Business and Corporations Law: Unilateral Offer and Types of Companies in Australia

This presentation discusses the concept of unilateral offer and how it can be accepted by parties. It also explains the different types of companies that operate in Australia and the legal framework that they have to comply with while managing the corporation.

Business and Corporations Law

PART A
The advertisement posted in the
newspaper by Ming was a unilateral offer.
It can be accepted by parties if they comply
with its instructions.
The elements given by the court in Carlill v
Carbolic Smoke Ball Co case applied in this
as well (Bakan, 2016).

PART A
The forty customers gave their acceptance
by bring the advertisement to the shop.
A contract is constituted between them and
Ming.
They can enforce the term to get a haircut
for $10.
Other ten customers did not bring the
advertisement, thus, no contract is formed
between them.

PART A
A valid contract is formed after acceptance
of unilateral contract.
The parties can enforce another party to
comply with the contractual terms
(Fitzpatrick et al., 2017).
Ming is bound by the terms of the unilateral
offer as well if the acceptance is given by
the customers by bringing the
advertisement.

PART A
Ming is liable towards all those customers
who comply with the instructions to give
them a haircut for $10.
The advertisement cannot be revoked by
putting a sign in the shop.
Ming should include a time limit in the
advertisement to revoke it after such time.

PART B
Different types of companies operation in
Australia which include:
Public company
Public company limited by share
Unlimited public company
Proprietary company
Proprietary company limited by shares
Unlimited proprietary company
Each company has different legal framework
which parties have to comply with while
managing the corporation.

PART B
In this case, a proprietary company should
be formed.
The costs incurred in the incorporation is
lower.
The legal compliances are fewer as well.
Family members can distribute the shares
between themselves to control the company.
They can establish a constitution to define
the guidelines based on which the company
will be operated.

PART B
In the first year, the company will be a small
proprietary company. In the fifty year, it will
become a large proprietary company as given
under section 45A.
Provisions of transferring of the type are given
under section 162 to 164 of Corporations Act.
The reason for change is that the revenue of
the company exceeds $25 million. The
number of employees exceed 50. The value of
gross assets exceed by $12.5 million (ASIC,
2018a).

PART B
ASIC has prohibited many words and phrases
which cannot be selected as companies names.
The names related to ex-servicemen and Royal
Family are prohibited.
Names which shows relation to banking
institute or governments require prior
permission of ASIC.
Anzac Coffee is showed in amber colour on the
website of ASIC, therefore, prior permission of
ASIC is required to selecting this name (ASIC,
2018b).

References
ASIC. (2018a) Are you a large or small proprietary company.
[Online] Available at:
https://asic.gov.au/regulatory-resources/financial-reporting-
and-audit/preparers-of-financial-reports/are-you-a-large-or-
small-proprietary-company/ [Accessed 25/09/2018].
ASIC. (2018b) Company name availability. [Online] Available at:
https://asic.gov.au/for-business/registering-a-company/steps-
to-register-a-company/company-name-availability/ [Accessed
25/09/2018].
Fitzpatrick, J., Symes, C., Velijanovski, A. and Parker, D. (2017)
Business and Corporations Law. 3rd ed. Chatswood, NSW:
LexisNexis Butterworths Australia.
Bakan, J. (2016) Social marketing: thoughts from an
empathetic outsider. Journal of Marketing Management, 32(11-
12), pp.1183-1189.