BSL165 Foundations Of Business Law

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BSL165 Foundations Of Business Law

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BSL165 Foundations Of Business Law

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Course Code: BSL165
University: Murdoch University

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Country: Australia

Question:

Discuss About The Freeman Lockyer Buckhurst Park Properties?

 
Answer:
Introducation

The law of agency is a relationship that is established amid the principal (employer) and an agent (employee) with the core that the agent is the authorised representative of the principal and he must act as per the desires and expectations of the principal. Any act which is conducted by an agent within the authority that is derived from him by the principal will make the principal liable.[1]
However, when the agent is furnishing his actions within the scope of power that is derived by him through the principal it is necessary that there are few duties which must also be catered by such an agent. The duties are extremely important because breach of the said duties results in bringing repercussions upon an agent. Some of the important duties include:
Duty not to make secret profit – Whenever an agent is acting on behalf of the principal and during the course of his actions there are transaction through which an agent can make profit then it is the duty of the agent to pay such profit to the principal. If the agent without informing the principal make monetary gain to himself then it is nothing but a failure of the duty to not to make secret profits and is held in Provincial Insurance AustraliaPty Ltd v Consolidated Wood Products Pty Ltd[2]
Duty to remain the information of the principal confidential – when the agent is acting on behalf of the principal, then there are various information of the principal to which he gets acquainted with. It is the duty of every agent that he must not disclose such information to any person in whatsoever manner unless the principal has allowed him to do so. If the agent reveal such information then it is nothing but the breach of duty and is held in Thornley v Tilley[3].
Duty to act in careful and diligent manner – Every act of the agent must be carried out with utmost care and diligence and is held in Chaudry v Prabhakar[4].
Fiduciary duty –The relationship of an agent and a principal is based on trust and honesty. If the agent acts in any manner that brings loss to the principal or which is detrimental to the interest of the principal then the duty to cat in fiduciary manner is violated by the agent and is held in News Ltd v South Sydney District Rugby LeagueFootball Club Ltd[5].
Thus, these are some of the duties that must be cater by every agent.
 
Application of Law
In the Perth inner city area, the estate agent is Jeremy and he is in the services of Aspirational Developments Pty Ltd where he is selling high-rise units “off the plan”. However, during his course as an agent there are various duties that are breached by him. that is:
Jeremy through his friend gets aware that one of the other developers are in difficulties and thus he is expecting that the units he is selling will become expensive. In order to make profits he purchases three units without informing his principal. He makes profits from the same. It is submitted that he breaches his duty of avoiding conflict of interest and makes secret profits. Thus, as per Provincial Insurance AustraliaPty Ltd v Consolidated Wood Products Pty Ltd, he is under legal obligation to return the profits so made to is principal;
Also, he discloses the confidential information of his principal to many people against a small amo8unt of money. He is duty bound to not to disclose confidential information to any persona and thus by indulging in the said act he has violated his duty as an agent and is held in Thornley v Tilley.
He also violated his duty of care and diligence and his fiduciary duty.
Thus, there are several duties that are violated by Jeremy as rightly held in Chaudry v Prabhakar and News Ltd v South Sydney District Rugby League Football Club Ltd.
Conclusion
Since Jeremy is in violation o several duties as an agent thus Aspirational Developments Pty Ltd has every right to sue Jeremy and claim the secret profits that are earned by him. also, Aspirational Developments Pty Ltd an sue Jeremy for the loss of income that is suffered by Aspirational Developments Pty Ltd because of leak of confidential information to public.
 
Reference List
Tomasic, Roman, Bottomley, Stephen, McQueen, Rob, business Law in Australia, (Federation Press, 2002).
Thampapillai et al, , Australian Commercial Law, (Cambridge University Press, 03-Jul-2015)
A L Underwood v Bank of Liverpool [1924] 1 KB 775.
Chaudry v Prabhakar (1989).
Equiticorp Finance Ltd (in liq) v Bank of New Zealand (1993) 32 NSWLR 50.
Freeman and Lockyer v Buckhurst Park Properties (Mangal) Ltd [1964] 2 QB 480.
Hely-Hutchinson v Brayhead Ltd [1967] 1 QB 549.
News Ltd v South Sydney District Rugby League Football Club Ltd (2003).
Provincial Insurance Australia Pty Ltd v Consolidated Wood Products Pty Ltd (1991) 25 NSWLR 541.
Thornley v Tilley (1925)
[1] Dilan Thampapillai, Vivi Tan, Claudio Bozzi, Anne Matthew, Australian Commercial Law, (Cambridge University Press, 03-Jul-2015).
[2] Provincial Insurance Australia Pty Ltd v Consolidated Wood Products Pty Ltd (1991) Management.
[3] Thornley v Tilley (1925).
[4] Chaudry v Prabhakar (1989).
[5] News Ltd v South Sydney District Rugby League Football Club Ltd (2003).

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