Gerard and Sylvia love cakes and have recently decided to buy a cake shop from George.

Gerard and Sylvia register a company "Cakes Pty Ltd" with the Australian Securities and Investments Commission.Gerard is listed as a Director and his mum, Sarita, is listed as the company secretary.

On the day of signing the contract to buy the cake shop from George, Gerard stamps the contract with the Cakes Pty Ltd company seal and signs as a witness.The other witness is Sylvia.

A few days pass and George thinks he should have not sold his cake shop.He now wants it back.

Is George bound by the contract?Provide reasons for your answer. You must cite relevant Australian case law and the Corporations Act 2001 (Cth).

Use IRAC(Issue, Rule, Application, Conclusion) method to answer.