In early March 2022, James, a person willing to form a new company started discussing with his friend, Ashton. His objective was to manufacture face masks and finding a suitable office premises, he signed a 20-year lease (worth $100,000) with Jamie as agent of the business.

On April 24, 2022, James and Ashton registered the company named Apex Pty Ltd. The other shareholders of the company were Nabin besides the other members of both James and Ashtons extended family. James becomes the managing director with an agreed salary of $100000, which was $30000 more than other managing directors in a similar company. Ashton becomes the director and the sales manager of the company.

One year later, Nabin came to know that James salary was high, and he knew that but did not inform this to anyone. Further, the company has now found land with less price and so, is not willing to proceed with the 20-year lease signed by James before registration of the company.

REQUIRED:

Discuss the following matter [referring to the Corporations Act 2001 (Cth) and cases].

Discuss who is James in the above scenario before registration of the contract and under the Corporations Act 2001 (Cth) who will be liable to perform the contract. Site all the relevant cases. You must follow the 4-steps process to answer this question.