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MGT 611 - Business & Industrial Law - Graded Discussion Board - GDB No 2 - Due Date 17 Jul 2014

Business & Labor Law (MGT611)

GDB 02

 

Fast Fly Company is a manufacturer of small sized commercial aircrafts located in Karachi.  Company’s memorandum clause contains that the objective of Fast Fly Company is to manufacture and sell commercial aircrafts to other companies whereas if the company has to take any decisions beyond the conditions contained in its memorandum, than alterations can be made through special resolution.

Fast Fly Company agreed with another company that they will provide them loan to build facilities for the expansion of business. Later fast fly company disowned the agreement and got sued.

Question:

Is this agreement between Fast Fly and other company valid, void or else? Discuss in the light of Companies Ordinance 1984.

 

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Replies to This Discussion

void valid or else  Discuss in light of CO 1984

share ur ideas 

as per my understanding the contract is void

its a valid contract

Pehly aap ne kaha void and now u r saying valid. Why???????????????

dayta hon reason

batao bhi aur kis lecture main say hai  

I think it is Valid but voidable agreement. Other company can not enforce until Fast Fly passed resolution for doing such job that out of their memorandum. 

Please Discuss here about this GDB.Thanks

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