George and Li Shan Shan are operating a hair dressing business. They decide to form a company because their business is expanding rapidly. When the company is formed it is to be called Look Good Hair Styles Ltd. George is tasked with the duty of procuring equipment prior to the formation of the company. Fortunately, some very cheap but efficient hair dressing equipment comes into the market. The equipment is being sold by a company called Gregs Supplies Ltd. George enters into a contract with Gregs Supplies Ltd on the understanding that the equipment will be paid for by Look Good Hair Styles Ltd once that company is incorporated. Look Good Hair Styles Ltd is subsequently incorporated with five people as the first shareholders, including George and Li Shan Shan. Unfortunately for George, at the first shareholders meeting, a resolution to adopt the contract that he had signed with Gregs Supplies Ltd is defeated. Advise George of the type of contract that he has entered into and its consequences. Include in your advice any possible remedies that George may have access to in these circumstances.