LIABILITY OF DIRECTORS A director plays a vital role in a corporate organization. They manage the business‚ design business policies and select the officers. Liability of the directors is a crucial aspect where a director is expected to be honest‚ vigilant and protect the shareholders trust in him. Shareholders own the corporation and elect the board of directors whose approval is required for major corporate actions. Liability comes into picture when directors or officers tend to cause financial
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Business Law: Research Project Bryant Stratton College Mr. Coleman Kamisha Carter December 17‚ 2012 Introduction “The Public Employee Union is organized to improve Public Service. Advance and improve the interests of its members in the matter of their wages‚ hours‚ working conditions‚ and general welfare”. (Clark‚ 1968-present) Today‚ the United States is the richest country on earth
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Who is a Consumer as per Consumer Protection Act 1986 Introduction:The industrial revolution and the development in the international trade and commerce has led to the vast expansion of business and trade‚ as a result of which a variety of consumer goods have appeared in the market to cater to the needs of the consumers and a host of services have been made available to the consumers like insurance‚ transport‚ electricity‚ housing‚ entertainment‚ finance and banking. A well organized sector
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Nicholas Business Law Sanders Professor Dennis 9/16/09 District Court of appeal of Florida‚ fourth district‚ 2007 U.S. 946 So. 2d 115 Issue: Should a plaintiff be awarded a case for negligence while being hurt in the owner’s night club‚ knowing that there was a tradition stating that napkins are allowed on the floor dry or damp and anything could happen? Decision: No‚ Florida state court specified that she knew about the risks going into the c‚ lub‚ and also denied her the right
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Business Law – Outcome 2 (Law of Contract) Identify and describe the essential elements of a contract There are 3 essential elements in a contract: * There must be an agreement on all material aspects (Consensus in idem) Both or all parties in a contract must have the same understanding of all terms within the contract. To reach and consensus in idem‚ any acceptance must meet one of the offers made. If a party makes changes to the original offer then this is considered a conditional offer
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Jessica Schmitt Business Law Chapter 15: 8. Sears‚ Roebuck and Co promised to give Forrer permanent employment‚ so he sold his farm at a loss to take the job. But shortly after beginning work‚ he was discharged by Sears who claimed the contract could be terminated at will. Forrer claimed that the promissory estoppel prevented Sears form terminating the contract. Under promissory estoppel a promisor may be prevented from asserting that their promise is unenforceable because the promise gave no consideration
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obtain performance from a source other than the original contracting party‚ are called consequential damages. ___T__ An express contract may be either written or oral. ___F__ An incidental beneficiary can directly sue the maker of a contract in the case of breach. ___T__ The mirror image rule requires that the acceptance
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Chapter 19: Construction of a contract Representations: statements of facts that are made by one party before or at the time of making a contract to induce an offeree to enter the contract. *Do not form part of the contract‚ not actionable at contract law The parol (oral) evidence rule: Written contracts override oral evidence‚ as court expects all intention to be contracted. Collateral contracts: 44. De Lassalle v Guilford [1901]: P and D entered into lease‚ D assured P drains were in
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1. Able entered into an oral contract with Baker for the sale of Able ’s car for $5‚000. Later Baker breached that contract. Able wants to sue to enforce the contract. Under the Statute of Frauds‚ who is the "party to be charged" in this case? a. Able. b. Baker. c. Both Able and Baker. d. Neither Able nor Baker‚ because this is a contract for the sale of goods. 2. Chen‚ a retail seller of fruit‚ entered into a contract for the purchase of 10 bushels of peaches from Georgina‚ at a price
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transforming how we do business‚ how we think and plan about doing business‚ and what business we actually do‚ especially international business. The dynamics of this historic process‚ especially in its pervasive economic dimensions‚ continue to spread and deepen the interdependencies linking societies‚ economies and regions. It is today almost impossible to find any country that is untouched by cross-border flows of commerce‚ investment‚ people‚ ideas and images. “Business law” is practiced at the
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