Bang Up Car Repair Inc. is a closely held corporation. Howard, Penny, Leonard and Sheldon are the shareholders. Howard owns 70% of the shares and the other three each hold 10%. Howard, Penny and W11 (a local accountant) sit on the board of directors. Together, Leonard and Penny operate the business. Leonard deals with the actual repair work and manages the repair shop, while Penny oversees the entire business. Answer the following questions. Make sure you identify the area of law or legal principles that are relevant to each situation, define the applicable law and apply it to Bang Up's circumstances. Include remedies and defences for each situation. 1) Leonard and Penny discuss the need to purchase some new equipment for the repair shop. In particular, Leonard says that they need a new hoist (that raises the cars in the air, so that the mechanics can work on the underside of the car). The current one they have is not able to support a lot of the new larger size SUV's and trucks. Leonard and Penny head over to Machine Art Inc. a commercial business that supplies large equipment to car repair businesses. A gentleman wearing a name tag reading \"Stewart, Art Specialist\" approaches them. Leonard describes his needs with respect to the hoist to Stewart, who in turn recommends the \"Hoist-a-Matic.\" He says, \"In my opinion, the Hoist-a-Matic is by far the best in the industry.\" Penny is concerned about the price, but Stewart assures her that it is worth it. Penny writes a cheque and signs a purchase order. The hoist is installed, but within a week, Leonard realizes that while the hoist works well, it is still not strong enough to lift the bigger vehicles. What are the rights and obligations of the parties