Business Law for Commercial Bank of Australia- MyAssignmenthelp

Question: Discuss about theBusiness Law for Commercial Bank of Australia. Answer: According to Justice Mason, the bank did not do any unconscientious bargains because the bank relied on Vincenzo Amadio and understood that he had explained the memorandum of mortgage to his parents. Although, the bank should have disclosed the matters to the parents but since misrepresentation is not established, there is no evidence that bank made unfair use of its power and position. Justice Mason explained that the parent can get relief on the ground if the bank is found guilty of unconscionable conduct and using undue influence in procuring mortgage guarantee from the parents (ACL, 2017). Justice Dean on the other hand had evidences establishing that the relations between Amadio Builders and bank was unusual. Vincenzo Amadio was the biggest customer and the banks interest in getting mortgage was to get security if the company failed. Mr. Vigor, the manager of the bank had good relations with Vincenzo Amadio and he took advantage of the disability and lack of understanding of the elderly couple. The elderly couple was unaware or misinformed about the potential liability of their sons company, hence they agreed to sign for mortgage. Mr. Vigor purposely concealed the facts of the company which he was bound to reveal. Hence according to Justice dean this was an act of unconscionable conduct on the part of the bank (AustLII, 2017). References ACL, 2017. Commercial Bank of Australia v Amadio: (1983) 151 CLR 447; [1983] HCA 14. [Online] Available at: https://www.australiancontractlaw.com/cases/amadio.html AustLII, 2017. Commercial Bank of Australia Ltd v Amadio [1983] HCA 14; (1983) 151 CLR 447 (12 May 1983). [Online] Available at: https://www.austlii.edu.au/au/cases/cth/HCA/1983/14.html