18 Questions
What was the court's consideration in determining the enforceability of a contract involving goods acquired in a prohibited manner?
Public policy
In the case of Yango Pastoral Co. Pty Ltd v. First Chicago Australia Ltd, what influenced the court's decision to enforce the contract?
Vendor's title to the timber logs
What are the pre-conditions for establishing a contract between a principal and a third party in case of an undisclosed principal?
Agent must not give the impression of acting on his own behalf
When does the doctrine of undisclosed principal apply in relation to agency contracts?
When the identity of the principal is crucial
What is required for an express appointment to create an agency relationship?
Clear manifestation of consent by both parties
In what circumstances would a court consider a contract void and unenforceable?
If public policy considerations dictate
What is the time limit for ratification of a pre-incorporation contract where no time is specified?
One month
In relation to express ratification, what is the principal entitled to?
Full information and disclosure
In New Ireland Development Corporation Ltd v Arrow Trading Ltd, what did Lay, J state about ratification of unauthorized acts by an agent?
Clear acts of adoption are essential
According to the law, can a principal ratify only part of a contract that benefits them?
No, it is inequitable
In which case was it mentioned that the plaintiff wanted to approbate and reprobate at their convenience?
Jay Mingo Pty Ltd v Steamships Trading Co.Ltd
What is essential according to Lay, J for a principal to render any ratification liable?
Full knowledge of the relevant facts
Which legal principle prohibits taking advantage of only the beneficial parts of an agreement?
Doctrine of restraint upon anticipation
In the context of the text, which case involved the capacity of a married woman to enter into a contract?
Kelner v Baxter
Maurice A Laufa's statement about the applicability of a legal principle to parts of a term rather than just the whole refers to which concept?
Agency by express appointment
Which case mentioned in the text relates to the formation of an agency by express appointment?
Taylor v Smith
Which legal concept restricts married women from anticipating their future property and interests?
Doctrine of restraint upon anticipation
Which case mentioned in the text is associated with the status and implications of statutory corporations?
Union Bank of Australia Ltd v McClintock
This quiz covers the provisions of s.157(2) of the Companies Act related to pre-incorporation contracts, including the time limit for ratification and the rights of the principal in cases of express ratification. It also references legal cases such as Taylor v Smith (1926) 38 CLR 48 and Marsh v Joseph 1Ch 213; All ER 977.
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