BLAW212 FINAL EXAM TEST QUESTIONS WITH CORRECT DETAILED ANSWERS GRADED A+
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BLAW212
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BLAW212
BLAW212 FINAL EXAM TEST QUESTIONS WITH CORRECT DETAILED ANSWERS GRADED A+
Composition during bankruptcy - Answer-Compromise proposal to creditors, 3/4 must accept by number and value
Proposal prior to bankruptcy - Answer-Similar to composition and need 3/4. Business is no longer running but t...
BLAW212 FINAL EXAM 2024-2025 TEST
QUESTIONS WITH CORRECT DETAILED
ANSWERS GRADED A+
Composition during bankruptcy - Answer-Compromise proposal to creditors, 3/4 must
accept by number and value
Proposal prior to bankruptcy - Answer-Similar to composition and need 3/4. Business is
no longer running but there is still plenty of work to do
Summary instalment orders - Answer-$40,000 or less, you can pay in instalments over
time. Can't sue unless there is a default in the process.
No asset procedure - Answer-Debts between $1000 and $40,000, don't have the assets
to pay it off. Application to OA, creditors are notified and can't sue of approved.
Implications of being a bankrupt - Answer-Obligation to cooperate with the OA, disclose
any property obtained once declared bankrupt, required to attend OA and creditor
meetings, must not act as a director and can't leave NZ
When a bankrupt is discharged - Answer-Automatically discharged after 3 years but OA
or creditors can object. Released from all payments (exceptions e.g. child support).
Court may prohibit from engaging in business or acting as a director
Goal of damages for a breach of contract - Answer-Compensate innocent party for
losses due to breach of contract
- specific damages: looks at actual financial loss
- general damages: pain and suffering
- exemplary damages: punishment
Age - Answer-Minor: under 18
Full capacity: life insurance (16+) & Employment
Other contracts: Minor has no capacity (unless Court considers fair and reasonable)
Mental Disorder - Answer-Proves they did not know what they were doing because of
the mental disorder AND other party was aware at the time of the mental disorder
Intoxication - Answer-Party proves they did not know what they were doing because of
intoxication AND the other party knew of their intoxication state
, Formation of a Contract - Answer-Offer
Acceptance
Intention to be Bound
Consideration
Offer - Answer-Clear and ambiguous or promise to be bound by specific terms which
become binding upon acceptance. Clear and definitive terms - leaves nothing open to
negotiation. Offer can be expressed (writing) or implied (party's actions)
Invitation to treat - Answer-Different to offer, act preceding offer - person is invited to
make offer or enter into negotiations e.g. advertisements, display of goods
Termination of Offer - Answer-Revoked
Rejection
Lapse of time
Death of party
Incapacity (cant be performed)
Acceptance - Answer-Must be unconditional, and final acceptance of the terms
specified and communicated by the offeror.
Acceptance can be written, oral or implied by conduct of the offeree. Mere silence is not
acceptance
Postal rule - Answer-Acceptance effective when posted, does not apply if wrongly
addressed due to offeree.
Intention to be bound - Answer-Presumptions:
- Parties in business/commercial agreements intend to be legally bound
- Parties in social/domestic agreements do not intend to be legally bound
Form - Answer-Oral contracts are just as enforceable as written
Exceptions:
- Real estate agent commission
- Employment contracts
- Relationship Property Agreements
- Property Law Act 2007
Section 24 Property Law Act - Answer-Contracts for the sale and purchase of land are
unenforceable unless:
The contract is in writing or its terms are recorded in writing; (Do we have an offer,
acceptance, intention to be legally binding, consideration)
AND
The contract or written record is signed by the party against whom the contract is
sought to be enforced.
Part Performance - Answer-Exception to exception
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