TLAW601 Australian Commercial Law

This unit examines areas of Australian commercial law of particular importance to those who work in the financial services industry.

The unit commences with an overview of the legal system and sources of commercial law in Australia then progresses to a review of the various types of business structures available for commercial operations. It then proceeds to explain the key features and purpose of contract law. Contracts play a large role in the daily lives of both business people and consumers. Understanding contracts is essential to understanding business. It forms the basis of commercial law and commercial relationships. There would be little or no commerce without contracts and the legal enforcement of promises.

The unit proceeds to examines the law of tort and relevant areas of consumer law, including negligence, which is highly relevant to those providing financial advice.

The law of agency and partnership follows, with the concluding section of the unit presenting key elements of corporations law, particularly the law around incorporation, management and governance. The focuses here is on the regulatory framework of companies, the separate legal nature of a company, the manner in which it operates, the duties and liabilities of company directors, the rights and remedies of shareholders, the manner in which companies raise finance (equity and debt) and the legal options available for a company in financial difficulty.

Importantly, this unit will:
(a) develop students’ ability to analyse fact situations and correctly identify the relevant principles of law that apply to the resolution of problems incurred by financial advisers; and
(b) facilitate understanding and evaluation of commercial risk-taking and risk-management in contemporary business practice.