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Question 1 – 10 Marks 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...

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Question 1 – 10 Marks

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 – 15 Marks

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.

Answered Same Day May 06, 2020 LST2LBA La Trobe University

Solution

Abr Writing answered on May 09 2020
135 Votes
Running head: Business Association Law
Business Association Law
Business Association Law
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Legal corporation rules and regulations are the traditional rules determining the content, validity and relationship of agreements between two or more individuals, companies or institutions in many instances, in the terms of providing the deal of products, the services, the trading of ownership and concerns. This is a law that regulates what results when a contract collapses. In the matter of a disagreement, the terms of the agreement are determined. For this study, there are two issues that need to be resolved. In addition, this article attempts to answer these two questions using IRAC procedure (Issue, Rule and regulation, Applications, and Conclusion) to answering the questions. An assertion is a certification or a plan of ensures that is legitimately official. In these su
oundings a certification is an undertaking by one individual to achieve something or abstain from achieving something in the event that another person achieves something or does without achieving something or makes an assurance subsequently. An assurance or set of certifications will be legitimately official if certain criteria are met. In Australia this requires there be an affirmation (counting an offer and affirmation), thought, intend to make legal relations, consistence with any genuine traditions and that the social occasions have the legal capacity to contract. Most land at a trademark end in view of the social affairs playing out their individual duties. The necessities for 'execution' to discharge lawfully restricting responsibilities are discussed in this portion. An understanding may similarly land at an end by affirmation between the social events or on account of the
eak of assertion by one of the get-togethers. Finally, a frustrating event may shield parties from executing as orchestrated and this may have the effect of consummation an understanding.
Solution 1
Is Moto
ikes Pty Ltd bound by the contract?  Provide reasons for your answer.  You must cite relevant Australian case law and the Corporations Act 2001 (Cth)
Issue
In the case of John and Motorcycle Private Limited, it is understandable that both parties have an issue with the agreement. The motorcycle owner John is close to Tim. John is the administrator of his company which he owned with Michelle. Now Tim settled to pay $5,000 for the motorcycle, and later the settlement, Tim and Michelle signed a contract to buy a motorcycle .After some time Michelle, who signs the agreement, wanted to get rid of the agreement and thought that they paid a lot for the motorcycle. Thus, from the prior circumstances either Michelle can
each the contract or not (Corporation Act 2001).
Law
As described in the preface, an agreement is supposed to be a contract between 2 or more individuals or parties that can be legally enforced. In our instance, we have two parties, one is the owners of Motorcycle Private Co., Ltd. Michel &Tim and other is motorcycle owner John. In addition, both parties assume the statutory obligations that they must...
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