Scenario: Abdul and four friends wish to come together to form a new company. They will need a large warehouse to store their product. They propose to name the company SoftClean Pty Ltd. Abdul will coordinate initial formalities, chase registration of the company and find a Suitable warehouse that the company can use for storage. The friends each promised to contribute $50,000 individually for the new company tosiards share capital. Abdul instructs a solictor to prepare the necessary documents for the new company. He finds a warehouse and agrees on a two year lease. He gets a web designer to build a website for online sales. After two weeks, none of the friends have paid the $50,000. Two are now considering puttng the money elsewhere as they are not sure that SoftiClean will be profitable but have not informed Abdul. They have done nothing in regard to the proposed company. The solicitor has now presented a bill for the work. The landlord has an invoice for the first quarter of the year. The web designer has also asked for a payment The company is yet to be registered at it now does not seem likely that it will be registered. Abdul is now very worried. PART C MAbdul does register the company, will that mean he is no longer liable for the various contracts he entered into on behalf of SoftClean Pty