1. Assume that the corporate constitution of Masks R Us Pty Ltd authorises the directors to purchase up to $50,000 of stock per month. Last month, Tom purchased company stock for the month to the value of $100,000 twice the usual purchase amount. When the invoice arrived at the company, the chief financial officer refused to pay the supplier or allow the company to take delivery of the stock.

Explain who is liable for payment of the $100,000 invoice? Use a relevant precedent to support your answer.