Discuss (a) Novation of pre-incorporation contracts

A corporate contract = a contract made by the company, through its authorised organs (the board within its powers; directors and officers within delegated authority), binding the company (not the members personally — the personality's logic, Sumargi Parajuli, Unit 1). Thelimitations' four walls: (i) the objects' wall (ultra vires — the MOA's purposes, Unit 2.8); (ii) the authority's wall (the organ's competence — the board/officer's delegated power; the Tara PrasadLamichhane discipline of unauthorised directorial acts); (iii) the formalities' wall (the seal or authorised signature; the documentation the third party should verify — the indoor-management balance, Unit 2.9–2.10); (iv) the law's wall (statutory prohibitions and sector overlays). Within the walls, the ordinary contract law governs (Law of Contract-I, Semester 4) — the company as any other party.