LAWS350 Introduction To Commercial Law

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LAWS350 Introduction To Commercial Law

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LAWS350 Introduction To Commercial Law

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Course Code: LAWS350
University: Victoria University Of Wellington

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Country: New Zealand


You are working as a Business Consultant with Global Investement Limited and have been instructed by your manager to advise a client on investments in New Zealand.
The client, a Maori investor based in England and familiar with the Common Law, wishes to invest in a British retail company to expand its business selling electrical products in New Zealand. The investor has been invited to be a director of the New Zealand entity but is fearful of his liabilities. He was told that New Zealand adopts the Common Law.
He has read about the ill fate of DSHNZ (DSHNZ Limited (37602) (In Receivership and in Liquidation) which was placed into liquidation in 2016. The client would like to know whether the liquidators can claim against the directors for the company’s debts and if the client chooses to be a shareholder but not a director, will he be liable for the company’s debts.
As an alternative to investing in the British company, the client has been verbally invited to  joint venture in a herbal business proposed by M Incorporation, an entity registered as a Maori Incorporated, who has received significant land allocation from the goverment of New Zealand. The client would like more details on the following:
legal requirements for the oral joint venture agreement to be legally binding.


The joint venture is a relationship of two or more than two people on the basis of written contract or oral contract who join the asset, properties, information, experience, talent, moments and the sources in search of the specific projects or task, regularly approving to the profit share and the loss and each having some level of control over undertaking or venture. Most agreements may be and are conducted orally like buying the can drink or stationery. The oral agreement between two people may create the legal binding contract as long as the goods or services given are lawful. Though, certain contracts need substantial proof, written papers, such as buying the house from time to time written contracts are necessary by the any party or by legal laws in various authorities. 
Oral joint venture agreements may rise to some extent inconvenient question for the court stimulating with evaluating the justification. Even though the statute of fraud prevents the implementation of the oral agreement, which may not be executed in a year, two joint ventures are generally not made for the specific expression and, missing the contract to the nation, may be ended at any period. The courts of New York have normally concluded that the one year proviso of the statute of fraud is restricted to the undertaking agreement is not matter of the statute of fraud (Wijewickrama, et. al, 2016).
In the case of Pittman v. Weber Energy Corp., 790 So. 2d 823 (Miss. 2001), the contract between the people is very essential for the joint venture. However, it is required not be decreased to the official written or still oral formal agreement. It may be incidental from the fact, circumstance and behavior of the contracting persons (Brayden, 2016). However, it cannot be emphasized too strongly that a written agreement is far safer and more efficient. The Statute of Frauds is applicable to joint ventures.  The joint venture not in compliance with statute of fraud is not enforceable. It may not force the fiduciary obligations on the contracting persons. The main objective of the Statute of Fraud is to stop the mistakes.  The statute stops fraud by giving the information to the magistrates and people of what is required to create the contract.  The statute motivates the contracting persons to go after the needs by invalidating those contracts, which don’t conform the provisions of law (Versteven, et. al, 2018).
 Moreover, the agreement making the joint venture should be particular. The contracting person’s use of the unspecified names, taking position by yourself is not proper to make the joint venture. In addition, THE joint venture agreement is considered as invalid and unenforceable, where the object of the joint venture is not legal.  All wagers or conditions created to depend on any race or on any betting by lot or chance, casualty, unidentified or the contingent occasion is not legal (Ozorhon & Oral, 2016). 
Versteven, M., Van den Bergh, J. M., Marcq, E., Smits, E. L., Van Tendeloo, V. F., Hobo, W., & Lion, E. (2018). Dendritic cells and programmed death-1 blockade: a joint venture to combat cancer. Frontiers in immunology, 9(5), 394.
Ozorhon, B., & Oral, K. (2016). Drivers of innovation in construction projects. Journal of Construction Engineering and Management, 143(4), 04016118.
Brayden, D. J. (2016). The challenges and future of oral drug delivery: An interview with David Brayden. Therapeutic delivery, 7(12), 791-794.
Wijewickrama, A., Abeyrathna, G., Gunasena, S., & Idampitiya, D. (2016). Effect of non-steroidal anti-inflammatory drugs (NSAIDS) on bleeding and liver in dengue infection. International Journal of Infectious Diseases, 45(1), 19-20.

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