Company Law question: (involved promoter and ratification)

Chris set up a new company, Happy Ltd ('the Company') which manufactures medical masks and other sanitation preparations. The Company was incorporated on 1 March 2020. In February 2020, Chris bought a factory for the Company for HK$3 million and signed the contract 'for and on behalf of Happy Ltd'.

At the first board meeting of the Company, Chris and his wife, Alice being directors of the Company ratified the contract. Ken is an accountant and is also a director of the Company. When Ken was conducting an annual review of the accounting statements of the Company, he found out about the purchase of the factory. Overall, Ken thought that the factory did not worth HK$3 million because the factory is located at a remote site.

Advise Ken as to whether the Company can avoid the contract for the purchase of the factory by reference to the relevant case law and/or legislation.