Test 4/Final Review SAMPLE TEST Spring 2014 1.Dizzy is not Edwina’s agent but enters into a contract with Frida on Edwina’s behalf. Edwina approve the contract. This is a. an agency by agreement. b. an agency by estoppel. c. an agency by ratification. d. not the creation of an agency relationship. 2.Based on Bluto’s conduct‚ Cass believes that Dee has the authority to act on Bluto’s behalf even though Dee has no actual authority to do so. Dee has a. apparent authority. b. equal authority
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Contract A promise the law will enforce. Judicial Restraint The court takes a passive role and enforces what is already written in the contract‚ no matter if one party benefits over the other party. Judicial Activism The court takes an active interest in the contents of the contract and makes decisions based on what is "fair" and "right". Four Elements of a Contract (1) Agreement- offer is made by one party and accepted by another party.(2) Consideration- bargaining (3) Legality- has to
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consider the sole proprietorship as a separate business entity. The owner reports all business on Form 1040. A general partnership refers to an association of persons or an unincorporated company. It is created by agreement‚ proof of existence and estoppel. It is formed by two or more persons. The owners are all personally liable for any legal actions and debts the company may face. The assets of the business are owned on behalf of the other partners‚ and they are each personally liable‚ jointly
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company itself. This is known as "the rule in Foss v Harbottle"‚ and the several important exceptions that have been developed are often described as "exceptions to the rule in Foss v Harbottle". Amongst these is the ’derivative action’‚ which allows a minority shareholder to bring a claim on behalf of the company. This applies in situations of ’wrongdoer control’ and is‚ in reality‚ the only true exception to the rule. The rule in Foss v Harbottle is best seen as the starting point for minority shareholder
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The American legal system‚ a direct descendant of the English legal system‚ began to develop in 1066 and is always evolving. However‚ the main principles or the “backbone” of this legal system remains the same. The different sources of American law include the Constitution‚ state constitutions‚ statutes‚ common or “case” law‚ a body of administrative regulations‚ and court rules. The most important among these various sources of law‚ other than Constitutional provisions‚ is common law. The common
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------------------------------------------------- Commerce Clause: he Commerce Clause refers to Article 1‚ Section 8‚ Clause 3 of the U.S. Constitution‚ which gives Congress the power “to regulate commerce with foreign nations‚ and among the several states‚ and with the Indian tribes.” ------------------------------------------------- The Constitution enumerates certain powers for the federal government; the Tenth Amendment provides that any powers that are not enumerated in the Constitution
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CHAPTER 1: REMEDIES FOR BREACH OF CONTRACT THE GOALS OF CONTRACT DAMAGES Case name | Facts | Issue | Holding | Reasoning | Expectation | | | | | Hawkins v. McGee1 | P sues D surgeon for breach of warranty of operation success – “I guarantee to make a 100% perfect hand.” | Was there a K and a breach? Were damages appropriate? | There was a K and a breach. Damages measure should have been expectation damages. | Purpose of damages is to put P in as good a position as he would have
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ARTICLE OF ASSOCIATION Every company is required to file Articles of Association along with the Memorandum of Association with the Registrar at the time of its registration. Companies Act defines ‘Articles as Articles of Association of a company as originally framed or as altered from time to time in pursuance of any previous companies Acts. They also include‚ so far as they apply to the company‚ those in the Table A in Schedule I annexed to the Act or corresponding provisions in earlier Acts
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TABLE OF CONTENTS Pg. no 1. Introduction……………………………………………………………………………………………3 2. Contract………………………………………………………………………………………………..3 3. Government Contract………………….………………………………………………………………3 4. Contracts and Government Contracts…………………...……………………………………………..4 5. Formation of Government Contracts…………………..…………………….………………………...5 6. Doctrine
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------------------------------------------------- HND BUSINESS CONTRACT LAW | Aspects of Contract and Negligence | | | HND BUSINESS - CONTRACT LAW Case 1 1.1 Introduction A contract is a legally binding agreement between two or more people in writing or in words that includes a valid offer and acceptance. The essential elements of a binding contract are: 1. Offer and Acceptance 2. Consideration given by both sides 3. The intention to create legal relationship 4. Privity
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