Corporations Law: Separate Legal Entity, Authority of Agents, and Contract Enforcement

This article discusses the principle of separate legal entity in Corporations Law, which creates a veil between the company and its members and directors. It also explains the authority of agents, including actual and apparent authority, and the conditions for agency by ratification. The article applies these concepts to two scenarios involving Buildco Ltd and EngCo Pty Limited, and explains whether the contracts entered into by the company's agent are enforceable. The article also suggests steps that the agent could have taken to ensure the validity of the contracts.