Please provide the answer of these questions with explanation as you can:-

Question No: 01 "It is not unusual in business to find a party attempting to limit or exclude their liability in certain situations by including an exception, exemption or exclusion clause (also known as a 'limitation of liability clause) in a contract."

What is an exemption or exclusion clause?

Provide a summary of the effectiveness of exclusion clauses and the methods of control that are adopted by the courts when considering the effectiveness of an exclusion clause.

Question No: 02 You are a qualified accountant and a non- executive board member of a publicly listed company.The company's Chief Financial Officer has emailed to all board members a report that reveals that your company is experiencing extreme financial difficulties. Unknown to you and a number of other board members, the company had invested heavily into new and innovative products. Despite undertaking substantial market research and testing these products have not proved to be popular and your company now has large financial commitments that it may not be able to continue to meet for an extended period. Your board members meet together to seek urgent guidance. Required Provide a concise report to your Board on the following: - (a)What is meant by the term 'risk of insolvent trading'?(b)When should a company consider a voluntary administration? (c)Describe and discuss the similarities and differences between voluntary administration and receivership.