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LST2LBA Law Of Business Association

tag 0 Download 7 Pages / 1,505 Words tag 09-07-2021


Question 1

William is bankrupt and therefore cannot act as a director of a company.  Nevertheless, he does so.  Harry is the managing director of the same company. Harry gives William a letter addressed to the other party to the contract saying that that William has authority to enter into a contract.  Harry, however, privately tells William that he is only to negotiate the contract, but is not to enter into it. Nevertheless, William signs the contract as agent of the company.  

a.Is the company bound by the Contract? Provide reasons for your answer.

b.Would it make any difference to your answer if Harry were only acting as managing director, never having been appointed to the position?

Question 2

Maria is one of two directors and shareholders of a company.   David is the other director and shareholder.  Maria wants to borrow $100,000 for both the company and for private purposes from a bank.  She borrows the money in her own name, but the bank wants a guarantee from the company.  She knows David will refuse to do so, so she signs the guarantee ‘Maria, director’ and writes ‘David, director’ in writing that is dissimilar to her own.  If Maria fails to meet payments under the loan agreement, can the bank enforce the guarantee against the company?

First, revise your understanding of how to answer problems.  This has been addressed in Tutorials and resources are available on the LMS to support you.  

Then, from your lecture notes, tutorial answers and textbook reading:

1.Make a list of the ways by which companies can make contracts.

2.Make a second list of the techniques the law uses to deal with issues arising in the making of contracts (e.g, fraud, forgery, acting outside authority, failures to appoint)

3.On your first list, indicate which techniques in the second list are used in what circumstances.

4.For each such circumstance, work out what procedure the law uses to resolve the issue. Some books provide  suggested procedures.

5.Check what you have found out by looking what some different textbooks say.  Check that you have correctly understood sections in the Act and whatever cases might be relevant.

6.Read one of the questions and work out the story (what happens).  

7.Choose which way of making a contract is involved.

8.Determine what issues in that way of making a contract are raised in the question.  

9.Use the procedure you have worked out for that issue to indicate how a Court might resolve the problem.

10.Write a response to the question using your procedure.

11.Go back over the answer and check you have all the elements of a good answer: a defined issue, a statement of the relevant law, an application of the law to the facts and a conclusion assessing what a Court might do.

12.Repeat steps 5-10 for the next question.

13.Check expression, citation etc.  Ensure there is nothing in your answer that would be considered plagiarism.

14.Proof read your response, comply with all formalities (Cover Page has required details, Statement of Authorship is attached, Extension form is attached if necessary) and hand in the assignment according to the Instructions.

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