PRESENTATION ON CASE. Paul‚ a contractor‚ owned a corner shop where he ran a news agent stand and a tobacconist business. Neil advertised the business and premises for sale. Having seen the advertisement‚ Jenny visited the premises from which she lived 20 minutes away and was told by Paul that the purchase would be the best bargain in town and that the profits were 40‚000 pounds per annum‚ and that if she didn’t believe him she should look at the accounts which she declined but had she done so
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Contractual and Non-contractual Liability I. Contract A contract is an agreement having a lawful object entered into voluntarily by two or more parties‚ each of whom intends to create one or more legal obligations between them. The elements of a contract are "offer" and "acceptance" by "competent persons" having legal capacity who exchange "consideration" to create "mutuality of obligation." Contracts may be bilateral or unilateral. A bilateral contract is an agreement in which each of the
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iA Limited Liability Company (LLC) is a business structure allowed by state statute. LLCs are popular because‚ similar to a corporation‚ owners have limited personal liability for the debts and actions of the LLC. Other features of LLCs are more like a partnership‚ providing management flexibility and the benefit of pass-through taxation. Owners of an LLC are called members. Since most states do not restrict ownership‚ members may include individuals‚ corporations‚ other LLCs and foreign entities
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Brief Overview of Limited Liability Companies Introduction Limited Liability Company (LLC) is often considered as the hybrids of general partnership and corporation. It often referred as a general partnership where the partners have no personal liability and a limited partnership where there is no general partner or a partnership surrounded by a corporate shell (Seipel‚ Tunnell & Zimmermann‚ 1995). The LLC is first adopted in Wyoming in 1977 and then in Florida in 1982. However‚ LLCs
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The hospital is only responsible for any injury to Mr. Jones as a result of improper care. Dr. Simon did not release Mr. Jones as he felt the patient’s condition might be detrimental to his health and emotional state. He may have felt that Mr. Jones was not stable enough to function outside the hospital‚ due to hallucinations and convulsions. However‚ according to the Joint Commission the hospital and Dr. Simon may be liable if they did not do everything possible to prevent Mr. Jones’ departure from
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Many trial lawyers argue about the need for the tort reform. The tort reform is a cap that the civil justice system has placed on how much can be awarded in punitive damages. Many Americans see civil lawsuits as a waste of money‚ they believe that too much money is being given away. A lot of pressure is put on trial lawyers to not accept lawsuits that can be perceived as petty and frivolous. That is just it‚ though‚ any situation can be perceived in a completely different way. For example‚ having
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Well before this century people have been in conflict over how much regulation the government should be allowed to impose. In the 18th century‚ Jean-Baptiste Colbert coined the term laissez-faire; it represents a situation of freedom from government intervention. It was later discussed extensively by Adam Smith‚ who was responsible for giving the motto laissez-faire much more conceptual clarity. Throughout the years‚ each president has differed with respect to how much control the government should
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Auditor Liability in Canada A & B Is it reasonable for a potential investor or existing shareholder to rely on audited financial statements that a corporation makes available for public consumption? Should an investor be able to sue a corporation’s auditor if audited financial statements materially misrepresent the financial status of the company audited? a. Should a potential investor only be able to sue the corporation? b. Should there be any limit on the auditor’s liability? Negligent
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Limited Liability Company and Partnership Jasamine L. Stephens Finance for Decision Making FIN/419 October 10‚ 2011 Maria Johnson Limited Liability Company and Partnership Every business venture begins with a dream and a basic idea. Beginning a business is a decision that must be made by first deciding what type of entity to establish. There are several factors that need to be decided such as will the new business have one or multiple owners. The most common forms of a business
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Overseas Tankship (U.K.) Limited v.The Miller Steamship Co. Pty. Limited and another (Wagon Mound No 2)‚ Judicial Committee of the Privy Council on appeal from the Supreme Court of New South Wales‚ 1966 There are extracts from this case at p. 80 of Weinrib and then a summary of the result of this case at p 183. The case has some important passages beyond what appear in the p. 80 extract. Please add the following to your reading: LORD REID‚ LORD MORRIS OF BORTH-Y-GEST‚ LORD PEARCE‚ LORD WILBERFORCE
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