Manufactures electronic goods

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Reference no: EM133935788

Question

Tyson limited is a large public company that manufactures electronic goods such as computers mobile phones an electronic reader. Ryan is an executive director Donna Gary isn't non-executive director of Tyson. Jim is the chairman who has been active in arranging a proposed contract which would commit Tyson to supply electronic goods to Big M , a large chain of department stores across Australia.

Because of the importance of this proposed contract the board of directors resolved to delegate authority to a board subcommittee comprised of Ryan, Gary and Jim to negotiate and complete the contract on behalf of Tyson.

On the day appointed for execution of the contract Ryan Gary and Jim attend the office of Big M. After some discussions on the contract terms Ryan becomes sick and leaves Jim is then urgently called away on the other company's business. As Jim leaves, he says to those remaining in the room that Gary can execute the contract on their behalf off Tyson. Gary later signs the contract on the behalf of Tyson the rest of the board of Tyson was extremely concerned when they saw the contract terms. The company now seeks to avoid the contract with big game claiming that Gary has no authority to bind the company

Is Tyson limited legally bound by this contract signed by Gary?

Reference no: EM133935788

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