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Merrick and Steel are directors ice creamery incorporated as ColdChoco. Merrick is the head cream...

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Accounting

Merrick and Steel are directors ice creamery incorporated as ColdChoco. Merrick is the head cream maker and Steel is the business manager. Merrick has recently been experimenting with different flavours and believes he has struck gold with his double choc, peanut butter, mint chip caramel bon-bon flavour. He wants to take it national and thinks this could be the thing that helps them expand interstate. Steel disagrees and says that the move is too risky in the current economic situation. Merrick is very upset with this and tells his best friends John. John has many contacts in the industry and puts Merrick in touch with BananaRama Creamery Ltd. BananaRama Creamery Ltd are very interest in Merricks product and offer his $1,000,000 for the recipe plus royalties. Merrick is considering taking the deal - Steel would never know. Merrick has come to you for advice and wants to know whether this would breach his legal obligations as a director of Cold Choco Ltd. Using IRAC structure, and references

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