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LW120 Principles Of Business Law

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LW120 Principles Of Business Law

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LW120 Principles Of Business Law

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Course Code: LW120
University: Sheridan College

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Country: Canada

Question:

Facts  (A purely fictional story)
Iconical Investments Pty. Ltd created an investment programme to help seniors invest their superannuation to create a better income after retirement. The programme, though widely publicized, was new to the market and had never been used before.
DownUnder Mutual Ltd, a well-known financial company, entered into an agreement with Iconical Investments that they will guarantee the investment programme, for a return of 20% of all the profit made from the programme. Iconical Investments agreed to this arrangement.
Many seniors invested their superannuation in the new programme because DownUnder Mutual had guaranteed the programme. However the programme did not live up to expectations and a number of investors lost significant amounts of their superannuation money that they had invested in the programme.
Iconical Investment has now gone into liquidation. The seniors who invested in the programme want to sue DownUnder Mutual for their losses.
Explain, using the 4 step process, if they will succeed in their legal action.
Instructions
Remember to ensure that the entire answer is in your own words, except where you directly quote legislation and sections of legislation.
Read carefully the scenario. Applying Law of Negligence, answer the question.
Your answer should be in the following 4 Step process:
Step 1: Identify the issues and introduce the relevant area of law to the case study
Step 2: Explain the legal rule(s) and principle(s) of law with reference to relevant precedent case authority(s) appropriate to the case study. (Remember when referring to legislation, quote the legislation and relevant section/s directly as they are. The quoting of legislation and sections will not be included in the word count, neither is it plagiarism to quote a legislation directly in verbatim.
Step 3: Application of the legal rule(s), principle(s) and precedent case authority(s) to analyse the issues in the case study.
Step 4: From the application reach a logical conclusion. Be sure to explain your reasoning for your answer.

Answer:

Issue:
Considering the main facts of the case, the main issue is whether Down Under mutual Ltd has contradicted the provision of Contract law or not.
Rules:
The subject matter of the case has been based on the Contract law and the elements of negligence law. According to the principle of Contract Act, when a party has offered anything and the other party has validly accepted that offer, it will fall under the provision of the Contract law and a valid contract will be made through this. It has been observed in Harvey v Facey [1893] UKPC 1, the intention of the offeror must bound him within legal obligation and it has been specifically mentioned in Entorres v Miles Far East [1955] 2 QB 327 that a direct communication between both the parties is required in case of acceptance (Locker & Kienzler, 2010).
According to the Principle of Duty of Care, if any party has failed to comply with any of the considerations, he will be liable to breach the provision of duty of care. In this case, the liable party is liable to compensate the affected parties and to some extent, the amount of causation is depending on the remoteness of the damage. The main principle of this is based on the Haedley v Baxendale (1854).
Application:
According to the case, Down Under Mutual Ltd has agreed to guarantee the investment plan of Ironical Investment and most of the investors have invested their money due to this. Therefore, it can be stated that both the companies have reveal their consent regarding the plan and the action of the Down Under Mutual Ltd has attracted the provision of the negligence law.
Conclusion:
Therefore it can be stated that the liable company will compensate all the affected parties who have lost their money according to the provision of the negligence law.
References:
Entorres v Miles Far East [1955] 2 QB 327
Haedley v Baxendale (1854) EWHC J70
Harvey v Facey [1893] UKPC 1
Locker, K. O., & Kienzler, D. S. (2010). Business and administrative communication. Journal of Law, 10 (2), 90-112

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