Is motorbikes pty ltd bound by the contract

Reference no: EM131976584 , Length: word count:1500

QUESTION 1

Michelle and Tim are passionate about motorbikes. In fact, they own a company called Motorbikes Pty Ltd. Michelle is a Director and Tim is the company secretary. They buy and sell motorbikes and repair them.

John wishes to sell his motorbike. John approaches Tim and Tim agrees to purchase John's motorbike for $5,000. Tim and Michelle both sign the contract to purchase John's motorbike.

Two days later, Michelle thinks they have paid too much for John's motorbike and wants to get out of the contract.

Is Motorbikes Pty Ltd bound by the contract? Provide reasons for your answer. You must cite relevant Australian case law and the Corporations Act 2001 (Cth). Do not discuss contract law.

QUESTION 2

Gerard and Sylvia love cakes and have recently decided to buy a cake shop from George.

Gerard and Sylvia register a company "Cakes Pty Ltd" with the Australian Securities and Investments Commission. Gerard is listed as a Director and his mum, Sarita, is listed as the company secretary.

On the day of signing the contract to buy the cake shop from George, Gerard stamps the contract with the Cakes Pty Ltd company seal and signs as a witness. The other witness is Sylvia.

A few days pass and George thinks he should have not sold his cake shop. He now wants it back.

Is George bound by the contract? Provide reasons for your answer. You must cite relevant Australian case law and the Corporations Act 2001 (Cth). Do not discuss contract law.

Reference no: EM131976584

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Reviews

len1976584

5/9/2018 3:43:07 AM

5. The total assignment word limit is 1500 words excluding footnotes. 10% over is the limit. Responses more than this may be penalised by the deduction of up to one-half of one of the marks awarded for every 100 words by which the response exceeds the limit. There will be no reward given for short answers, other than the good will of the marker. 6. Attention to presentation, expression, and the correct citation of cases, statutes and secondary sources will be rewarded. Use a recognised and consistent referencing style. Footnote your response on a page by page basis. Do not include a bibliography.

len1976584

5/9/2018 3:42:56 AM

INSTRUCTIONS: Submission requirements: 1. This assignment counts for 25% of your final marks in this subject. 2. This assignment is due in by 9 am Monday 7. 3. An essay submitted after the due date without an extension having been granted attracts a penalty of 5% per day (or part thereof) of the marks available for the task. No marks will be given for an essay submitted after any response to this assignment has been marked and returned to any member of the class. 4. The Subject Learning Guide sets out the policy on the granting of extensions. Please note that if you are unable to submit your essay by the due date you should consult your tutor beforehand to see if there are grounds for an extension. Extensions will only be given for very good reasons, normally only medical grounds or other serious interruptions in your ability to work. They are not granted for reasons that were reasonably foreseeable at the time of enrolling in the subject.

len1976584

5/9/2018 3:42:44 AM

1. DONOT DISCUSS CONTRACT LAW 2. USE IRAC METHOD TO SOLVE QUESTION - ISSUE, RULE, APPLICATION AND CONCLUSION 3. ALL SOURCES AND LAWS TO BE AUSTRALIAN 5.The total assignment word limit is 1500 words excluding footnotes. 10% over is the limit. Responses more than this may be penalised by the deduction of up to one-half of one of the marks awarded for every 100 words by which the response exceeds the limit. There will be no reward given for short answers, other than the good will of the marker. 6.Attention to presentation, expression, and the correct citation of cases, statutes and secondary sources will be rewarded. Use a recognised and consistent referencing style. Footnote your response on a page by page basis. Do not include a bibliography. Don't cite any cases relevant to contract law. use sections from corporation act2001 i think sec 126/127 will be used for q1 not sure

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