Legal Problem at Lead Balloon

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The fictitious case involves a new Australian company and some legal problems that they are facing. The first problem is to determine if the company is bound by a contract signed by a director before incorporation, and to assess any potential personal liability. The second problem is the desire to rescind a contract which was a bad bargain. The last is the potential of liability for a breach of contract and large damages. In all cases the issues are discussed along with relevant cases cited. Eleven sources are cited in the bibliography of this ten page paper.