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Case Study: Wonderful Wood

854 Words4 Pages

Word Count - 1975
Questions:
1. Does Wonderful Wood have to honour the seven outstanding contracts with TT or is there any way Wonderful Wood can just refuse to pay for the wood?
2. Can Wonderful Wood bring any action against Sayeeda for her recent actions as a director? If so, what might the remedies be?
3. You told Wonderful Wood sometime ago that shareholders with more than half the shares between them can sack a director, so WW doesn’t need any further on this basic point as it is clear that Adam, Jonathon and Ruth (with 60% of the shares between us) can go ahead and sack Sayeeda. But are there any other legal or commercial factors Adam, Jonathon and Ruth should take into account before sacking Sayeeda?

1 Executive Summary
In brief:
a) Wonderful Wood (WW) will have to honour the outstanding contracts with no option to refuse payment. This is because Sayeeda acted as an authorised agent on behalf of the company and as such her actions bind the company.
b) …show more content…

One should also look at her relationship with Tatiana to check for any possibility of bribery. Whilst rescission of contract is not a remedy available, WW has the option of claiming damages for Sayeeda’s actions. In addition WW have the right to terminate Sayeeda’s service contract in accordance with the agreement.
c) Sacking Sayeeda would distance the company from her unethical actions and thus reduce the damage it might do the company’s reputation. However, this is outweighed by the fact that WW is highly reliant on Sayeeda as a lender of money and the richest of the shareholders. In addition, the skill set which Sayeeda possesses in the timber industry is a valuable commodity which outweighs the possible loss of reputation from sacking

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