CLASS PARTICIPATION GROUP WORK EXPLAIN: THEORY BASED QUESTION (NOT IRAC) 1. With reference to CA s 140, EXPLAIN what is meant by the statement that a company's constitution serves as a statutory contract" between the company and its employees 2. Tim and Fiona currently run their online business as a partnership. With reference to legislation, ADVISE them what they would need to do in order to change their business structure from a partnership... to a company. 3. After many years as a sole trader, Susan decided to take her cupcake business to the next level by forming her own company called Susan's Cuppies Pty Ltd. Once registered, she plans to sell the business to the company. After submitting all the paperwork to ASIC and paying the fees, Susan heard back from ASIC that it may take around 4 weeks before the registration is finalised. As luck would have it, Susan found a commercial oven in a local shop which she hopes to use in her business. Afraid she might lose out on the bargain price, Susan agrees to buy the oven and signs the contract in the name of the (yet to be registered company) Susan's Cuppies Pty Ltd. With reference to legislation and case law, ADVISE Susan as to the validity of this contract. ADVISE: PROBLEM QUESTION (IRAC) ADVISE: PROBLEM QUESTION (IRAC)