78220 Commercial Equity
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Subject handbook information prior to 2017 is available in the Archives.
Credit points: 6 cp
Result type: Grade and marks
Requisite(s): ( 78101 Postgraduate Legal Research OR ((22 credit points of completed study in spk(s): C07122 Graduate Diploma Legal Studies OR 22 credit points of completed study in spk(s): C04264 Master of Legal Studies)) OR ((94 credit points of completed study in spk(s): C04236 Juris Doctor OR 142 credit points of completed study in spk(s): C04250 Juris Doctor Master of Business Administration) AND 70106c Principles of Public International Law AND 70107c Principles of Company Law) OR (94 credit points of completed study in spk(s): C04320 Juris Doctor Graduate Certificate Professional Legal Practice AND 70106 Principles of Public International Law))
The lower case 'c' after the subject code indicates that the subject is a corequisite. See definitions for details.
There are course requisites for this subject. See access conditions.
Anti-requisite(s): 78221 Commercial Equity
Description
This subject considers the interplay between legal issues that commonly arise during complex commercial disputes, with a focus on three key themes: the notion that equity is storming the citadels of commerce; the use of the trust as an alternative to the corporate form to hide income and assets; and equitable remedies in the wake of failed commercial arrangements.
The subject examines the role that equitable doctrines, particularly fiduciary obligations, play in common commercial situations. The reach of equitable doctrines and their relationship with contractual, tortious and statutory duties are considered within a series of commercial scenarios involving company executives, professional agents, and advisers in commercial trusts, joint ventures and partnerships. The subject discusses the role of equity in a practical and realistic commercial context.
In this subject, students learn in four intensive full-day sessions on campus, collaborating with other students in discussion and problem-solving activities, and preparing and presenting lightning talks. Students research and write an essay on a choice of topics in commercial equity, view online webinars and TEDTalks, read materials posted to UTSOnline, and contribute to an end of session quiz. This subject is taught by academics and guest lecturers who specialise in this area of law.
Subject learning objectives (SLOs)
Upon successful completion of this subject students should be able to:
| 1. | Identify and explain the complexities of case law, legislation and scholarly literature dealing with equity in commercial law, at an advanced and integrated level that is informed by professional practice; |
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| 2. | Distinguish and evaluate the legal and commercial factors that influence the resolution of disputes in different jurisdictions; |
| 3. | Articulate professionally and persuasively legal arguments that reflect the unsettled nature of equitable principles and their relationship with statute. |
| 4. | Critically, strategically, and creatively analyse how equitable doctrine relates to other areas of legal study and practice, including use of trusts and recognition of commercial fiduciary obligations |
| 5. | Critically, strategically, and creatively analyse issues that emerge from the relationship of equitable doctrine and the use of smart contracts in financial transactions and digital currencies. |
Course intended learning outcomes (CILOs)
This subject also contributes specifically to the development of the following graduate attributes:
- Legal Knowledge
An advanced and integrated understanding of a complex body of legal knowledge including the Australian legal system, social justice, cultural and international contexts, the principles and values of ethical practice, and contemporary developments in law and its professional practice (1.0) - Critical Analysis and Evaluation
A capacity to think critically, strategically and creatively including an ability to identify and articulate complex legal issues, apply reasoning and research to generate appropriate theoretical and practical responses, and, demonstrate sophisticated cognitive and creative skills in approaching complex legal issues and generating appropriate responses (3.0) - Research Skills
Well-developed cognitive and practical skills necessary to identify, research, evaluate and synthesise relevant factual, legal and policy issues and demonstrate intellectual and practical skills necessary to justify and interpret theoretical propositions, legal methodologies, conclusions and professional decisions (4.0) - Communication and Collaboration
Effective and appropriate professional communication skills including highly effective use of the English language, an ability to inform, analyse, report and persuade using an appropriate medium and message and an ability to respond appropriately (5.0)
Teaching and learning strategies
Strategy 1: Students’ Preparation for Learning
Students read cases and articles and listen to TedTalks and similar online resources before attending seminars to prepare for collaborative discussion and analysis of issues in commercial equity.
Preparation for each seminar is approximately 20 minutes plus selected reading or viewing of online content.
Strategy 2: Learning though Seminar Discussion, Lightning talks and Collaborative Activities
Each week, students will engage in discussion and oral presentations (including Lightning Talks) on various aspects of legal issues arising from disruptive technologies, with immediate feedback. Lightning Talks are 2 minute introductory presentations delivered by students for the benefit of the whole group. They are popular in Business and Information Technology conferences. This an activity ensures that everyone in the class has a fundamental understanding of some key terms and concepts, before embarking on deeper engagement with contentious debate or critical analysis in the scholarship or judicial decisions on the topic.
Students are allocated their Lightning Talk topic at least one week prior to presentation. Students will be given guidance as to the best resources for their research.
Students will be invited to draft a practice Lightning Talk in their preparation week, based on an exemplar provided via UTSOnline. All students who provide a draft Lightning Talk will receive feedback about their draft version, before they embark on preparing and presenting the assessable version (based on a new topic).
These presentation and distillation skills are important because lawyers need to be able to explain or summarise complicated concepts into brief descriptions in plain English so that they may readily be understood their client or the bench. It is also important for students to acquire and improve presentation and public speaking skills.
Collaborative in-class activities will include hypothetical problem solving based on real cases; ranking certain types of conduct in order of severity; and drafting in teams submissions for one of the parties in a case with a number of types of breach of fiduciary obligations and equitable remedies.
Strategy 3: Online learning
In Week 1 of the Session, students will be invited to listen to a webinar – “Why Equity” - that explores some key themes in this subject, followed by a guided discussion via an online discussion forum. This initial activity will preface the first face-to-face seminar and is not assessable. UTSOnline is where students access material for self-directed learning and engage in student-led discussion on key topics. Throughout the session, students can share their questions and ideas on this open discussion forum, with prompt guidance and contributions from the Subject Coordinator.
Strategy 4: Ongoing Feedback
In Week 2 of the Session, students will be invited to choose a Lightning Talk topic, which they will prepare and present during one of the four on-campus seminars. Students will receive structured individual feedback on a non-assessable practice Lightning Talk by Week 3 of the session, prior to embarking on the assessable version that they will present. Structured feedback is provided individually and to teams within the seminar group. Students will be invited to prepare draft Lightning Talks in the first week. There will be formative assessment tasks, self-assessment tasks and oral presentations where students will receive feedback from the lecturer and their peers, as well as formal assessments. Detailed guidance as to the assessment criteria and the provision of timely feedback will form an important part of the learning process.
Subject Delivery:
Commercial Equity is delivered by way of preparatory activities, seminars held on campus throughout the session, and discussion via UTSOnline. Each of the four seminars is delivered on Saturdays during the session and are divided into three topics per seminar.
Content (topics)
- History of fiduciary obligations in commercial arrangements
- Directors’ duties
- Third party liability issues in commercial disputes
- Unjust Enrichment
- Corporate opportunity doctrine
- Equitable Tracing including into digital currency transactions on blockchain networks
- Defences to Fiduciary Claims
- Causation in Equity
- Clean hands in commercial disputes
- Bribes and secret commissions
- Trusts as an alternative to other commercial arrangements
- The relationship between Equity and Statute
Assessment
Assessment task 1: Attendance; Preparation, Participation; and Presentation of Lightning Talk
| Objective(s): | This task addresses the following subject learning objectives: 1 and 4 This task contributes specifically to the development of the following graduate attributes: 1.0, 3.0 and 5.0 |
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| Weight: | 20% |
| Length: | 1,000 words (nominal) |
| Criteria: | Preparation, Attendance and Participation:
The total possible mark for attendance, preparation, and participation is 10% of the final mark in this subject. Students will receive feedback during each tutorial, particularly in relation to the way that activities were undertaken and the outcomes achieved by discussion groups and the class as a whole. Presentation of a Lightning Talk:
The total possible mark for the Lightning Talk presentation is 10% of the final mark in this subject. Feedback and the mark for this task will be provided in writing immediately after the presentation. The marking criteria feedback sheet for Lightning Talks will be available at the start of the session in the Learning Guide for this subject. Self-assessment for Assessment Task 1 - students will be invited to complete and submit a self-assessment sheet at the end of the session. The self-assessment criteria and form will be available at the start of the session in the Learning Guide. |
Assessment task 2: Mid-session Essay
| Objective(s): | This task addresses the following subject learning objectives: 1 and 3 This task contributes specifically to the development of the following graduate attributes: 3.0, 4.0 and 5.0 |
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| Weight: | 40% |
| Length: | 2,000 words |
| Criteria: | The assessment criteria feedback sheet will be provided in the Learning Guide. The criteria are as follows:
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Assessment task 3: Take home exam. Mix of quiz-style and short answer questions, as well as a brief reflective statement task
| Objective(s): | This task addresses the following subject learning objectives: 1, 2, 3 and 4 This task contributes specifically to the development of the following graduate attributes: 1.0, 3.0 and 5.0 |
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| Weight: | 40% |
| Length: | 2,000 words |
| Criteria: | The exam will be assessed on:
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