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Corporation Law

Assignment Requirements
 
Homework Assignment 1 – CLAW 6002 – Due 11pm Friday 5 September 2014, Blackboard
Tim and Olivia are successful nightclub entrepreneurs who decided to start a company called Sounds Ltd three years ago. Tim is one of five directors on the board of Sounds, which operates on the basis of the Replaceable Rules in the Corporations Act 2001, though it has an extra clause in its constitution which states that approval is required from the Board of Directors in the case any contract with a value of $1.5million or more is entered into. Sounds has never officially appointed a Managing Director (MD), although Tim has been acting as if he was the company’s MD for a while now, having business cards made up which stated his title was ‘Managing Director – Sounds Ltd’, and entering into contracts on behalf of the company. The rest of the Board discussed Tim’s behaviour informally nearly a year ago and all agreed that they were happy for this state of affairs to continue as they thought Tim was on a roll, and they did not want to cramp his style or the company’s prospects.
Sounds had recently decided to survey the Sydney karaoke market as the company perceived a lack of ultra cool spaces in the city where international students could belt out their favourite foreign love songs. Sounds’ latest project under development, the Sydney Karaoke Super Club, had been coming along nicely, however the board was concerned by the fact that other projects recently completed by Tim and Olivia had run into difficulties, with poor cash flows and a failure to pay debts on time. The board had therefore been encouraging staff across the company to focus on minimising expenditures wherever possible to ensure profitability for shareholders.
Tim had recently been in negotiations with Audiophiles Ltd for a contract worth $1 million per year for the fitout of the Sydney Super Club’s sound system, which was so impressive it would take 2 years to gradually install and perfect. Audiophiles’ MD Mr Kaza had profitably dealt with the company before even though he was unsure of Tim’s exact position. Given this was the biggest contract he had signed to date with Tim this made Mr Kaza a little nervous, especially since he had recently heard word that Tim was becoming a bit of a ‘cowboy’ in the industry and that recent deals he had made had gone bad. Nevertheless, he was reassured by Tim that everything would be okay and that he had the authority to sign for the company, so relying on Tim’s word and his business card, he signed the contract.
Meanwhile, Olivia had been busy organising a centrepiece statement bar which was made of all different types of beverages frozen into little bricks, and stacked into a colourful pattern from which drinks were to be poured. She asked Sounds’ CFO Dwayne to negotiate a contract with Bill’s Bar Manufacturers in Melbourne for the centrepiece. Olivia told Dwayne and Bill, the MD of Bill’s, that Dwayne could negotiate and sign a contract binding the company up to $1.5 million. Dwayne negotiates a contract for $1.3 million before meeting with Bill at Sounds’ offices to sign the contract late one Friday evening. The pair walk into the boardroom and see three of the directors of Sounds having a quiet scotch. When Dwayne introduces Bill and explains what he is signing and that Olivia had given him authority to do so, the directors simply smile and continue their conversation. Since then the board has found out from one of their contacts that another specialty bar maker in Brisbane could make the same bar for under $1million.
One beverage supplier’s popular brand of alcohol is so powerful it does not freeze, and must be placed in other containers. Hearing from other employees that the board was concerned with the expenses the pair were incurring, Tim and Olivia authorise the use of coloured plastic storage boxes purchased from a local $2 shop to dispense the alcohol in an effort to keep costs down. The cheap plastic lining inside the boxes disintegrates under the influence of the alcohol, and several partygoers at the opening night become violently ill after consuming unspecified quantities.
Advise the board as to whether Sounds Ltd will be bound by the contracts with Audiophiles and Bill’s Bar Manufacturers, and whether it might face any other potential liability for the actions of Tim and Olivia.
Checklist:
o No more than one (2) A4 pages (including references)
o Typed in 12 point Times New Roman or Calibri font
o Character spacing: ‘Scale’ set to 100%, ‘Spacing’ at ‘Normal’ o Single‐spaced
o Page margins of 2.5 cm (left, right, top and bottom)
o Student number at the top right corner
o File name set out as follows: SID/Unit of Study/Assignment Number/Semester, Example: 123456789CLAW6002HA1S2
Note: Consider the common law and statutory positions fully in your discussion of the contracts with Audiophiles and Bill’s. Do not consider issues relating to criminal liability in your answers.
Homework Assignment 1 – CLAW 6002 – Due 11pm Friday 5 September 2014, Blackboard
Tim and Olivia are successful nightclub entrepreneurs who decided to start a company called Sounds Ltd three years ago. Tim is one of five directors on the board of Sounds, which operates on the basis of the Replaceable Rules in the Corporations Act 2001, though it has an extra clause in its constitution which states that approval is required from the Board of Directors in the case any contract with a value of $1.5million or more is entered into. Sounds has never officially appointed a Managing Director (MD), although Tim has been acting as if he was the company’s MD for a while now, having business cards made up which stated his title was ‘Managing Director – Sounds Ltd’, and entering into contracts on behalf of the company. The rest of the Board discussed Tim’s behaviour informally nearly a year ago and all agreed that they were happy for this state of affairs to continue as they thought Tim was on a roll, and they did not want to cramp his style or the company’s prospects.
Sounds had recently decided to survey the Sydney karaoke market as the company perceived a lack of ultra cool spaces in the city where international students could belt out their favourite foreign love songs. Sounds’ latest project under development, the Sydney Karaoke Super Club, had been coming along nicely, however the board was concerned by the fact that other projects recently completed by Tim and Olivia had run into difficulties, with poor cash flows and a failure to pay debts on time. The board had therefore been encouraging staff across the company to focus on minimising expenditures wherever possible to ensure profitability for shareholders.
Tim had recently been in negotiations with Audiophiles Ltd for a contract worth $1 million per year for the fitout of the Sydney Super Club’s sound system, which was so impressive it would take 2 years to gradually install and perfect. Audiophiles’ MD Mr Kaza had profitably dealt with the company before even though he was unsure of Tim’s exact position. Given this was the biggest contract he had signed to date with Tim this made Mr Kaza a little nervous, especially since he had recently heard word that Tim was becoming a bit of a ‘cowboy’ in the industry and that recent deals he had made had gone bad. Nevertheless, he was reassured by Tim that everything would be okay and that he had the authority to sign for the company, so relying on Tim’s word and his business card, he signed the contract.
Meanwhile, Olivia had been busy organising a centrepiece statement bar which was made of all different types of beverages frozen into little bricks, and stacked into a colourful pattern from which drinks were to be poured. She asked Sounds’ CFO Dwayne to negotiate a contract with Bill’s Bar Manufacturers in Melbourne for the centrepiece. Olivia told Dwayne and Bill, the MD of Bill’s, that Dwayne could negotiate and sign a contract binding the company up to $1.5 million. Dwayne negotiates a contract for $1.3 million before meeting with Bill at Sounds’ offices to sign the contract late one Friday evening. The pair walk into the boardroom and see three of the directors of Sounds having a quiet scotch. When Dwayne introduces Bill and explains what he is signing and that Olivia had given him authority to do so, the directors simply smile and continue their conversation. Since then the board has found out from one of their contacts that another specialty bar maker in Brisbane could make the same bar for under $1million.
One beverage supplier’s popular brand of alcohol is so powerful it does not freeze, and must be placed in other containers. Hearing from other employees that the board was concerned with the expenses the pair were incurring, Tim and Olivia authorise the use of coloured plastic storage boxes purchased from a local $2 shop to dispense the alcohol in an effort to keep costs down. The cheap plastic lining inside the boxes disintegrates under the influence of the alcohol, and several partygoers at the opening night become violently ill after consuming unspecified quantities.
Advise the board as to whether Sounds Ltd will be bound by the contracts with Audiophiles and Bill’s Bar Manufacturers, and whether it might face any other potential liability for the actions of Tim and Olivia.
Checklist:
o No more than one (2) A4 pages (including references)
o Typed in 12 point Times New Roman or Calibri font
o Character spacing: ‘Scale’ set to 100%, ‘Spacing’ at ‘Normal’ o Single‐spaced
o Page margins of 2.5 cm (left, right, top and bottom)
o Student number at the top right corner
o File name set out as follows: SID/Unit of Study/Assignment Number/Semester, Example: 123456789CLAW6002HA1S2
Note: Consider the common law and statutory positions fully in your discussion of the contracts with Audiophiles and Bill’s. Do not consider issues relating to criminal liability in your answers.
 
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