contract who is of age of majority according to law to which he is subject‚ and who is of sound mind‚ and is not disqualified from contracting by any law to which he is subject.” It means that the following three categories of persons are not competent to contract. 1. A person who has not attained the age of majority‚ i.e.‚ one who is minor. 2. A person who is of unsound mind 3. A person who has been disqualified from contracting by some law. Although the above mentioned categories of
Premium Contract
suffice to displace the provision that they are entitled to share equally. 4. Hence‚ Morrissey would most likely be awarded 1/5 of the capital as the provision was displaced by the understanding that Morrissey was to have a 1/5 share of the business should dissolution be ordered. Did Morrissey have authority to bind firm‚ making Smiths liable for losses caused by the power outage at Manchester Meat(“MM”) and damage to the air-conditioning? Actual Authority 5. Actual authority may be
Premium Partnership
Business Law II Test/Chapters 47-50 Student: ___________________________________________________________________________ 1. Identify the letter of the choice that best completes the statement or answers the question. The Department of Homeland Security: A. has been proposed but has never been created. B. is a non-profit organization. C. is a Cabinet-level Department. D. will have little effect on the federal government’s organization. 2. Which of the following is an accurate statement about the
Premium Management Strategic management Stock
Responses to recent corporate collapses have overlooked the importance of business ethics in managing risk * Four indicators of business ethics and their risk management aspects are discussed * Investors are wanting companies to disclose how they are managing the risks from poor business ethics practices Over the past decade‚ poor risk management of various kinds‚ for example‚ a lack of board independence or potentially compromised auditors‚ has contributed to sometimes spectacular company
Premium Business ethics Ethics Management
USIU BUS 3010 BUSINESS LAW LAW AGENCY NOTES AGENCY LAW The law of agency in Kenya is basically that of the English Common Law. It deals with the relationships that arise when one person‚ the agent‚ is used by another‚ the principal‚ to perform certain tasks on his behalf. CREATION OF THE AGENCY RELATIONSHIP Agency may be created in four ways namely‚ i. By contract ii. By Ratification iii. By Estoppel iv. By operation of the law Agency by Contract This may either be by express contract
Premium Contract Business law
Consumer Protection Dealing with government regulation in business is an integral part of a manager’s responsibilities. Recognizing what actions might violate particular consumer protection regulations is crucial to protecting the company and to insuring its profitable operation. Government regulation is found every day in the operation of businesses large and small‚ and once understood‚ it allows managers to make good decisions regarding business practices. When you have completed this topic‚
Premium Fair Credit Reporting Act Debt Credit
profit. Canny Gabrial Castle v Volume Sales(p200): Canny Gabrial argued that the 2 companies were joint ventures Decision: Agreement was partnership Polkinghorne v Holland(p205): Was the giving of financial advice outside the ordinary business of the law firm‚ such that the partners would be jointly liable Decision: Held that the firm was liable for the actions of hollan’s son Lec 5 Chap 13 Balfour v Balfour(256): At the time of the agreement‚ did the parties intend the arrangement
Premium Contract
high risk/ high return business is not a simple process. There are several key factors and criteria that need to be met in order for your venture to have a chance. Ignoring them would most likely result in complete failure‚ and this is why a large number of startups fail in their early stages. This simulation is meant to help me identify the key pitfalls and factors of success. The purpose of this report is to communicate how I approached the problem of launching the high risk business‚ and the
Premium Venture capital Finance Private equity
Memo: Legal Risks and Opportunities Jennifer Stucky Law 531 - Business Law August 2‚ 2010 Professor Dominik Musafia Memo: Legal Risks and Opportunities MEMORANDUM TO: Kevin Grant‚ Director FROM: Jennifer Stucky‚ project manager DATE: August 2‚ 2010 SUBJECT: Dispute over contract with C-S CC: Harold Smith‚ Attorney This memo is in response to the dispute over the contract between Span Systems and Citizen-Schwarz AG (C-S). Management is taking the necessary steps
Premium Breach of contract Project management Management
Business Law Quiz 1a - Key Chapter 1 - True or False 1. Congress can only pass legislation that falls within the limits set up by the US Constitution. T 2. Only the US federal government has a constitution. F 3. State agencies take precedence over conflicting federal agency regulations. F Review Question Bob has a dispute with Ace Company over a perceived product defect. Bob hires a lawyer and after discussing the facts and issues‚ Bob’s attorney agrees to file a lawsuit
Premium Law Common law Corporation