This chapter explores the legal framework governing consumer dealings and competition in the Australian market. It focuses on the laws that concern how businesses interact with consumers, especially when selling them consumer goods, services or land. It also addresses consumer rights with respect to goods that fall short of expected standards of quality and performance, and explains what happens when businesses engage in anti-competitive behaviour.

This chapter considers how someone can incur civil liability for their misconduct (whether intentional or otherwise) in a business setting. In particular, the tort of negligence, which concerns civil wrongs involving a failure to fulfil a duty of care owed to others, is discussed in depth. The chapter explains how a duty of care generally arises and can be breached in a variety of common commercial contexts. It also explains how another party might end up assuming responsibility for any physical or mental injuries or financial losses that occur. Other scenarios involving civil liability in business, such as where someone acts recklessly leading to another person being injured or killed, are also addressed.

Insurance is a concept most people are familiar with. The majority of us insure at least one item of property that we own, such as our home and our car. Some of us also insure our health, the trips we take, or even our own lives. The idea of insurance is to transfer the risk of something bad happening to ourselves or our property to somebody else (the insurer). In this chapter, we will first discuss the general concept of insurance before looking at the relevant regulatory framework. The chapter then discusses the various features of an insurance contract before explaining the process for making such a contract. The key duties of utmost good faith and disclosure are then examined, followed by the principle of misrepresentation and the effects it has on an insurance contract. Finally, the chapter considers the basic principles of interpretation that apply to insurance contracts, along with the remedies available to the parties when things go wrong.

In the 21st century, it doesnt necessarily take much to start a business – you can set up on your own, with just an idea and a website or social media account. However, as most aspects of business today are highly regulated, either at the state or federal level, advice as to which business structure is most appropriate for a new or existing business venture will be fundamental to its success or failure. This chapter examines potential business structures in relation to a number of key factors and provides examples for you to consider the impact of each business structure in practice. In this chapter, seven business structures will be examined in detail: sole trader, partnership, joint venture, franchise, trust, unincorporated association and incorporated association. The chapter will also briefly introduce the corporation, which is discussed in greater detail in Chapter 14.

This chapter explores the legal framework governing security interests over personal property, which is a major aspect of business finance. The focus will be on the Personal Property Securities Act 2009 (Cth) (PPSA). The chapter will explain how its concepts and registration system (PPSR) apply to priority disputes between security interests in personal property. It will also examine the impact of the PPSA on insolvency.

This chapter provides a concise overview of the Australian legal system. First, it defines business law. It then presents the main sources of law and their classification. Next, the chapter identifies the main legal and political institutions in Australia and outlines their powers. The chapter then explains how laws are made and enforced by these institutions. Finally, the chapter provides a practical perspective on how to answer legal problem questions.

In our day-to-day living, we make contracts all the time, whether or not we realise we are doing so. The simple act of buying a new book, purchasing a cup of coffee, or requesting an Uber ride each requires the formation of a contractual agreement. Whenever you buy something or agree to pay money for a service, you are making a contract, whether you sign a written agreement or not. This chapter provides an overview of how contracts are formed in Australia. A contract, generally speaking, is a legally enforceable agreement on a set of promises. The chapter begins by explaining the importance of entering into contractual relationships for individuals and businesses alike. Australia’s sources of contract law are identified. The chapter then examines each of the key elements required in order for a valid and binding contract to be formed. Next, it considers the equitable doctrine of promissory estoppel, which operates to protect parties in the event that one or more of the requisite elements of formation of a contract is missing. Finally, the chapter examines the impact of technology on the formation of contracts.

The company form of business structure is one of the most common in the world today. As discussed in the previous chapter, there are a variety of benefits that make the corporate form the most appealing for many business operators, and also for investors and other stakeholders. This chapter examines this dominant business structure in detail, and explains the regulations in place around it. It identifies the legislation and other regulatory tools that enable the formation of companies in Australia, the process of incorporation and its legal consequences, what it means to be a member of a company, how companies are managed and the duties that are owed by the persons in control, companies financial reporting obligations, and the processes involved when a company becomes insolvent or otherwise needs to be wound up. You will follow a practical example across the course of this chapter, identifying how the company business structure would affect this startup business, and the impact that the legal regulation in this area will have on the individuals within and associated with this business.

In general, one can define a stochastic integral with respect to any martingale or semimartingale. However, for financial applications we only require integrals with respect to Brownian motion, so our focus will be on this case.

The essential purpose of European Union (EU) integration is, as Article 1, paragraph 2 of the Treaty on European Union (TEU) makes clear, to create ‘an ever closer union among the peoples of Europe’. The EU legal order is therefore shaped to support a dynamic process of European integration. Its legal construct relies on a number of foundational objectives, principles and values – such as equality between participating States and their peoples – that also act as compasses (Section 1.1). The ambitious nature of the process, going well beyond a simple form of economic collaboration among States, distinguishes it from other forms of regional integration while enabling multiple interactions with non-member States and other organisations (Section 1.2). This first chapter stresses that the legal specificities of the EU legal order are best understood in light of its ongoing process of change, constantly seeking to better match evolving political goals with an appropriate legal machinery (Section 1.3). The resulting decisive changes and predominant features of the EU legal order are first and foremost crystallised in the primary legal framework on which it relies, in the form of the two main treaties shaping the EU.