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MRL2601 Assignment 2 Semester 2 2024 (867625) - DUE 20 September 2024
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MRL2601 Assignment 2 Semester 2 2024 (867625) - DUE 20 September 2024 QUESTIONS AND ANSWERS
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MRL2601 Assignment2 Semester 2 2024
(867625) - DUE 20
September 2024
QUESTIONS WITH COMPLETE ANSWERS
[School]
[Course title]
, MRL2601 Assignment 2 Semester 2 2024 (867625) - DUE 20 September 2024
QUESTION 1
Johannes, Phineas and Beauty are Mnandi CC’s members. Beauty has discovered that
Phineas concluded a contract on behalf of Mnandi CC for the purchase of a yacht
without consent of any of the other members. She is of the opinion that Mnandi CC
should not be bound to the contract because the corporation’s main business is
catering. In addition, she shows you the association agreement which stipulates that
only Johannes is authorised to conclude contracts on behalf of Mnandi CC. Advise
Beauty whether or not Mnandi CC is bound to the contract concluded by Phineas. Refer
to relevant case law in your answer. (5) 5
Question 1
To advise Beauty on whether Mnandi CC is bound to the contract Phineas concluded
for the purchase of a yacht, we need to consider the following legal principles and
relevant case law.
Legal Principles:
1. Authority of Members in a Close Corporation (CC):
o Members of a CC generally have the authority to act on behalf of the
corporation. However, this authority can be limited by the association
agreement.
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