Contract Administration and Business Structures Review

A set of flashcards summarizing key concepts from notes on Contract Administration and Business Structures.

What is the main role of a Contract Administrator?

To manage contracts with customers, subcontractors, and advisers, ensuring customer satisfaction and minimizing disputes.

What are the key elements of Contract Administration?

Understanding applicable laws, dispute resolution mechanisms, and legal risks within the construction industry.

What legislation does construction law encompass?

Includes Fair Trading and Consumer Protection laws, Corporations law, Building codes, and Occupational Health and Safety Law.

What is a Sole Trader?

A business run by an individual, characterized by low cost and full personal liability.

Pros of forming a Partnership?

Low cost and pooling of skills and knowledge.

What is a Company in business terms?

A registered legal entity that is owned via shares and managed by a board of directors.

What is the difference between a Pty Ltd and a Public Company?

Pty Ltd has less than 50 shareholders and is not publicly listed, whereas a Public Company has shares available to the public.

What are some factors to consider when choosing a business structure?

Purpose, liability, duration, cost of formation, capital needs, assets, power and control, taxation, and expansion plans.

What is the origin and characteristic of Common Law?

Originating from England, it is developed through court decisions, where judges create legal principles.

What defines Civil Law?

Originates from Roman Law and is characterized by written comprehensive codes.

What is VCAT?

The Victoria Civil and Administrative Tribunal, which handles a variety of disputes and was created under the Victorian Civil and Administrative Tribunal Act 1998.

What are the divisions of VCAT?

Civil Division, Residential Tenancies Division, Administrative Division, and Human Rights Division.

What advantages does VCAT offer?

Cost-effective, accessible, informal, timely, fair and impartial with consistent decisions.

What powers does VCAT hold?

To order payments or performance of work, return goods, declare contracts unfair, and strike out applications.

What does 'Separation of Powers' refer to?

The division of government into Parliament, Judiciary, and Executive.

How is Australian law primarily sourced?

From legislation and case law.

What are the two main legal systems discussed?

Common Law and Civil Law systems.