Which of the following is an example of implied ratification?

1) The company remains completely silent but performs their obligations under the contract.

2) Confirming adoption of the contract at the first directors meeting of the Company post-registration.

3) Sending a new version of the contract to the other party with a common seal affixed after the company has become registered.

4) The managing director of the newly registered company sends flowers to the managing director of the company subject to the pre-registration contract.

5) Confirming adoption of the contract at the first directors meeting of the Company post-registration.

Which of the following cases allows for recovery of profits from a promoter that they acquired via a pre-registration contract?

1) Erlanger v New Sombrero Phosphate Co

2) Gluckstein v Barnes

What is the purpose of the contractual effect of section 140?

1) To enable company directors to more smoothly facilitate day-to-day management of the company.

2) Provide an avenue for the parties to the statutory contract to enforce compliance with a company's constitution and any replaceable rules that apply.

3) To remove procedural and legislative barriers when a company wants to modify its internal rules.

4) To protect directors from liability under the Corporations Act.

5) To enable company directors to more smoothly facilitate day-to-day management of the company.