The subject is based on Finance Law, Use IRAC method to answer the given question

Chameleon Ltd is a customer of the Caring and Wealthy Bank. It is a very large company and employs more than 100 people and therefore the Code of Banking Practice does not apply to it. When it opened its account with the Caring and Wealthy Bank, Chameleon Ltd agreed to be bound by this Banks terms and conditions as notified to it from time to time. Six months after the account is opened Caring and Wealthy Bank sends its statement to Chameleon Ltd together with the following letter: PLEASE READ THIS LETTER. IT CONTAINS EXCITING NEW INFORMATION ABOUT YOUR ACCOUNT. Dear Customer (you), The Caring and Wealthy Bank (us) is always trying to find new ways to service you. To enable us to do this, however, we have decided to introduce a new term of the contract between you and us. This is to enable us to reduce costs in one area so we can provide you with exciting new services. The new clause 12 of the contract between you and us is as follows: The customer (you) must read each bank statement sent to you. If there are any inconsistencies in the statement you must notify the bank of the inconsistencies within 10 business days. Failure to notify us of such inconsistencies means the amount of the balance contained in the incorrect statement represents what you owe us or what we owe you, as the case may be. The managing director of Chameleon Ltd receives the bank statement and letter. She doesnt read the bank statement. She starts to read the letter but throws it in the bin after she reads the first sentence thinking the bank is trying to sell new products to the company. Just another publicity stunt, she remarks to the office cat. The bank statement shows that between 1 February and 1 April $1 million has been fraudulently withdrawn from the companys bank account. Chameleon Ltd does not notify the bank of the fraudulent withdrawal within 10 business days of receiving the statement. It is later discovered by the bank that an employee of Chameleon Ltd, called Cynthia, had fraudulently withdrawn the $1 million and then proceeded to lose the whole sum at the casino. The bank was then informed. Two months later on 1 June the managing director becomes aware that on 15 May, Colin, the companys accounts clerk, had fraudulently stolen $2,000 from the companys current bank account at The Caring and Wealthy Bank by forging company cheques. Colins wife had just died and the managing director does not tell the bank about the forgeries. On 30 July, Colin steals a further $1,000 from the company account in the same manner. After discovering on 30 July what Colin has done, the managing director comes to you and asks you to advise Chameleon Ltd what to do and whether The Caring and Wealthy Bank is entitled to debit the companys account for 1. the $1million stolen by Cynthia and 2. the $3,000 in total stolen by Colin. Advise Chameleon Ltd giving reasons with relevant cases. Consider what effect, if any, the letter from the Bank purporting to introduce a NEW TERM has on the situation? What Duties of the Banker and Customer ,if any,are involved here? [7 marks] PART C Martin Pty Ltd has an account with the Caring and Wealthy Bank named Wages Account used (as Martins CEO explained to the Banks Manager ) for payment of wages to staff. The balance in credit was $25,000.The company also had a current account in debit to the extent of $10,000 and a loan account so designated in debit to the extent of $15,000. Can the Bank combine any of these accounts? Explain the concept of Combination of Accounts using case law to illustrate your answer. [3 marks]