Posted: March 2nd, 2020
Commercial Law Assignment | Homework For You
QUESTION 1:
Mike High is a prominent family lawyer and partner in the law firm, Leegall Lore & Associates (‘LLA’). Mike’s clientele mainly comprises of high net worth individuals involved in large and contested family law property disputes. Some of Mike’s wealthy clients have included names from Australia’s yearly ‘Top 200 Rich List’ magazine. Mike recently acted for Rena Magnate, the former wife of billionaire mining entrepreneur Ron Magnate, in a very publicized and protracted family law property dispute. Consequently, Mike is highly sought after and often appears as a guest on TV and radio talk programs. Mike is a bachelor and has a ‘celebrity like’ status, and is frequently invited to exclusive social and sporting events.
The partners of LLA take pride in being able to provide generous corporate entertainment for some of its select clientele, as well as for its entire staff, particularly at the end of each year. LLA’s annual client billings (which are around $100 million annually) ensure that it is able to ‘spare no expense’ with such entertainment, including chartering a large, luxury yacht, the MV Flash, from Glitz Cruisers for weekend trips during December’s warmer season.
Recently, Mike was approached by mega global law firm World Leg, to leave LLA and to head up the family law department of Word Leg’s new Australian operations. Receiving a most lucrative offer that was too good to refuse, Mike resigned from LLA. The other LLA partners were not happy with Mike’s sudden and unexpected resignation. Fearing that some of LLA’s clients may ‘follow Mike’ to his new firm, LLA’s managing partner, Jenn Glam, decides that it is best for LLA to wait at least for a few days before informing the firm’s other clients and the public at large of Mike no longer being with LLA. As a result, Mike’s details remain on LLA’s impressive website.
In the fortnight between his departure from LLA and commencement with World Leg, Mike decides to treat himself and his girlfriend Yvonne to a few days away. He is particularly resentful about the animosity displayed towards him by some of his former LLA partners following his resignation announcement. Mike ponders about the excessively long hours that he worked during his time at LLA, and the fact that his highly successful family law practice and his high profile generated other clients for LLA. Mike charters the MV Flash (with a full crew contingent including a masseuse, personal trainer, doctor and a 3-star Michelin chef) and he and Yvonne spend a delightful week cruising in the Whitsundays. Upon his return, Mike is fully refreshed and ready to commence his new role at World Leg.
Jenn Glam and the LLA budgetary committee are shocked to receive an invoice from Glitz Cruisers for the sum of $200,000 for ‘LLA corporate entertainment – Whitsundays’.
Advise LLA as to the relevant agency law issues of the above circumstances and their obligations (if any) to Glitz Cruisers.
QUESTION 2:
This question is separate from the question above.
The final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial
Services Industry (also known as the Banking Royal Commission and the Hayne Royal Commission) (‘the Inquiry’) and the federal government’s response were made public on 4 February 2019. The final report contained 76 recommendations designed to reform Australia’s banking, superannuation, insurance and financial advice sectors.
Identify and discuss any of the recommendations made concerning insurance. In your discussion, you are to also include any example of an insurance product / insurance provider that was reported in the media. (10 marks) Business Law Assignment: I need help writing a research paper.
