For our exam, it was 2hrs writing time, 30mins reading time. Question 1 (hypothetical) was compulsory, then you could pick between doing Question 2 (another hypothetical) or 3 (pick 3 out of 6 essay-type questions). You get introduced to both types of questions in tutes. For hypotheticals, you are asked to apply law to the given facts. For essay questions, you are asked to discuss a statement which requires more theory-based content (economic concepts, etc).
There was one practice exam which we went through together during the last lecture, and was a good indication of the difficulty of the exam. There is also a revision session a few days before the exam where Arlen takes questions. Make sure you come ready with questions! Arlen dismisses everyone after no one answers his call for questions.
To prepare for the exam, I suggest writing out answers to the practice exam and then compare them to Arlens answers, making sure youve addressed all the points Arlen made. If you have time, also do this for the tute work. Further, make a one page summary (as Arlen suggests) of all the topics. I found it super helpful during reading time.