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LAWS7023 Practice Exam
For you as a student this means:
completing your assessment tasks, whether face-to-face or online, in an honest, fair and trustworthy manner; acting responsibly, based on your lecturer or tutor’s instructions, and not giving or receiving any unauthorised assistance to others in completing assessment tasks; commitment to act honestly and refusing to take any action that would break trust with your peers and lecturer/tutor.
By undertaking this online assessment you will be deemed to have acknowledged UQ’s Academic Integrity Pledge (above) and to have made the following declaration: “I certify that my submitted answers are entirely my own work, that I have only used the permitted resources detailed on the course site in completing this assessment item, and that I have neither given nor received any unauthorised assistance on this assessment item”. Instructions to Students
This is a timed open book online invigilated exam. You are not permitted to use any electronic device other than the computer that you use to sit this exam. You must abide by the requirements to sit an Inspera exam that are available on the course site on Blackboard. Answer all questions. Duration is 120 minutes plus 10 minutes planning time. There is NO additional 15 minutes of upload time as the exam submits instantly when you press ‘Submit now’ (on the last page of the exam). At the end of the total exam duration, you must press ‘Submit now’ to submit your exam. If you complete your exam before the end of the exam duration and submit, you cannot return to your exam to update answers or make any amendments, even if you do so before the end of the total exam duration. Submitting your exam is final. If you are still working at the end of the total exam duration, you will be taken to the summary page and prompted to ‘Submit now’. You will not be able to keep writing or modify your answers once the time for the exam period has elapsed. LAWS7023 2022 S1 Practice Exam 2/5 Please Note: The following is a suggested example for giving students reflection and to assist them with their final exam preparation. It is not a guarantee as to the format or size of any questions that will be in the final exam, nor the actual questions that will be in the Final Exam nor as to any areas of Corporations Law that will be examined in the Final Exam. All subject matter relating to the Corporate Law part of the course, including lectures, tutorials, lecture ppts etc from Teaching Weeks 7, 8, 9, 10 and 11, are potentially examinable.
LAWS7023 - TW12 - PRACTICE SHORT ANSWER QUESTION
Olga, Tony and Henry are the three directors of Jones Pty Ltd (“Jones”) which employs 200 people and manufactures car parts at a factory in Brisbane. Olga, Tony and Henry are also shareholders in Jones and Olga is also an employee of Jones as she is also the chief marketing officer. The directors have the power Under the IGR’s to make decisions to manage the company business since it adopted s198A RR of the CA. For the past three years the board has known that the factory is deteriorating and could pose a health and safety risk to people who work there. In May 2022, the board discusses whether or not Jones should spend $250,000 on upgrading the factory to make it safer for people to work in and to reduce the chance of employees being injured. The board decides that this cost is too expensive compared to the company’s plans to spend money on growing the company business in 2022 and decides to post-pone this expenditure and the upgrades until after 30 June 2023.
Three days later, Olga is walking through the factory and the floor collapses beneath her, resulting in her suffering a sprained ankle. It is discovered that the floor was old and needed replacing at least 1 year ago. Olga wants to sue Jones for her injury.
However, Tony and Henry refuse to pay Olga damages because they believe that as Olga is a director of the company, she had the power to make decisions that could have made the factory safer. They say” Its your own fault you got injured. Plus you cannot sue the company anyway because companies don’t really exist”. Olga gets angry and says “No way. I’m taking action against the company under the constitution for infringement of my rights as a shareholder”. LAWS7023 2022 S1 Practice Exam 3/5 1 LAWS7023 2022 S1 Practice Exam Question 1 The following task relate to scenario to the left.
Advise all parties as to any legal actions and/or defences they may have under Corporate Law.
Provide Short Answer paragraphs to answer this question - Do not use ILAC to answer this question.
Type your answer here
Format Σ
Words: 0 Maximum marks: 12.5 LAWS7023 2022 S1 Practice Exam 4/5 Please Note: The following is a suggested example for giving students reflection and to assist them with their final exam preparation. It is not a guarantee as to the format or size of any questions that will be in the final exam, nor the actual questions that will be in the Final Exam nor as to any areas of Corporations Law that will be examined in the Final Exam. All subject matter relating to the Corporate Law part of the course, including lectures, tutorials, lecture ppts etc from Teaching Weeks 7, 8, 9, 10 and 11, are potentially examinable.
LAWS7023 - TW12 - PRACTICE ILAC QUESTION
HindMost Ltd (HM) is a public company which operates a residential and commercial construction and building business in Brisbane. Its board of directors consists of William, Henry, Edward and Charles. HM has around 4,000 shareholders and each of the four directors also hold shares in HM.
Charles has also been appointed as the company’s chief financial director for the past two years and has power in the IGR’s to make financial decisions on behalf of HM for the financial benefit of the company. The following events occur:
Charles enters into enters into negotiations with a local newspaper called ‘The Daily News’ for the company to purchase 12 months of advertising in the newspaper. The advertisements will promote HM’s residential and commercial building business to potential customers; Charles discovers that price payable by HM to the Daily News will be twice as high as the comparable market rate for such advertising in other newspapers. The Daily News then tells Charles that if HM enters into this contract, the Daily News would provide Charles and his family with a free all expenses paid holiday in Sydney for two weeks; Charles then signs a contract on behalf of HM for the purchase of 12 months of advertising with the Daily News. Charles does not inform the board of directors about this contract before signing it; One month later, the company account prepares a report on HM’s current financial position and gives it to Charles for his approval before Charles submits it to the board. The report states that HM should not build any new commercial buildings for the next three months because they will not be profitable; Charles then signs a contract on behalf of HM with the Queensland State Government to build a new commercial office building in Brisbane. Charles does not read the report, does not submit the report to the board and does not inform the board of directors about this contract before signing the contract with the State Government.