Answer 1
The current legislation in relation to conveyancing in my state of Victoria is the Sale of Land Act 1962. The legislation had been legislated in the year 1962.
Answer 2
Section 27 is often described as an early release of deposit authority. When a real estate property is purchased the purchaser may be asked to pay a deposit which is usually ten percent of the price upfront. When such deposit is paid the purchaser signs a document that they have a genuine intention of purchasing the property and the deposit is towards securing the purchase. When the deposit is paid it is held by the real estate agent or a lawyer in a trust account. The vendor may be entitled to retain the entire amount if the purchaser reneges on the deal after the contract has been signed. The operation of section 27 provides authority to the vendor to release the deposit prior to the date of settlement in certain situation which may be considered as safe to allow the vendor early access. There is no necessity that the deposit would be released on an earlier date by the potential purchaser.
Answer 3
The relationship of a vendor and a purchaser and that of a conveyancer and a client is created through the formation of a valid contract. There is a valid contract between the vendor and the procedure for the sale and purchase of property and there is a contract between the conveyancer and the client for the services being provided to the client for a commission. A contract is a legal relationship which allows the parties to sue each other in case of breach. Therefore the law of contract is very important in relation to conveyancing transactions. If the contract is breached the party who has been the contact may have to pay compensation. Our contract contains of both Express and implied terms. For example in relation to a contract between vendor and a purchaser there would be and Express term which would define the property to be sold. On the other hand there would be an implied term in the same contract that all information which is provided is true. The contract also includes implied terms provided by legislations such as the Sale of Land Act. In relation to the contract between a conveyancer and a client there is an Express term that the client would pay commission to the conveyancer for the services provided by them. In addition there is an implied term that the conveyancer would not make secret profit from the services provided to the client.
Answer 4
Equitable remedy is the process used by the court to compensate a party whose contractual rights have been violated. There are various kinds of equitable remedies which are available in contract law. The two equitable remedies which are discussed for this part of the answer include specific performance and recession. Specific performance is the equitable remedy through which the court orders a person to carry out a specific act when damages are not adequate to compensate the party whose contractual rights have been breached. Recession is an equitable remedy in contract law through which the court allows the aggrieved party to discharge the contract because of breach of the terms of contract by other party.
Answer 5
The practice of conveyancing involves the transfer of land from one party to another party. There are agents involved in the transactions. There are several duties which have been imposed on the conveyances by the law. This duties are not only imposed by the state laws but also the federal laws. Therefore both the state and the federal law have a significant role to play in conveyancing practice. This is required to manage the conduct of the following answers so that they can act in affair manner within the scope of law. If these rules are not present it will lead to corrupt conveyancing practices which may cause significant harm to the parties involved in the transaction. At the federal level the conveyancing practice is governed by the competition and consumer act 2010. This legislation provides that people should not indulge in misleading activities through section 18 of schedule 2 and anti-competitive conduct while providing services to a consumer. The native title Act 1993 also provides rules in relation to conveyancing. In my state Victoria, conveyancing practice is dealt by the Conveyancers Act 2006 and Conveyancers (professional conduct) Regulations 2018. It was also managed by the provisions of the Estate Agents Act 1980. The primary sections which are involved in the management and governance conveyancers in Victoria include section 45 which provides for conduct rules. Section 7 of the regulations provide for a duty of skills, diligence and care on the part of the Conveyancers.
Answer 6
The law made in the parliament of Victoria is known as an Act. The law is introduced to the parliament in form of a Bill. It then passes through varies steps which involve debates and assent of both the houses of the parliament. Once the bill is passed by both the houses it becomes an Act. The name of the Act is decided and it is followed by the year in which it was passed.
Answer 7 A
When the parliament intends that a legislation will not have any extra territorial effect it means that the legislation would only govern the territory within which it has been legislated.
Answer 7 B
Legislations are presumed to not interfere which fundamental rights of the citizens it signifies that if there is a dispute between the provisions of the legislation and the fundamental rights provided to the citizens the rights would prevail over the provisions. Any provision which is contrary to the fundamental rights is invalid.
Answer 7 C
In criminal laws and laws relating to money matter it is up on the prosecution to prove beyond reasonable doubt that the person has committed the crime or fraud. This is done because the principles of law provide that it is good to let hundred offenders get away without any form of punishment rather than punishing an innocent person.
Answer 7 D
Legislations are not applied retrospectively signifies that they only come to effect from the day they have been legislated. Any event which has taken place before the legislation was enacted does not fall within the scope of the legislation.
Answer 8
The three reasons why legislation can be modified or changed are as follows.
For example the Trade Practices Act 1971 had been replaced with Australian consumer law to modified and simplify the law relating to consumer affairs.
Answer 9
Bicameral parliament system is a system which consists of two houses of the Parliament Upper house and the lower house. On the other hand a unicameral parliamentary system comprises of only one house of the Parliament. Unicameral Parliament is typically present in small countries.
Answer 10
The purpose of convincing regulations in Victoria is to ensure that the services provided by a conveyancer to the clients are in compliance of law and there is no fraud or misrepresentation carried out while providing the services. The legislation also sets out the way in which the conveyance procedure is to be carried out in order to avoid ambiguity and uncertainty. The rights and duties of various parties involved in the process such as the purchase, vendor and conveyancer are clarified through the legislation. These areas are important because without the presence these areas there would be a Chaos in the system of conveyance.
Answer 11
CPD or continuous professional development ensures that the knowledge of a professional stays relevant and up to date at all times. A professional must always be aware about the changing direction and trends in their profession. The pace of change gets faster day by day and it is important to keep up with such rate. If a person stand still then he would be left behind as the currency of his knowledge would not be up to date. Continuous professional development assists towards making a meaningful contribution to the profession and the organisation. A person who indulges in continuous professional development is more effective in the workplace. Continuous professional development also provides assistance towards advancing in the career and moving to a new leading position.
Answer 12
The website belongs to the State Library of New South Wales. The website provides information in relation to contemporary changes and present debates in law which is written by Legal Experts in plain language. All issues are provided with case studies along with sources of getting further information. The website provides that these topics are also present in the New South Wales public library. These topics and primarily in relation to courts and tribunals, domestic violence, first Australians, human rights, child care and protection, consumer laws, voting and elections, the Australian legal system, refugees, International law, Migration law, drugs law and Employment law.
Answer 13
The three areas in which the parliament of Australia has been provided power to legislate by section 51 of the Australian constitution are as follows
Answer 14
The role of the judges in the court is to interpret the legislation for the purpose of bringing out the intention of the Parliament and applying such intention on the facts before them. The role of the Parliament is to make laws. When laws are made they are written in simple text. Text can be provided with various meanings. In order to provide accurate meaning to such text the principles of statutory interpretation are used by the courts. There are three ways in which estate you can be interpreted by the judge. These include the golden rule, the Mischief rule and the literal rule. In addition to the common law on statutory interpretation the Acts interpretations Act 1901 also provide guidelines with respect to how the provisions of legislation is to be provided meaning. The literal rule states that the dictionary meaning of the text has to be used where there is no ambiguity whatever the result of such application may be. The golden rule is used when there is any ambiguity in the text of the legislation. The Mischief rule is used in case the statutory change was done to address a mistake.
The Mischief rule is rule of statutory interpretation. Under this rule the judge take into consideration what Mischief add effect did the legislation intend to address a remedy in order to provide meaning to the provisions of such legislation. This rule is only used when the legislation has been made to address a defect.
Answer 15
An Industry can be governed by both legislation and governing body. When are legislation governance and industry it does not provide proactive guidance and updates in relation to the law changes or the way in which the industry should function in order to avoid legal action. On the other hand when the industry is governed by and governing body such as the Australian Investment and Security Commission or the Australian Competition and Consumer Commission they provide proactive guidance to the industry as to how they should insured legal compliance by setting out regular law updates and guiding principles.
Answer 16
In relation to common law system of ownership the legislative provision conveyances of land via a deed is the Property Law Act 1958.
Answer 17
Three methods have been introduced by the Transfer of Land Act 1998 to bring under the operation of transfer of land Act 1958 general law land. Section 13 of that provides for the deed registration conversion scheme. Under the scheme an entitled person has the right to lodge a deed along with all documents which affects the land Title together with a legal practitioner certificate to the title of land. The person doing so has to legal practitioner certificate with deed relating to the title and search of title. However if the title land is claim by possession the procedure provided to the section cannot be used to bring the land under the provisions of the Act. The second scheme of conversion is provided through section 14 with his application non survey conversion scheme. An entitled person has the right to apply to the register under the section to bring the land under this act. The application has to be in the pre-stated form and with the application the person must lodge a deed relating to the title of the land and search of title along with the legal practitioner certificate with respect to the title to the land. The Third way in which land may be brought under the provisions of this act is through the application server conversion scheme. An entitled person has to make the application in the prescribed format along with a plan of the survey of land and other documents which have been prescribed above. In case the applicant title in the land has been claimed by possession the material on which the legal practitioner has based his certificate.
Answer 18
Another name for equity law is common law. Common law is substantially different from statutory law. This is because common law is made by judges in the court and on the other hand statutory law is made in the parliament. The application of common law is based on the doctrine of precedent that means it is only applicable on a Lower court. In addition to this wherever there is a dispute between statutory law and common law the provisions of the statutory law has to be taken by the court over common law. This is because the court has to provide effect to the intention of the Parliament while addressing issues in a case. For example the case of Munday v Gill [1930] HCA 20 has been decided by High Court. The case would become a president, law. Any Lower courts when provided with the same factor scenario of the case have to apply the rulings which had been provided by the case in the High Court. On the other hand when it comes to the application of legislation both the high court and the lower courts will use the same legislation. The high court is not bound by the case law of any other Court but it is bound by statutory law passed by the parliament.
Answer 19
Consideration in simple language is unnecessary element to formulate a valid contract. Consideration is the promise which is provided by the parties to the contract to each other. When a contract is formed both the parties to the contract are subjected to a benefit as well as a detriment. Consideration has to be sufficient and not adequate in order to be valid. An already existing application at law or through contract cannot former valid consideration. The benefit with each party of the contract receives is known as consideration. For example when there is a contract to sell a car for $10, 000 the car and $10, 000 would be consideration for the parties to the contract respectively.
Answer 20
There should be no conflict of interest with the client. In case the conflict of interest arises it has to be notified to the client immediately. In addition to the notification it is the duty to always prioritise the best interest of the client over personal interest in situation of a conflict of interest. The organisation policy prohibits the creation of any situation which would lead to the conflict of interest. However if a conflict of interest unintentionally arises the interest of the client has to be given preference over personal interest.
Answer 21
The Australian Securities and Investment Commission offer to people wanting to make a complaint in relation to financial services such as insurance or credit advise that in case there is the dispute and the person is aware about a misconduct taking place the platform on which the complaint is to be made depends upon what the complaint is about. For many the most relevant place to start the complaint procedure is to make complaint to the provider of financial for credit services or product that they receive. There are various ombudsman schemes for financial services and credit which people may consider. In case the person feels that the complaint is in relation to something which is dealt by the ASIC, the best way to report about the Complaints through the website. Making a complain includes a three step process which has been designed to provide information to people of whether their concern would be addressed by the summation audit is best addressed in another appropriate way.
Answer 22
When a person has the intention of starting a business they have to initially choose the business structure under which they want to carry out their business operations. The primary business structures which are available as options, to a person intending to carry out his or her business operations in Australia are that of a partnership, company or a sole proprietor. These business structures present different advantages and disadvantages to the business structure to ensure that business operations are carried out in an effective manner.
Sole proprietorship is the most simple and easy to form kind of a business structure. It is evident from the name of this business structure that it is carried out by a single person. This business structure would not be possible to be applied in a business situation which is owned by more than one person. There are various advantages which are presented by the structure. The structure has no individual significance of its own and is considered the same as the owner. This means that the identity of the owner and the structure are same for law. the business may be carried out under the name of the owner. There are no separate taxes which are imposed on this business structure. There is no complex registration procedures required to carry out business under the structure. Therefore the primary advantages which the structure provides to a person carrying out business operation would include that it is very easy and simple to form. As the structure does not include registration initiating business operations through it is less expensive as compared to the other structures. The structure having only one owner provides ultimate control to the owner in relation to the management of business operations. However along with the advantage is the structure also presents various disadvantages which has to be considered when choosing this business structure to carry out business operations. The primary disadvantage this structure poses is that of unlimited liability. As there is no difference between The Identity of the owner and the business the liability of the owner is unlimited. The word unlimited signifies that even the personal assets of the owner can be attached in case the business has suffered losses. In addition the tax which are to be paid under this business structure may be high as there is no separate taxation rate at a fixed rate which is imposed of company in a sole proprietorship. A person who is earning in the top bracket of taxation under the structure may have to provide 45 % of his income as tax. This structure is recommended for carrying out small business operations which has very low risk. The structure also does not provide financial support for the help in management to the owner as he is solely responsible for carrying out the business.
Partnership is the second form of business structure which can be selected by a person. It is also evident from the name of this business structure that it is carried out by partners and therefore the minimum people who are required to operate business operation under dis structure would be two. This business structure does not have much difference as compared to that of sole proprietorship other than a few legal exceptions. Partnership is carried out under the terms of the partnership deed of agreement which is a contract between the partners of the business. The advantages of this structure is that it is easy and simple to form and provide assistance to the business owners and former financial and management support as it has more than one owner. However there are a few legal characteristics of this business which makes it risky to be carried out. The business is governed by the Partnership Act 1963. It is provided to the egg diet partners are jointly and severally liable for the acts of other partners. This means that any action which has been committed by one partner would bind the other partner also. In addition to this feature the feature of unlimited liabilities also present in a partnership which would again attach the personal assets of the partners in case of business process or faults committed by other partners. This business structure is recommended to carry out medium size businesses which cannot be carried out through a sole proprietorship or businesses which have more than one owner.
The companies the third and final form of business structure which is available in Australia. A company is a separate legal entity. The existence of a company and the existence of the owners of the company is different in the eyes of law. The law consider both to be separate entities. A company enjoys perpetual existence which means that it only comes to an end by legal process of winding up rather than the death of its owners. A company is provided with limited liability protection relation to its owners. The management of the company and owners of the company may be totally different. It has the legal right to own property in its name and to be a party to a proceeding in a court in its own name. A company is managed in Australia under the Corporation Act 2001. The primary advantage provided by a company is that of a limited liability. Limited liability ensures that liability of the shareholders is limited to amount invested by them in the company and not their personal assets. A public company is also allowed to raise fund through the public. The shareholders of a company are able to transfer the ownership through the selling of shares. Disadvantages of a company include high cost of Management and formation. It also has the maximum legal reporting as compared to the other structures of business. However as a structure involve the minimum amount of risk to the investors it is suited for big business operations.
Answer 23
The two ways in which law is made in Australia are through case laws and legislations. Case laws are the law which is made by the judges in court. Legislation is the law which is made by the ministers in the parliament. In addition to case laws the Australian legal system is based on common law of United Kingdom. It also incorporates International Convention and treaties to which Australia has assented as a part of its legal system.
Answer 24
The two primary objectives of the trade practices act are as follows
Answer 25
The six elements of a successful contract include offer, acceptance, intention, consideration, capacity and legality.
Answer 26
The privacy act is a legislation of the Parliament which has been enacted for the purpose of ensuring that confidential information is not leave without the consent of the person to whom it belongs. The act has been enacted to provide the right to privacy to the citizens. Any person who influences the privacy of another person will be subjected to legal implications under this act.
The Financial Transaction Reports Act works parallel to Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The legislation requires certain transactions to be reported as well as obliges service provides who deal in cash with respect to specific services. Under this legislation financial reporting need to be carried out. However the jurisdiction of the legislation has been reduced after the enactment of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. The legislation does not consider solicitors as cash dealers. It still imposes obligations related to reporting on solicitors. These may include reporting on significant cash transaction or suspect transactions.
Stamp duty all payments which are provided for under the duties act in case of transfer of land. These payments are provided to the government informed of a tax for transferring land from one party to another party.
Banking codes are code of ethics and conduct which govern the way in which banking institution carry out their business operations. The level of Trust which the citizens have on banking institution is very high so it is the primary objective of the institution to maintain integrity by complying with the banking code.
Answer 27
The main features of the consumer commission in relation to consumer protection are as follows
Answer 28
The Doctrine of Privity in relation to a contract states that only the party to the contract has the right to bring a proceeding in relation to the breach of the contract. No other party can bring a legal proceedings where a contract has been breached. However a person who is directly a beneficiary of the contract can bring a legal proceeding.
Answer 29
There are various ways in which a contract can be discharged
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