Law and Corporate Managers – Prof. Larry Franklin Question Two A. (i) For refusal In order to honor the LC‚ the Seller has to comply exactly with the terms of the letter of credit. There are numerous typo errors in the LC and misspellings of the destination port and the Seller name‚ hence only a waiver of the discrepancies from JFTC will enable Bank of China to pay the Seller. As long as the waiver is not received‚ the BOC cannot make any payments. BOC has to state why it is not going to
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Business Law–LEGT1710 The Role of Law In Business The Law is a systematic set of rules to control conduct within a society‚ created by parliament and is enforced by courts. Sources of Law Law is made up of two parts: 1. Enacted (Statute) Law: law that is made by parliament. It can be changed by parliament but is interpreted by judges. In the case of a conflict between statue and common law‚ statue law prevails under the Doctrine of Parliamentary Supremacy as it has the ultimate law making
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PLEDGE OR PAWN DEFINATION : The bailment of goods as security for payment of a debt or performance of a promise is called Pledge or Pawn. The bailor in this case is called the. Pledgor or‚ the pawnor. The bailee is called the Pledgee or the Pawnee.-Sec. 172. DIFFERENCE BETWEEN PLEDGE AND BAILMENT Pledge is a particular kind of bailment. The difference between Pledge and other kinds of bailment lies in the purpose or objective of the transaction. The purpose of a pledge is to provide security
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Part a) Legal position enabling expulsion of Annabel from the partnership. Step 1:- The problem at hand deals with Partnership law as governed by the Partnership Act 1895 in the absence of a written agreement. Principles of Common law and Equitable principles also apply. Partnership Act governs the partnership of ‘Health Plus’. Sec. 30 of the Act‚ as it relates to misappropriation of partnership property. The application of Sec. 39 Partnership Act 1895 and the Fiduciary Duty breached. Supreme
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Civil Appeal No. KCH-12B-14/4-2012 MALAYSIA IN THE HIGH COURT IN SABAH AND SARAWAK AT KUCHING CIVIL APPEAL NO. KCH-12B-14/4-2012 5 BETWEEN (1) (2 CHAN WON LOONG (WN.KP.661002-06-5405) CHAN SOOK KIN (WN.KP.701211-06-5034) Both of No.22‚ Lo13477‚ Ground Floor‚ Block C Jalan Tun Razak 10 93450 Kuching‚ Sarawak. ... ... AND ... ... ... ... Appellants NG YAN LING (WN.KP.670924-13-6016) No.7‚ Taman Tapang Emas Jalan Sungai Tapang 15 93250 Kuching‚ Sarawak.
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Understanding the Auditor’s Report If all the facts concerning financial transactions were properly and accurately recorded and if the owners and managers of business enterprises were entirely honest and sufficiently skilled in matters of accounting and recording‚ there would be little need for independent auditing. However‚ human nature being as it is‚ there probably will always be a need for the auditor. Many businesses‚ depending on size and nature‚ employ internal auditors. Their responsibilities
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CIVIL PROCEDURE RULE 1 GENERAL PROVISIONS Statutes regulating the procedure of courts will be construed as applicable to actions pending and undetermined at the time of their passage so long as vested rights will not be impaired. Under the 1987 Constitution‚ the rule-making power of the Supreme Court has the following limitations: 1. shall provide a simplified and inexpensive procedure for the speedy disposition of cases; 2. Uniform for all courts of the same grade‚ and 3
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INDIAN CONTRACT ACT 1. S. 124 - Gajanan Moreshwar Parelkar v Moreshwar Madan Mantri (Indemnity) (Plaintiff‚ at the request of the defendant‚ executed two mortgages in favour of Mohandas. Defendant wrote a letter promising to indemnify the plaintiff against any suits by the mortgagee‚ along with executing a third mortgage in place of the previous two. Plaintiff prays that the defendant obtains a release of liability from Mohandas; Issues: 1) Can the indemnified ask for performance of the contract
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TAX ATION San Beda College of LAW – ALABANG GENERAL PRINCIPLES I. Concepts‚ Nature and Characteristics of Taxation and Taxes. Taxation Defined: As a process‚ it is a means by which the sovereign‚ through its law-making body‚ raises revenue to defray the necessary expenses of the government. It is merely a way of apportioning the costs of government among those who in some measures are privileged to enjoy its benefits and must bear its burdens. As a power‚ taxation refers to the inherent power of
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UNIVERSITY OF TECHNOLOGY‚ JAMAICA WESTERN CAMPUS FACULTY OF LAW Class &STUDY GUIDE YEAR 1 Bachelor of Laws (LL.B) UTECH WEST Gloucester Avenue‚ Montego Bay St.James‚ Jamaica CONTENTS ACKNOWLEDGEMENT INTRODUCTION LAW DATABASES MODULES ✓ LAW AND LEGAL SYSTEM ✓ CRIMINAL LAW ✓ LEGAL METHODS‚ RESEARCH AND WRITING ✓ LAW OF CONTRACT ✓ LAW AND SOCIETY
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