Walter Jones Case

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Part A:

1. Agency The relationship of agency is usually carried out of a contract. The basis of legality of relationship of agency is usually subject to the common law of con-tract. It can also be implied as where one person(agent) agrees to provide ser-vices or enters into a contract with other person(principle) for the fulfilment of a specified task. This relationship can either be expressed orally or in writing gen-erally giving details of its duration, financial aspects and scope of agent authori-ties and duties.
Duties of an agent
• Duty not to self-deal or make secret profits
An agent may not lawfully make secret profits out of the same transaction he is performing on behalf of principle or may not conduct such practices which …show more content…
Salmon (Defendant) entered into a lease for a hotel. Salmon, while in course of contract with the lessor as to the execution of the lease, was in course of treaty with Meinhard (Plaintiff) due to effect of antici-pated termination of partnership, for the necessary funds. Meinhard and Salmon were involved in a joint venture in regards to the property. Defendant was the manager of the property. Near the end of the lease, Elbridge Gerry became the owner of the property, and he approached Salmon. Two entered into a new lease, which is owned and controlled by Salmon. Salmon did not tell Meinhard about it. When Meinhard found out about the new lease, he de-manded that the lease be held in trust as an asset of the venture between old partners, which Salmon refused.
It was then held by the court of law, that Salmon owed a fiduciary duty towards Meinhard being a partner, which included Salmon a duty to inform Meinhard about the new lease opportunity. The court further held that salmon was obli-gated by duty of loyalty towards Meinhard to share profits with the venture.
Therefore, a partner has a fiduciary relationship with other partners under which they are bound to act in a good faith and interest of other …show more content…
Rule • A company is a separate legal entity upon its registration by the Australian Securities and Investments Commission (ASIC), acting as a separate arti-ficial person at its own.
• A company is a separate legal entity acting at its own which gives protec-tion to directors under the concept of corporate veil of limited liability. Salomon v Salomon & Co Ltd [1897] AC 22 (UK)
• The court can lift the corporate veil where a company is used as a vehicle for fraud. Re Darby[1911] 1 KB 95
• The duty of director is to act in good faith of the company(fiduciary duty) as well as its subsidiaries. He must act in best interest of the company. Greenhalgh v Arderne Cinemas Ltd [1951] Ch 286
• Corporate social responsibility is another duty of the director to act in best interest of its shareholders and in case of insolvency towards company’s creditors as well.
• Lifting of corporate veil due to direct control of the holding company over subsidiary leading to its insolvency.
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