Contracts which are entered into by agent or trustee on the behalf of a prospective company before i...........

Companies Act-Phase (I & II) Introduction to Company Act

Contracts which are entered into by agent or trustee on the behalf of a prospective company before it has come into existence are called:

Provisional contracts

Pre-incorporation contracts

Joint Ventures

None of the above

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Explanation:

Before a company commence business, it has to enter into several contracts and incur several initial expenses. Contracts which are entered into by the promoters with parties to acquire some property or rights for and on behalf of a company yet to be formed are called as Pre-incorporation contracts.