OVERVIEW The purpose of this task is to: Develop structured, formal… OVERVIEWThe purpose of this task is to:?evelop structured, formal written communication.Develop evidence-based, persuasive arguments responding to? hypothetical set of facts?The unit learning outcomes assessed are:?O 2: Determine and articulate the legal rights, duties and responsibilities of parties in a banker-customer relationship to achieve a balance of individual and public interest;LO3: Interpret and apply legislation, case law and industry codes to problem scenariosDETAILSYou are a junior lawyer and you have been given a factual scenario?rom clients who are in some difficulties with their bank. They have come to you seeking advice regarding their situation.??ou are to review the problem and apply the course content from session 4-6 to advise the clients.??ou should ensure your advice is appropriately structured.?ssessment 3 You are a junior lawyer in a law firm in the Melbourne CBD. Your boss has placed two files on your desk. The files contain the following scenarios involving your clients. You are to answer all questions and each question is worth 25 marks each with a total of 100 marks for the assignment.Scenario OneElma is one of our clients. Elma is 94 years old. Despite her age she is in very good health. Her 18 year old grandson Charlie was visiting her for the afternoon. Charlie told Elma that he would love a new Ipad for his birthday that is coming up. Elma isn’t too sure what an Ipad is but she knows from Charlie they cost about $1500. Elma doesn’t know what these Ipad things look like so she decides it would be easier if she transfers the money into Charlie’s account.Elma has used internet banking a few times before and she is confident she knows how to do it. She knows she has Charlie’s bank details written down as she did the same thing for Charlie at Christmas time. She finds the paper and enters the details in and makes the payment the day before Charlies birthdayAt Charlie’s birthday dinner, Elma says to Charlie that she has placed the money into his account. Charlie tells her that it didn’t come through and shows Elma his bank account on smartphone app. Charlie then helps Elma look at her bank account online. Charlie can see Elma has made a payment of $1500 but the account number entered is not his account. Charlie can see that Elma entered Charlie’s name but the account number is wrong.In the free text identifier, Charlie can see Elma wrote ‘for your ipad, love nanna elma’Elma is very embarrassed and apologises to Charlie.Advise Elma on what steps she needs to take and whether she is likely to recover the?unds.?5 marksScenario TwoTony is Elma’s son and Charlie’s father. Tony runs his own business that is experiencing financial difficulty. His bank told him that they will only lend him money if someone acts as guarantor. Tony asks Elma whether she would help him and be guarantor for his loan. Elma agrees but she is not really sure what a guarantor is meant to do. Tony says it’s just a formality that the banks use.A week later, Tony and Robert, the bank manager show up at Elma’s house. Elma shows them in and Tony gets out a bit of paper and says mum I just need you to sign here. Elma says, I’m not sure what all this is about but I just don’t want to anything to happen to my house. Robert and Tony say that everything will be fine. Elma signs the document, where it says ‘Guarantor.’A few months later, Tony goes out of business. Despite the loan, it wasn’t enough to avoid financial ruin. Elma receives a letter from the bank that says because she was guarantor of Tony’s loan, the bank needs to sell her house so they can receiver the $180,000 still owing.Advise Elma as to anything that can be done to save her house. Refer to any relevant cases in your answer.?5 marksScenario ThreeKevin is a chef from New Zealand and recently moved to Melbourne. He is keen to open up a Caf?in Richmond. He finds a great premises to lease on Bridge Road. He signs a lease with the property owner, Tom.Kevin can’t afford to buy the kitchen equipment outright so he gets a loan from Shonk Bank for $100,000. A term of the loan agreement was that Shonk Bank register the equipment on the Personal Property Security Act and then deliver it to Kevin.Kevin opens the caf?but it doesn’t do well. After a few weeks, he is unable to keep up the payments to Tom his Landlord and other suppliers. After another month of not receiving his rent, Tom changes the locks on the premises and says that until his rent is paid in full, he has complete ownership and interest of everything inside.Advise Shonk Bank on what their position is in regards to their interest in the kitchen equipment versus Tom’s.?5 MarksScenario FourYour client, Basel Pty Ltd is a furniture retailer based in Melbourne. Late last year, Basel placed an order with the Chinese based manufacturer for $6million AUD worth of furniture. At the request of the Chinese manufacturer, Basel placed the order with Xin Pty Ltd. Xin Pty Ltd is wholly owned and controlled by the Chinese manufacturer.The agreement is that $3million AUD is to be paid now and the balance to be paid upon delivery. Basel deposits $3million AUD into Xin’s account at the Melbourne Branch of Westpac.Xin and the Chinese entity both told Basel that they will let them know when the goods will be ready for shipping but expect delivery in about 3 months.6 months elapse and the goods have still not been delivered. Basel then asks Xin for a refund of their money. Xin refuses. Basel then commences legal proceedings against Xin for breach of contract. The litigation is expected to take 2 years. Basel knows Xin is just a small shopfront for the Chinese parent company and is unlikely to have assets other than Basel’s deposit that would satisfy the damages sought of $3million AUD.Advise Basel on the action to take to maximise the chances that Xin will be able to satisfy a judgment debt if the court orders.?5 MarksBusinessLAW BLO3405
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