Part A: Contracts Law Question (20 marks)

Read the Contracts Law question below.

In 1,000 words (+/- 10% is allowed), answer the question using the IRAC method.

Your answer must be supported by relevant law and cases decided by Australian courts (preferably the High Court) and/or scholarly articles. A minimum of 3 genuine and relevant references are required for this part of the report.

Your references must be listed in a Reference list at the end of the Part A question.

Rhino Distillery, a famous whiskey distillery, placed the following advertisement in the Avid Angler magazine on 25 January:

'Calling all anglers of all ages and levels! Come one, come all! Fishermen and women of Placid River. We are offering to prize money of $75,000 to any angler who reels in Misterjaw, a giant barramundi which we have tagged and released into the river.'

The following day was the Australia Day holiday. Placid River was crowded with people fishing from the bank and from boats. At around noon, a rumour spread among the people on the bank that there had been an error in the advertisement: that the true amount should have been $7,500 and that Rhino Distiller had announced that the prize would be the lower amount. The rumour was in fact true.

Georgie Lang, known to his friends as "Gorka", had heard this rumour from the stranger fishing beside him, minutes before catching Misterjaw. A Rhino Distillery representative was on present to certify the catch before Misterjaw was released back into the river, but did not say anything about the amount of the prize money.

In the meantime, Tyler Henry, also known as "Hank" among the local angler aficionados, was fishing from his boat and did not hear the rumour. Hank was so sure that he would catch Misterjaw and claim the prize. He returned every weekend until he finally caught Misterjaw on Christmas Eve.

Gorka now claims that Rhino Distillery owes him $75,000. Hank also claims that Rhino Distillery owes him that prize money.

Advise Rhino Distillery, explaining applicable legal principles and citing relevant authorities on:

(1) Whether the company is liable to pay Gorka the $75,000 prize. (10 marks)

(2) Whether the company is liable to pay Hank the $75,000 prize. (10 marks)

Part B: Business Structures question (20 marks)

Read the questions below on Business Structures.

answer the given question.

A minimum of 3 genuine and relevant references are required for this part of the report. Examples of relevant references for this question include the Corporations Act 2001 (Cth); the Australian and Securities and Investment Commission's (ASIC) website (www.asic.gov.au), the website of the Australian Business Register's (ABR) website (www.abr.gov.au).

Your references must be listed in a Reference list at the end of the Part B question.

A music promoter has had an offer to bring a famous musical group from England to Australia, as part of its world tour to promote its new album. The music promoter has done smaller tours previously, but nothing on the scale proposed by the manager of this famous group, the tour will cost several million dollars, but is likely to have revenue which will result in substantial profits for those involved.

The promoter has some contacts at a national radio station which can promote the tour, and there is at least one financier who is interested in financing the tour in return of course for a share of the revenue from the tour.

The promoter is calling for a meeting of the different interested parties, he is not sure what business organisation would be best to manage and conduct the proposed tour, particularly as it is going to involve various diverse entities, each with their own separate business interests.

Explain:

(1) The options open to the different parties in what business structure they might use to promote the tour (8 marks);

(2) The dangers of each type of business structure (6 marks); and

(3) Whether there is any means of limiting risks by each party (6 marks