Advise the parties/entites of their respective legal rightsand liabilities, referring to relevant legislation and cases.

Question S marks Adam, Brenda, Cindy, Devaki and Ewan are enthusiast stamp collectors and want to start an online business that buys and sells historical stamps from around the world. They decide to set up a company to do this. All five agree to put in $5,000 each to buy equal shares in the company. Adam and Brenda are assigned to put in an application to ASIC to register a company called Stamp World Pty Ltd ('Stamp World'). Cindy is to look into getting a web design company to design a website and get a quote. She visits Web Solutions Pty Ltd in Elizabeth Street and the salesman spends some time showing her various web design packages. Cindy is very impressed with the 'Super Delux' package but is a little concerned about the $8,000 cost. The salesman informs her, however, that they currently have a 25 per cent sale on that package, but that it finishes at 6 pm that day. Cindy excitedly calls Adam from the store to get his thoughts, as Adam has been the driving force