................................................................................5Assessment 3...................................................................................................................................6Bibliography..................................................................................................................................10A.Articles/ Books/ Reports.................................................................................................10B.Cases...............................................................................................................................10C.Legislations.....................................................................................................................11D.Others..............................................................................................................................11

ASSESSMENTS3Assessment 2Part 1The main issue of this case relates to the acceptance of the offer by Tran being the right choice inthis case, or not.An offer shows a promise made. Upon the formation of a contract, the same can be terminated/ brought to an end through different modes, i.e., through performance, through breach and through discharge1. When the contractual terms are performed as per the contract, the contract is discharged by performance. And when the promise made under the contract is not upheld, it results in the contract being breached2. There are a range of remedies which can be applied by an individual for the breach of contract. Included in this is the monetary compensation or the equitable damages in form of injunction or specific performance3. The damages are not only awarded for physical loss, but also for the mental distress caused, as was seen in Baltic Shipping v Dillon4where the damages were awarded for the loss of belongings. Apart from this, damages can be sought out for the economicloss also. And an employment contract being a contract, has to follow the common law of contract5. The rules stated above have to be now applied to the case study. There was a presence of an employment contract makes the applicability of contract law on this case. The contract formed between TrueCom and Tran required a three months’ notice period to be given where Tran had 1 Neil Andrews, Contract Law (Cambridge University Press, 2nd ed, 2015)2 Linda Mulcahy, Contract Law in Perspective (Routledge, 5th, 2008)3 Ewan McKendrick, Contract Law (Pearson Education Limited, 11th ed, 2015)4(1993) 176 CLR 3445 Catherine Elliott and Frances Quinn, Contract Law (Pearson Education Limited, 9th ed, 2013)

ASSESSMENTS4to be removed from the job by TrueCom. The validity of this contract was for two years and yet the same was contravened when six months were still left. Tran was dismissed without being given a notice period as was required pursuant to the drawn employment contract. This means that there had been a breach of contract by TrueCom which allows Tran to make a case against the company. The offer given by TrueCom would get her the job back but only with a pay of three months, and the bonus which she could have earned would not be given to her. So, Tran should instead sue the company for the breach of contract and claim damages for the pay and for the lost bonus.Hence, it is better for Tran to reject the offer and initiate legal action against TrueCom for breachof contract and claim damages. Part 2The main issue of this case relates to the possible frustration of contract. As has been stated earlier, the contract can be concluded when it is frustrated. A contract is deemed to be frustrated where the terms of the contract become impossible to be performed and the commercial purpose of such contract is longer applied. In such cases, the claim of breach of contract is not upheld as it is not the fault of any of the parties and so blame cannot be fixed on any party6. Taylor v Caldwell7 saw that the concert had to be performed at the hall which was destroyed in fire. The claim of breach of contract was denied by the court as the court held that the contract could not be performed as the same had become impossible to be performed8. 6 Andy Gibson and Douglas Fraser, Business Law (Pearson Higher Education AU, 20137 (1863) 3 B & S 8268 John W. Carter, Carter's Breach of Contract (Hart Publishing, 2012)

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