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Mr Lee is 54 years old and has, for many years, worked in construction. Mr Lee has recently inherited a sum of $100,000 from his

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Mr Lee is 54 years old and has, for many years, worked in construction. Mr Lee has recently inherited a sum of $100,000 from his deceased father. Mr Lee has no other significant assets. He is planning his retirement and he decided to invest in some shares using the inheritance. Mr Lee has no prior experience in shares investment. Mr Lee approached Mrs Smith who works for Smart Investments Pty Ltd, which is a well-known investment advisory company. Mr Lee makes an appointment with Mrs Smith. During the meeting in her office, Mr Lee asks Mrs Smith whether she thinks Essette Airlines is a good investment. Mr Lee made it very clear to Mrs Smith that he will only be able to retire if the investment is successful. Due to having many other clients demanding her time, Mrs Smith advised Mr Lee in writing that Essette Airlines was a good investment based on a newspaper paper article she read on the weekend, without doing further research. Mrs Smith provided this advice with a disclaimer. A simple further research by Mrs Smith would have shown that Essette Airlines is not a good investment. Mr Lee was nervous and told Mrs Smith that he was reluctant to invest the whole of $ 100,000 in one company. Mrs Smith assures Mr Lee that it is a good investment. Acting on this advice, Mr Lee invested his inheritance in Essette Airlines. Soon after Mr Lee invested, the share price of Essette Airlines fell heavily. As a result, Mr Lee lost half of his investment. Discuss Mr Lee's case in terms of all the elements he needs to establish to be successful in a negligence action against Smart Investments. Advise Mr Lee of any possible defences that Smart Investments may use. In your answer, you must consider and apply any relevant statutory provisions and decisions from any relevant cases you have studied

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