BU231 Lecture Notes - Fiduciary, Enemy Alien, Ultra Vires
Document Summary
Getting out of a contract that has offer, acceptance, consideration and intention depends on a. Void: neutralized it no longer has an effect: taking it back to the beginning and saying it never existed. Is not a contract and never was a contract. It is presumed that the parties have capacity to contract. The burden of proof is on the party alleging a lack of capacity. Corporations void/ ultra vires: legal entity like a human being. Can go bankrupt, or can contract like humans: but if the corporation doesn"t exist yet, it cannot contract. Ie. the starting date of the corporation must have passed before you can rent office space, buy supplies etc. Labour union ratification: look like a corporation but not. An association of individual people: don"t have the power to contract on their own without a membership, must be ratified in order for them to have the ability to contract.
