Elizabeth is a major shareholder in Millennial-Relics Pty Ltd. Elizabeth and has noted that the company maintains the old-fashioned memorandum of association which has been prepared for Millennial-Relics Pty Ltd. The objects clause as drafted, limits the objects of the company to the development, manufacture and sale of motor vehicle batteries. Elizabeth believes that the research work that Rahim is doing (and future technology which may be developed as the full implications of Rahims work are realised) may have spinoffs into a number of related areas including dynamos for driver-less electric cars. Elizabeth has spotted an opportunity that may allow the company to enter into a contract with like-minded companies for the development of state of the art dynamos that will be compatible with all types of electric cars. She is however concerned that the narrowness of the memorandum may hamper the companys ability to move into the emerging lucrative area and also the development and commercial exploitation of the dynamos which the companys ongoing research may uncover may not be pursued lawfully. Elizabeth has read that there is no legal reason to have a memorandum or articles, even if they are now called a corporate constitution. The companys research may also expose potentially exploitable products or secret processes in other areas related to artificial intelligence. When Elizabeth raised these concerns with the companys other shareholders, they told her that they had been advised by the lawyers that this was the standard form for their companies, and that there was no cause for concern. Elizabeth is not convinced

REQUIRED: With reference to relevant legal principles use the IRAC legal problem-solving approach to advise Elizabeth of the companys position regarding any new contracts that it may enter in connection with the development of dynamos for driver-less electric cars and also explain how the replaceable rules may be of use to the company in the future.