give me and example using thisQuestion 1 Mohammed and Gary decide to form a company called Brady Pty Ltd for the purpose of selling used Rolex watches. Mohammed and Gary arrange for a number of their friends to invest in the company. In addition, Mohammed and Gary agree they will each sell their personal Rolex watch collection to the company for $100,000 and $250,000, respectively. They had previously purchased the watches for $150,000 and 200,000, respectively. Prior to forming the company, Mohammed meets his friend Irina who says that she needs money and wants to pawn her diamond Rolex watch. Mohammed said that he would be happy to buy the watch in the name of the company. They agree to a contract whereby the yet-to-be-formed Brady Pty Ltd will purchase the watch from Irina for $1,000,000. Shortly after the discussion with Irina, the company is formed. The directors of the company are Mohammed, Gary and their friends Peter and Sam. At the first board meeting, Mohammed and Gary exclude themselves from the meeting and Peter and Sam agree that the company should purchase both Mohammed's and Gary's collection of Rolex watches for $100,000 and $250,000, respectively. REQUIRED: (a) If the fair market value of the watches are the original purchase price of $150,000 and $200,000, have the directors in approving the purchase breached their duty as a promoter in approving the prices paid to buy the watches. (b) Can Irina enforce the contract for the purchase of her diamond Rolex watc