BLAW 212 FINAL EXAM QUESTIONS WITH ANSWERS ALL UPDATED
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BLAW 212
Institution
BLAW 212
BLAW 212 FINAL EXAM QUESTIONS WITH ANSWERS ALL UPDATED
What is composition during bankruptcy? - Answer-A composite proposal given to creditors once the bankruptcy process has started, that has court approval and must be accepted by at least 75% of creditors both in number and value
What is pr...
BLAW 212 FINAL EXAM
QUESTIONS WITH ANSWERS ALL
UPDATED 2024-2025
What is composition during bankruptcy? - Answer-A composite proposal given to
creditors once the bankruptcy process has started, that has court approval and must be
accepted by at least 75% of creditors both in number and value
What is proposal prior to bankruptcy? - Answer-A proposal given to creditors before the
bankruptcy process has started, that has court approval and must be accepted by at
least 50% of creditors in number and by at least 75% of creditors in value
What is summary instalment orders? - Answer-An order for a debtor with less than
$40,000 debts to pay off their debts in instalments over time, the debtor must apply to
the OA for this
What is no asset procedure? - Answer-The alternate procedure to bankruptcy for
debtors with less than $40,000 debts and no realisable assets
What is frustration? - Answer-Situations where the intended action of the parties can no
longer occur
What could cause contract frustration? - Answer-Delay, futility, performance more
onerous, death/incapacity, legislation, disaster
What is required for frustration to be held by the court? - Answer-If the situation makes
the contract impossible or radically different from its original form
What does consensus ad idem mean, and what does it relate to? - Answer-Meeting of
the minds, related to contract mistake
What are the three types of mistake? - Answer-Unilateral mistake, common mistake,
mutual mistake
What is a unilateral mistake? - Answer-One party is influenced into a contract due to a
mistake known by another party
What is a common mistake? - Answer-All parties influenced into a contract due to the
same mistake
What is a mutual mistake? - Answer-One or more parties influenced into contract due to
different mistakes about the same matter
What does mistake not include? - Answer-Interpretation of the contract, exclusion and
limitation clauses, awareness of the mistake
, When will frustration NOT hold? - Answer-If the contract is substantially achievable,
self-frustration, simply more difficult
What happens when frustration holds? - Answer-Following Common Law, the contract
is discharged at the time of the frustrating event.
What are exclusion clauses? - Answer-Terms of contract that seek to exclude or limit
the liability of a party to that contract
What common law elements are required for exclusion clauses? - Answer-1) The clause
must be part of the agreement and wide enough to cover the breach
2) Actual or constructive notice must be given
3) Strict construction, must be clearly worded
What is Contra Proferentum and what type of law does it relate to? - Answer-Any
ambiguity in an exclusion clause will be read against the writer, related to contract law
and exclusion clauses
What can happen regarding misrepresentation and contract clauses? - Answer-The
court can consider it fair and reasonable to give effect to a clause against
misrepresentation
What are contract remedies for? - Answer-Relief for breach of contract
What has to happen to result in contract cancellation? - Answer-Repudiation,
misrepresentation, term broken, term will be broken
What has to happen between the parties for cancellation? - Answer-If there are grounds
and the parties have expressly or implicitly agreed that the truth of the representation or
performance of the term is essential, OR the effect will be to substantially reduce the
benefit to the cancelling party or increase the burden or make the benefit or the burden
radically different
What is it important to remember for damages? - Answer-Damages are for
compensation, not punishment. They are supposed to place the plaintiff in the position
they would have been in if they had not suffered a loss. The plaintiff has a legal duty to
mitigate/minimise any loss that they suffer.
What are some examples from Sections 17-24 of the Fair Trading Act 1986? - Answer-
S17) Offering gifts and prizes
S19) Bait advertising
S23) Harassment and coercion
S24) Pyramid schemes
What are the requirements for mistake to be valid? - Answer-1) Mistake influenced party
to enter contract
2) Mistake is before or when the contract was made
3) There is a substantial unequal exchange in values
4) No terms assuming risk of the mistake
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