Jerry is the managing director of Little Boat Pty Ltd ("Little Boat").The constitution of Little Boat provides that the managing director cannot enter into any contract with a value in excess of $100,000 without the board first passing a resolution.Which of the following is incorrect?

Select one:

a.The constitution could be enforced by Jerry as he is a director of Little Boat.

b.Little Boat is a proprietary company and must have at least one director ordinarily resident in Australia.

c.ANY contract entered into by Jerry for a value less than $100,000 is binding.

d.If Jerry entered into a contract in excess of $100,000 and the contract counterparty was aware of the limitation in the constitution, the contract would most likely not be binding.