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LAW201A Business Law Proof Reading Services
Importance of the current knowledge about the Australian financial service industry
It is very important to possess the knowledge regarding the current rules and regulations which are applicable to the financial industry of Australia. The government of Australia through the Australian Securities and investment commission and the Australian Prudential Regulatory Authority conducts the financial service industry experience in the country. For the benefit and the growth of the people, the government makes the changes in the legislation (Walters, and Bolger, 2018). Therefore it is very important to have the current information about the laws, rules and regulation so that the compliance requirement can be fulfilled in a better manner. The three sources by which financial industry can maintain the current information is that the reports published by the government, industrial report or by the online articles on the social media. Since, as any changes in the law published by the government in its report, by which the organization can understand the changes made in the law. Further, various experts give their view on the changes in law and their applicability with the industry, which also assist in compliance with the latest rules by the organization.
The significance of the professional bodies for the compliance requirement
The professional organization association maintains the high knowledge regarding the rules and the requirement of the existing law with their high professional skills. Further, they also assist for enhancing the knowledge of the workers of the company, so that every member of the company can follow the better compliance of the law (Nerland, and Karseth, 2015). By the professional organization association, the manager can ensure about compliance with rules and regulations which are applicable to the company. Apart from this through the professional organization company can also manage the risk, enhance the reputation and avoid legal liability (Nagarajan, and Edwards, 2015).
By the comparison with the report of the government or the report of the industry, a comparison can be done in against of the compliance of the latest changes in the law. Along with this organization, by evaluating the professional standards and the practices followed by the professional association, can also get to know about whether the professional bodies are following the current guidelines which are applicable to the organization.
Compliance with the changing requirement of the industry
As per the changes in the requirement of the industry, in which the business operates, it is also necessary to changes in the company also. The senior managers of the company are responsible for making the effective changes in the organization as per the market requirement. The manager of the company properly describes to the workers of the company about the compliance requirement according to the rules and regulations prescribed under the act. Along with this, company by giving the proper training and the education to the employee, also comply with the changing requirement of the industry (Walters, and Bolger, 2018). After implementing the changing requirement, manager of the company oversees the involvement of the employee, whether they are following the entire requirement as the company wants, further if the manager did not satisfy, then communicate with the employee and can get to know about their problems. Therefore through the above-described process, the organization complies with the changing requirement of the industry.
According to section 32 of the sale of the land act, a disclosure statement is a legal document which is provided by the vendor to the purchaser at the time of sale of the property. This document is essential to be provided to the buyer of the property before the contract is signed (Heinelt, and Lamping, 2018). The foremost objective of this document is to provide the full and clear information regarding the property transaction, which can influence the decision of the buyer. In this document, various information such as property title, permission, use, and proposal information are stated (Henstra, and Thistlethwaite, 2018).
In the present case, Harry purchased land in Victoria and in the disclosure statement various contractual obligation is stated. However, they are not defined in the contract note. Harry should before signing the contract note give proper attention regarding the obligations stated in the disclosure statement since it is the legal document and it is given by a vendor to the purchaser for defining the information regarding the property. Therefore the Harry is bound by the contractual obligation under section 32.
For the protection of the interest which affects ownership, caveat claims are filed. No further action can be taken by the other party before the permission of the person who filed the caveat claim (MacLeod, 2014).
In the present case, Gloria after signing the contract of sale as a purchaser, file the caveat on the title. After filing the caveat on the title, any other person cannot take the permission of the title unless the Gloria gives the consent for the title. In other words, by the caveat registration, any person can get to know about the interest of the Gloria in the property.
For the caveat claim, it is necessary that Gloria has the sufficient interest in the land, since in this case after signing the contract of sale; Gloria registered the caveat, which leads that Gloria has the interest in the land. Further, the reason of filing the caveat may be if the seller wants to cancel the agreement or the purchaser of the property thinks that it might be possible to take the interest by some other party which will deteriorate the interest of the purchaser (Di Stefano, and Feary, 2015). In this case, Gloria filed the caveat claim so that the property cannot be transferred to any other person. Therefore until the property transfer to the Gloria as per the rules and regulations of the sale of the land act, Gloria should not lodge the withdrawal of the caveat. Since as the property is transferred the Gloria get the absolute title on the property and then caveat will automatically cease.
The contract for the sale of the land
In the present case contract of the sale of land between the Sam and his friend come to an end on the basis of the electronic mail. For the valid contract, the four elements such as the offer, acceptance, intention for entering into the legal relationship and the consideration is the essential aspect. Moreover, communication through the power electronic medium for the purpose of the offer and acceptance is considered as the valid contract and enforceable by the law (Mohammadi, 2015). Therefore the legal and valid contract for the sale of land has been created by the Sam and his friend.
Moreover, the Sam transferred the amount through the telegraphically. In the legislation, it is stated that the consideration is the essential element for a valid contract. It does not prescribe the mode of the consideration. Therefore the payment by the Sam to his friend is regarded as the valid consideration for the contract.
Registration of the property under the transfer of land act by the estate of the promisor
In the present case, Sam made the promise to the other party for gifting the land. As per the contract act, promisor must keep the promise maintain. In this case, Sam fulfilled the promise by completion of the procedure of gifting the land as per the transfer of the property act and also sign the document in the presence of the two adults. Therefore the other party is regarded as the legal owner of the property and can get the registration of the property in her own name.
Applicability of the law
In the present case, Harry who belongs to the Australian country entered with a contract of the purchase of the apartment in which is situated in New Zealand. By making use of the internet and the electronic mail both the parties entered into the valid contract. In this case, since the Harry investing in the New Zealand, therefore the sale of the land act of New Zealand also applicable along with the sale of the land act of the Victorian Law. Since the nationality of the Harry is based on Australia, therefore all the rules of the Victorian law will be applicable to the Harry simultaneously. Therefore if the contract stated that the applicable law was New Zealand law, Harry could not argue that the Victorian Law is applicable, because the New Zealand law along with the Victorian will be applicable to the Harry.
Commercial software packages
For observing the compliance within the organization, there are several commercial software packages available. Due to the expansion of the organization, it is very difficult to identify the compliance within the organization without the help of the software. With regards to this, Complicity is the one of the best compliance commercial software suitable for the organization. This software assists the actual update regarding the changes in the law (Complinity, 2018). The organization through this software can track the compliance of all the branches, factories and department. Moreover, it is very easy to utilise in the organization.
Respond to Beyoncet
In the present condition, the purchase price of the property was $720000. However, the property is already under the mortgage of $ 480000. Therefore the total price of the property should be $ 1200000 or after clearing the earlier charge which was created over the property; the property can be purchased at $ 720000.
PURCHASE PRICE $480,000
LAND VICTORIA THROUGH THE NOMINATION PROCESS
VOLUME AND FOLIO NUMBER
The Eastpac Bank
1. Complinity, 2018. Available through <https://www.complinity.com:8443/requestademo?&gclid=EAIaIQobChMInOCF75Ll3QIVhQ4rCh0XIgALEAAYAyAAEgKCIfD_BwE>. [Accessed on 1st October 2018].
2. Di Stefano, G. and Feary, G., 2015. Conveyancing and caveats. Bulletin (Law Society of South Australia), 37(5), p.16.
3. Heinelt, H. and Lamping, W., 2018. Disclosure statement. In Policy Choice in Local Responses to Climate Change (pp. 33-34). Routledge.
4. Henstra, D. and Thistlethwaite, J., 2018. Buyer Beware: Evaluating Property Disclosure as a Tool to Support Flood Risk Management.
5. MacLeod, A.J., 2014. Bridging the Gaps in Property Theory. The Modern Law Review, 77(6), pp.1009-1029.
6. Mohammadi, S.F., 2015. The Formation of a Contract by the Electronic Inteligent Divices:(A Comparative Study). Journal of Law, 12(02), pp.322-386.
7. Nagarajan, S. and Edwards, J., 2015. The Role of Universities, Employers, Graduates and Professional Associations in the Development of Professional Communication Skills of New Graduates. Journal of Perspectives in Applied Academic Practice, 3(2).
8. Nerland, M. and Karseth, B., 2015. The knowledge work of professional associations: Approaches to standardisation and forms of legitimisation. Journal of Education and Work, 28(1), pp.1-23.
9. Walters, G.D. and Bolger, P.C., 2018. Procedural justice perceptions, legitimacy beliefs, and compliance with the law: a meta-analysis. Journal of Experimental Criminology, pp.1-32.