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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 Assignment
2 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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