This unit examines the legal framework and regulatory regime within which all businesses and companies operate in Australia. We will examine the legal implications of commercial conduct and gain insights into the Australian legal system including threshold legal concepts of agreement, ownership, and corporate liability.

In the first half of this unit, you will also be introduced to the fundamental principles of contract law. Contracts play a fundamental role in the daily lives of businesses, companies and consumers. Understanding contracts in a business context is essential due to contracts underpinning business law. Venturing into commercial arrangements would be complex if not impossible without contracts which provide a means for the legal enforcement of promises. By the end of the first half of the unit, students will have a good grasp of the obligations and duties incumbent on parties who conduct business transactions pursuant to the law of contract.

In the second half of the unit, we will examine the mechanics of the Australian corporations law including the framework within which companies are regulated, the separate legal nature of companies, the manner in which they operate in a business context, the principle of corporate governance and the duties and liabilities imposed on company directors, the rights and remedies of members, and the legal options available for a company in financial difficulty. This part of the unit involves a critical analysis of decided cases and important sections in the Corporations Law 2001 (Cth). By the end of the second half of this unit, students will have a sound understanding of the life cycle of a company and an appreciation as to why companies are integral to the business environment.

Importantly, TLAW203 will:

a) Develop students’ ability to analyse commercial and business transactions and correctly identify the relevant principles of contract and corporations law that apply in order to resolve complex issues arising in these contexts;

b) Provide students with an understanding of the commercial legal responsibilities and risks of doing business (e.g. how to identify misleading and deceptive conduct in a commercial context under the Australian Consumer Law (ACL) and understanding the role and responsibilities of the ACCC in the administration of the ACL).