Accounting Treatments for identifiable intangible assets

“ Section 131 of the corporations act 2001 has changed the common law in respect of pre-Registration contracts “.
Explain the common law view of pre-registration contracts and then explain how section 131 has changed the common law.
Then analyse and discuss the effect of section 131 and 132 in respect of the rights and obligations of promoters, companies and third parties.
Your answer should make reference to the relevant cases as well as considering the legislative intention of the section.

The central focus of this essay will be on the legal principle of pre-registration contracts. As the definition of pre-registration contracts ( in legal terms) suggests, they are the kind of contracts that are intentionally entered into, on the behalf of a company that is not yet registered. In pre-registration contracts, a person that enters into an agreement on the behalf of an unincorporated company, is known as a promoter. A promoter is the person who intends to or will generate pr...