Business Law Assignment: Unilateral Offer, Types of Companies in Australia, and ASIC Regulations

This Business Law assignment discusses the concept of unilateral offer, types of companies in Australia, and ASIC regulations. It covers the provisions given under Carlill v Carbolic Smoke Ball Co case, the types of companies in Australia, and the ASIC regulations related to company names.

BUSINESS LAW
ASSIGNMENT

PART-A
 The advertisement posted by Ming is a
unilateral offer.
 The provisions given under Carlill v Carbolic
Smoke Ball Co case applies in this scenario.
 Parties who comply with instructions gives
their acceptance to the offer.
 After a valid acceptance, the contractual
obligations are formed.
 This offer can be revoked if the performance
is not started or finished within reasonable
time (Fitzpatrick et al., 2017).

PART-A
 Forty customers have given valid acceptance
by bringing the copy of advertisement, thus,
contractual obligations are present.
 Other ten cannot enforce the contract since a
valid acceptance is not given due to failure to
comply with the terms.
 Ming is obligated to give $10 to forty
customers.
 Putting up the sign did not terminated the
unilateral offer of Ming.

PART-B
 Types of companies in Australia
(eCompanies, 2018)
 Proprietary company
 Public company
 Unlimited proprietary company
 Proprietary company limited by shares
 Unlimited public company
 Public company limited by shares
 Best suited company in this scenario is a
proprietary company.
 The reason is flexible legal framework and
limited liability of members.

PART-B
 In the first year, the company will be a small
proprietary company.
 Because its revenue is below $25 million,
value of assets is below $12.5 million and
number of employees is below 50.
 In the fifty year, the company will become a
large proprietary company.
 Because its revenue will be above $25
million, value of assets will be above $12.5
million and number of employees will be
above 50 (ASIC, 2014).

PART-B
 The words which already exist as companies
names cannot be selected by companies.
 Words relating to the Royal Family, ex-
servicemen or the government are
prohibited.
 Anzac Coffee required prior approval of ASIC.
 The reason for that is that it is similar to
another company’s name and it shows
connection to the Australian Government
which can mislead customers.

REFERENCES
 ASIC. (2014) Are you a large or small proprietary
company. [Online] Available from:
https://asic.gov.au/regulatory-resources/financial-
reporting-and-audit/preparers-of-financial-reports/
are-you-a-large-or-small-proprietary-company/
[Accessed 05/10/208].
 eCompanies. (2017) Australian companies by type.
[Online] Available from:
https://www.ecompanies.com.au/company-
registration/resources/different-types-of-companies/
[Accessed 05/10/208].
 Fitzpatrick, J., Symes, C., Velijanovski, A. and Parker,
D. (2017) Business and Corporations Law. 3rd ed.
Chatswood, NSW: LexisNexis Butterworths Australia.