Refer to case law and/or statutory authority where appropriate and relevant to support your answers. Use IRAC method.

Mike, along with three others, is in the process of establishing a new company named EcoHaven Pty Ltd. The company's goal is to generate a large eco-friendly housing development.

A spacious piece of land in a rural area is up for sale, and Mike believes that it's an ideal location for their project. To secure the land, he negotiates a price and enters into a land purchase agreement. Mike signs the contract and the lease "on behalf of EcoHaven Pty Ltd," and a deposit is paid using contributions from each member of the group. Luckily, Mike manages to include a longer settlement period in the contract terms. Mike and his three collaborators begin outlining their plans for the construction of their sustainable housing complex on this land.

After a while, the company is officially incorporated, although its name has to be changed to GreenLiving Pty Ltd as the originally proposed name (EcoHaven) was already taken. The new board, which includes Mike, decides to have the land prepared for construction by erecting a fence around the land, even though the contract hasn't been fully finalised, and the company covers the costs for this. However, due to changing market conditions, land values decrease, and the new board believes that the purchase price was too high. When it's time to finalise the contract, the company refuses, arguing that it was never a formal party to the contract to begin with.

Advise GreenLiving Pty Ltd whether it is liable to finalise the purchase of the land by referring to relevant statutory provisions and case laws.