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Some of the rules that govern pre-incorporation contracts in company law include;A company that has not been incorporated has no legal existence. It cannot contractFor a contract to be valid, there must be altleast two partiesA company cannot enter into pre-incorporation contract after it has been incorporated
A promoter in company law is the person who brings the company into existence. Promoters are the one who create a company.
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Law is necessary in a society so as;To safeguard the rights/freedom of the peopleTo ensure security/protection of the people and propertyTo promote peace/harmonyTo promote peaceful relationships among communityTo control power of those in authorityTo enable government to implement its policies effectivelyTo promote economic development
Differences between public corporation and a public limited company include;Public corporation is formed under the act of parliament while Public limited company is formed under the company‘s act.Public corporation is fully owned by the government while public limited is Owned by private persons who own shares.Public corporation's initial capital is provided by the state or through state guarantees while public limited's Capital obtained through issue of shares, selling of debentures or other loansPublic corporation management is appointed by the government (Board of directors) while public limited directors elected by the shareholders.Public corporation is set – up to offer essential services to the public while public limited is formed to make profit.Public corporation, the profit made rest on the parliament while public limited, the profits rest with the shareholders or creditors.Public corporation performs specific functions and related activities while public limited performs various functions.