to be confused with its legal enforceability" Discuss. A contract is put in place to provide a legal link between each party. Therefore it is important to understand on how a contract is formed and what are the steps and requirements to make sure the contract stays legally enforceable. In order for a contract to exist‚ there are four key elements to it. An offer must firstly be made by the offerer‚ followed by the acceptance of the offer by the offeree. Considerations must also be done under seal
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Rolly approached Molly and Polly and asked them to be shareholders to form a company. Then Rolly acquired a shop lot worth RM350‚000 in order to prepare for the company in future. She bought this shop lot below the market price as the vendor was looking urgently to sell it. After the company is formed‚ she sold the shop lot to Jiggles Sdn. Bhd. at market price. Thus‚ she gained a lucrative profit of RM200‚000 without the knowledge of any other party. Definition of promoter Section 4(1) of the
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The law laid down in Soloman v. Soloman and Co. is often considered the source on the basis of which the jurisprudence of corporate personality has been written world over. However‚ the history of corporate-commercial litigation has witnessed situations where in the Courts have gone beyond the corporate cloak and analyzed the working and the motives of the members or directors of the company: In doing the same‚ the Courts have evolved the concept of lifting or piercing the corporate veil.
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an example of unfair practice of violations in business under the unfair competition law of the state of California concerning unjust conversion and enrichment. On the basis of the second amended complaint‚ the bank had maintained the activity of procuring costly replacement insurance when mortgagors made a default on their loan obligation to keep relevant hazard insurance policies for their properties. The amount charged by the bank for compelled order insurance was typically higher than the premium
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Corporate Business Finance Seminar 5 Project Finance Lauren Leigh Essaram 207507339 Ruvimbo Mukorera 206525531 27 September 2010 Submitted in partial fulfilment of the duly performed requirement of International Business Finance‚ School of Economics and Finance‚ University of KwaZulu-Natal Abstract Non-recourse financing has grown in popularity‚ especially in developing countries. It has done so more specifically in the basic infrastructure‚ natural resources and also in the energy
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Economic Globalization According to (Held and McGrew 1999: 2)‚ the word Globalization means ¡§¡Ka widening‚ deepening and speeding up of worldwide interconnectedness in all aspects of contemporary social life‚ from the cultural to the criminal‚ the financial to the spiritual¡¨. Globalization is everywhere. From the economic aspect‚ the meaning is even hard to define. The main idea about Globalization is about connection. The connection exists between people and also between countries. Economic
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Research Paper: The principle of a separate corporate personality is a fundamental concept in Business Law. However this does not stop the courts from lifting or piercing the veil to see what lies beneath. Critically discuss this statement citing the relevant case law. As is evident with most principles of law there are exceptions to the doctrine of separate legal personality. The courts will generally depart from the principle separate corporate personality in certain instances where tools
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1.0 Introduction Contemporary business environments are increasingly competitive and dynamic. The fact that it is changing at a fast pace there are changes in the new concepts accounting control must be developed in order to cope up with the changes. Therefore‚ companies will have to develop logical and reliable business strategies and to utilize management accounting tools in order to support planning‚ control and decision-making. It is important that before engaging in any management plans the
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Executive Summary Various issues in the common law arise when agents make contracts on behalf of principals. Should a principal be bound when his agent makes a contract on his behalf that he would immediately wish to disavow? The tradeoffs resemble those in tort‚ so the least-cost avoider principle is useful for deciding which agreements are binding and can unify a number of different doctrines in agency law. In particular‚ an efficiency explanation can be found for the undisclosed-principal rule‚
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DIRECTORS COLLEGE OF BUSINESS School of Accountancy BACHELOR OF BUSINESS STUDIES BACHELOR OF BUSINESS INFORMATION BACHELOR OF ACCOUNTANCY 155.203 Law of Business Organisations Semester 2 2008 Wellington Week 7 Lecture 2 21 DIRECTORS (1) 21.1 Who is a director? Section 126. gives an extended meaning to the term director in order that the persons who actually run the company are liable as such in law. 126 Meaning of “director” (1) In this Act‚ director‚ in relation to a company‚ includes—
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