A company has the ability to enter into a contract‚ can sue and be sued in its own name‚ has the right to own land or property‚ and also enjoy perpetual succession. As a company‚ they have the ability to enter into a contract which meant they can make contract with its own shareholders within the company. Any contract made between company and its members are not illegal due to the principle of separate legal entity. As what we have seen in the case of Saloman v Saloman‚the company can borrow money
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OBLIGATIONS From latin words‚ obligatio/obligare – “to tie” or “to bind” Juridical necessity – enforceable to courts 1) CIVIL (positive) and Natural 2) REQUISITES OF OBLIGATION a) Active – creditor / obligee – has the right b) Passive – debtor / obligor – has the duty c) Prestation – object / subject matter c.i) Obligation to give (Real Obligation) (c.i.1) Determinate Thing – res perit domino – thing perishes with the owner (c.i.1.a) Standard care – diligence of a good father / if the
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March 29‚ 2011 An Obligation Is Not A Choice What defines an obligation? Is it defined as something that one has to do because it is necessary for their living or is it something that one has to do because someone says they have to? I would define an obligation as something that one has to do because it is necessary for their living. What I do not understand is how one person can dodge their obligations. I see people choose to live a life where their obligations are pushed aside as if
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Unstoppable 5‚000 Years Ago Part One Jaron of Sparta walked among the shattered bones of his enemies‚ as their blood slowly tainted the sand. All of his men had been slain by the Roman legion. They fought well‚ may their souls rest in peace knowing that they served their king well. As Jaron walked throug¬h the city he saw the coliseum he said “Sick people‚ killing for their amusement” he continued walking through the city‚ he walked over to an olive tree‚ drew his sword‚ then he said “ I never
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Ways in Which Technology Has Changed Over the Years Due to Technology Eric Bailey Class Is today’s technology a positive advancement? Over the past few years technology has taken over society. Computers are a magnificent feat of technology and growing necessity in the world we live in today. They have grown from simple calculators to machines with functions that are vastly outgrowing the human mind. Computers have become so common that almost every home has at least one computer
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SCHOOL OF ACCOUNTING AND LAW LAW2452 COMPANY LAW COURSE MANUAL Copies of copyright material in this compilation have been made in accordance with the provisions of section VB of the Copyright Act for the teaching purposes of the University. CONTENTS Course Syllabus 2 - 4 Topics (Topic 1 - 15) 5 - 17 Tutorial Questions (Questions 1 - 46)
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Company Case #2: Valero ***Note that all of the amounts stated are in millions of dollars‚ unless specified) 1. For noncurrent (long-term) liabilities‚ what categories of long-term liabilities does the company disclose on the balance sheet and what are their amounts for the most recent year? The company discloses long-term liabilities on the balance sheet as: 2011 Debt and capital lease obligations (less current portion) $6‚732 Deferred income taxes: $5‚017 Other long-term liabilities
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the Ming rulers to concentrate. No Trade * Confucius thought foreign trade interfered with important familial obligations and believed trade was mean and debasing. * There’s nothing to be gained from contact with foreigners or strange things. “The mind of the superior man dwells on righteousness; the mind of a little man dwells on profit”. Why Did Ming Navy Decline(CRA #2) * In the mid-fifteenth century‚ there was a inflation and money had become less than one percent of its face
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LAW ON OBLIGATIONS AND CONTRACTS* I. Introduction A. Law - from the Latin word “lex” which is derived from the verb “Ligare” meaning “to bind” - a rule of conduct‚ just and obligatory promulgated by legitimate authority for the common observance and benefit (as defined by Sanchez Roman‚ a Spanish Civilist) B. Sources of Law 1. Legislative- Congress 2. Constitution- supreme law of the land 3. Administrative or Executive Orders‚ Regulations and Rulings-
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COMPANY LAW – EXAM NOTES Incorporation and Its Effects S117 - All companies must register with ASIC S118 – All companies must have a Number S119 – Once the company is registered with ASIC‚ the company has a separate legal existence. Separate Legal Entity The separate legal entity notion is shown in Salomon v Salomon where a company shareholder is limited to the amount of share capital they have contributed and they can not be held personally liable for the dealings of the company. This notion of
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