Answer & Explanation Verified Solved by verified expert Business Law Step-by-step explanation Identify key legal issues, the statutes and case law relied on, court reason (s) for the case judgement, and final outcome of the case Issue; the key legal issues in this case is whether IBGY Pty who is the defendant is liable for the repayment of the cost exceeding the value of the stock in trade or could as well reject such items upon selection. Another issue is as to whether there was charging of the stock at market value or rather at cost or below cost thereby amounting to $48,296.71 which the defendant was obliged to paying to the plaintiff. By the defendant assuming personal liability through the signing of the IOU which the plaintiff gave to the bank as a form of security for the loan rather than the company being liable for this debt is another legal issue. Rule; The ruling of this case was relied in other proceedings by the judges as according to Hutley J.A. who ruled that th...