Ringotts Bank Ltd ("Ringotts") is the 'bank of choice' for the wizarding community. It offers competitive rates and the very best security measures for digital and physical accounts. It has branches all over Australia and its Head Office is in Brisbane.

Cornelius is the branch manager for Ringotts in Melbourne. Luna makes an appointment to see him to discuss a $2 million loan which will be used by her to patent a revolutionary magical brew. On behalf of Ringotts, Cornelius agrees to the loan and tells Luna he will prepare the necessary contract documents.

However, Head Office has told Cornelius that he only has the authority to prepare loan contracts:

-for customers purchasing historical magical artifacts and relics; and

-to a maximum loan amount of $500,000.

Two weeks later, Luna returns to Ringotts Bank to sign the loan contract. Cornelius also signs the loan contract in the place marked 'banker's signature' and affixes a stamp that says "Cornelius Malfoy, Melbourne Branch Manager, Ringotts Bank".

Head Office hear of the loan and refuse to honour the loan contract. Luna needs the money as she has invested heavily in raw materials and ingredients needed to make the brew.

Luna seeks your advice as to whether the loan contract is enforceable against Ringotts Bank Ltd. Under the Corporations Act 2001. DO NOT discuss patent law or intellectual property law.Use IRAC