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BZ203 Business Law

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Questions:

Part 1

Locate the High Court case of Leichhardt Municipal Council v Montgomery [2007] HCA 6

Once you have read the judgment, respond to the following questions in your own words.

  1. What is the name of the Appellant?  
  2. What is the name of the Respondent?  
  3. What are the names of the judges who decided the case?  
  4. When was the decision handed down by the High Court?
  5. What are the main legal issues in this case? 
  6. What were the important facts of the case?
  7. What were the legal principles applied by Justice Kirby?
  8. What conclusion did the majority reach and why? 

Part 2 : business and legal ethics 

Tom is the wealthy CEO of the leading Australian bank, Dollars and Cents Pty Ltd. He reserves the final say on all business initiatives and has a ruthless policy regarding expenditure and generating profits. “I’m not your boss, the shareholders are, now go and make them money” is one of his famous catchphrases and he has a keen eye for a good corporate opportunity, producing tens of millions of dollars each year in aggregate profit.

One day Tom is approached by an executive from his analysis division regarding an alarming increase in default rates on a specific loan product targeting first home buyers. “Sir, the rates we offer as part of our honeymoon package have seemed to entice a great deal of the market to borrow from us, however it appears one in two homes are being foreclosed.” Tom, agitated that he had been interrupted with this bad news, puts his arm around the executive’s shoulder and says, “So what? We give them an opportunity to read the fine print. We’re a bank, not a charity. What do they want me to do, go down there and pay off their loan for them? The product is to stay and I don’t want to hear another word about it. Are we managing to salvage every single cent?” To which the executive replies “Yes sir, the housing market is stable so we are able to recover 100% of the loan value, but…” “Good,” replies Tom “that will be all.”

Dollars and Cents has been approached by the banking board to sign the Code of Banking Practice. “Why on earth would I sign something that isn’t legally binding” replies Tom “get out of my office and don’t come back!”

After multiple reports warning Tom against pursuing his hard line business model, he is in your office, demanding to know the importance of what he describes as “business ethics.”

Tom is an impatient man and does not care about the feelings of his customers.  Tom is only interested to know whether this will affect his bottom line profit margins.

Explain the purpose of business ethics and ethical codes in Australia.  You must also refer to at least 2 business examples, one demonstrating poor ethical conduct and the other good ethical conduct, to illustrate your discussion.  It is expected that you will refer to the Bible and include appropriate scriptures a part of your response.  

Dollars and Cents must subscribe to the Code of Banking Practice.  Critically evaluate this assertion outlining your reasons.  It is expected that you will refer to the relevant Code and discuss whether it is legally enforceable as well as provide your own opinion based on your research.

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My Assignment Help (2021) Business Law [Online]. Available from: https://myassignmenthelp.com/free-samples/bz203-business-law/leichhardt-municipal-council.html
[Accessed 27 September 2021].

My Assignment Help. 'Business Law' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/bz203-business-law/leichhardt-municipal-council.html> accessed 27 September 2021.

My Assignment Help. Business Law [Internet]. My Assignment Help. 2021 [cited 27 September 2021]. Available from: https://myassignmenthelp.com/free-samples/bz203-business-law/leichhardt-municipal-council.html.


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